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Prospects of Fintech in Banking

Prospects of Fintech in Banking bbkWQ
“Banking is necessary; banks are not” said Bill gates--a founder of Microsoft Corporation-- and it seems to be coming true. The ongoing shock induced by Covid-19 is fueling the movement towards fully-fledged digital banking. Fintech can play a crucial role in pushing traditional banking sector into the smart and user friendly banking. FinTech or Financial technologies-- Internet of Things, Block chain Technology, virtual reality (VR), Machine Learning, Robo advice, Smart contracts and Cloud computing--- aim to compete with traditional financial methods in the delivery of financial services. It is a new industry that uses technology to improve activities in finance by reducing cycle time and costs of services and by improving the quality of services. Fintech has the capability to automate traditional financial activities in a significant way. Retail financial activities such as granting of loans or approval of an insurance proposal require verification of the applications using standardized techniques. The fact that Fintech can automate these verification processes immediately reduces the time to sell a financial product significantly and, thus, improves the satisfaction of customers. Despite having myriad benefits of it, a tiny number of challenges remain in Fintech. Infrastructural barriers— the lack of smartphone penetration in market, High speed Internet across the country, user friendly software, adequate ATM Booth--are among the most crucial issues in terms of adopting Fintech in Banking sector. A number of account holders in Banks hold an adverse perception regarding Internet Banking, and a large segment of traditional customers prefer paper money and receipts over e-documents for their ignorance and weakness in English language -- a fact that hampers the implementation of techno based Banking system entirely. With encouragements and direction from the regulators, the financial services institutions of Bangladesh would embrace and adopt Fintech in their transformation journey. The authority concerned must sit with experts and stake holders of banking sectors to address the significant issues and accelerate the inclusion of Fintech in the whole banking sector.
You use this word too often, consider replacing it with
“Banking
is necessary; banks are not” said Bill gates--a founder of Microsoft Corporation-- and it seems to be coming true. The ongoing shock induced by Covid-19 is fueling the movement towards
fully
-fledged digital
You use this word too often, consider replacing it with
banking
. Fintech can play a crucial role in pushing
You use this word too often, consider replacing it with
traditional
You use this word too often, consider replacing it with
banking
You use this word too often, consider replacing it with
sector
into the smart and
This word is normally spelled with hyphen.
user friendly
banking.

FinTech or
You use this word too often, consider replacing it with
Financial
technologies-- Internet of Things, Block chain Technology, virtual reality (VR), Machine Learning,
Possible spelling mistake found.
Robo
advice, Smart contracts and Cloud computing--- aim to compete with
You use this word too often, consider replacing it with
traditional
You use this word too often, consider replacing it with
financial
methods in the delivery of
You use this word too often, consider replacing it with
financial
services. It is a new industry that
This phrase/word (depending on the context) can be potentially replaced with :
uses
technology to
This phrase/word (depending on the context) can be potentially replaced with :
improve
activities in finance by reducing cycle time and costs of services and by improving the quality of services.

Fintech has the capability to automate
You use this word too often, consider replacing it with
traditional
You use this word too often, consider replacing it with
financial
activities
Consider replacing "in a significant way" with the adverb for "significant"; e.g., "in a hasty manner" with "hastily".
in a significant way
. Retail
You use this word too often, consider replacing it with
financial
activities such as granting of loans or approval of an insurance proposal require verification of the applications using standardized techniques. The fact that Fintech can automate these verification processes immediately
This phrase/word (depending on the context) can be potentially replaced with :
reduces
the time to sell a
You use this word too often, consider replacing it with
financial
product
significantly
and,
thus
,
This phrase/word (depending on the context) can be potentially replaced with :
improves
the satisfaction of customers.

Despite having myriad benefits of it, a tiny number of challenges remain in Fintech. Infrastructural barriers— the lack of smartphone penetration in market, High speed Internet across the country,
This word is normally spelled with hyphen.
user friendly
software, adequate ATM Booth--are among the most crucial issues in terms of adopting Fintech in
You use this word too often, consider replacing it with
Banking
You use this word too often, consider replacing it with
sector
. A number of account holders in Banks hold an adverse perception regarding Internet
You use this word too often, consider replacing it with
Banking
, and a large segment of
You use this word too often, consider replacing it with
traditional
customers prefer paper money and receipts over e-documents for their ignorance and weakness in English language -- a fact that hampers the implementation of techno based
You use this word too often, consider replacing it with
Banking
system
entirely
.

With encouragements and direction from the regulators, the
You use this word too often, consider replacing it with
financial
services institutions of Bangladesh would embrace and adopt Fintech in their transformation journey. The authority concerned
This phrase/word (depending on the context) can be potentially replaced with :
must
sit with experts and stake holders of
You use this word too often, consider replacing it with
banking
You use this word too often, consider replacing it with
sectors
to address the significant issues and accelerate the inclusion of Fintech in the whole
You use this word too often, consider replacing it with
banking
You use this word too often, consider replacing it with
sector
.
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IELTS essay Prospects of Fintech in Banking

Essay
  American English
5 paragraphs
324 words
5.5
Overall Band Score
Coherence and Cohesion: 5.5
  • Structure your answers in logical paragraphs
  • ?
    One main idea per paragraph
  • Include an introduction and conclusion
  • Support main points with an explanation and then an example
  • Use cohesive linking words accurately and appropriately
  • Vary your linking phrases using synonyms
Lexical Resource: 5.5
  • Try to vary your vocabulary using accurate synonyms
  • Use less common question specific words that accurately convey meaning
  • Check your work for spelling and word formation mistakes
Grammatical Range: 6.0
  • Use a variety of complex and simple sentences
  • Check your writing for errors
Task Achievement: 5.0
  • Answer all parts of the question
  • ?
    Present relevant ideas
  • Fully explain these ideas
  • Support ideas with relevant, specific examples
Labels Descriptions
  • ?
    Currently is not available
  • Meet the criteria
  • Doesn't meet the criteria
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