Voluntary Insurance in Banking Services

Zusatztext

In 21st Century business world, services are carried out in multifaceted, which are unpredictable. On-the-go banking is a product in financial sector. However, it faces serious pitfalls being it riskiness. Bank customers compete for time-saving options. On contrary, PCBs compete for marginalizing its operating costs. On strategic tactics, PCBs targets customers in multi-facets - offering incentives for Influencing customers intention, attitude and behavior in banking. It offers incentive under market system. However, it causes exploitation. In most cases customers dont read terms & conditions of services. They dont save contract-copy. These weaknesses cause abuses. Customer faces hidden charges, extra fees, account hacked. Addressing the issue, Voluntary Insurance Option is proposed where PCBs will introduce it as a product of bank. Transferring risk away from customer will benefit both PCBs and bank-customers. This product can attract new customers who are on the brink using digital banking but just felt it was too risky. This model can facilitate the parties involved for increasing usage of on-the-go banking-services while customers can maintain optimal utility of usages.

Autorenportrait

DR. AKIM M. RAHMAN is an economist. Born in Bangladesh, received Ph.D. in Environmental Economics at the Ohio State University. He then worked with State Government of Ohio, USA for over 15 years in three agencies. Currently serves as an Asst. Professor at Canadian University of Bangladesh (CUB). Prior he taught at AIUB and at UIU in Bangladesh.

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