📋 Written Ability Test (WAT)/Essay Analysis Guide
🌟 Topic: The Future of Fintech: Can Digital Banking Replace Traditional Banks?
🌐 Understanding the Topic’s Importance
Digital banking represents a pivotal shift in how financial services are delivered. For B-school students, the topic connects with innovation in operations, consumer behavior analysis, and regulatory policy formulation.
🕒 Effective Planning and Writing
- Time Allocation:
- Planning: 5 minutes
- Writing: 20 minutes
- Reviewing: 5 minutes
- Preparation Tips:
- List down quick statistics and notable examples.
- Identify three core arguments: supporting, opposing, and balanced.
✍️ Introduction Techniques
- Contrast Approach: “While digital banking has redefined convenience, the stability of traditional banks ensures their continued relevance.”
- Solution-Based Approach: “The future of banking lies in harmonizing digital innovation with the trust and security of traditional systems.”
📚 Structuring the Essay Body
- Achievements: Highlight milestones like financial inclusion, cost-efficiency, and real-time banking.
- Challenges: Discuss regulatory gaps, cybersecurity threats, and rural digital divides.
- Future Outlook: Envision a hybrid banking model leveraging the best of both worlds.
✔️ Concluding Effectively
- Balanced Conclusion: “Digital banking cannot entirely replace traditional banks but complements them in creating a robust, customer-centric financial ecosystem.”
- Global Comparison Conclusion: “While countries like Estonia and China show the potential of fintech, adopting a tailored hybrid model will define success in diverse markets.”
🔑 Recommendations for Sustainable Progress
- Encourage public-private partnerships for rural penetration.
- Strengthen cybersecurity frameworks.
- Enhance digital literacy through targeted programs.
✍️ Sample Short Essays
- Balanced Perspective: “Digital banking complements traditional banking rather than replacing it, offering opportunities for a synergistic financial model that benefits consumers.”
- Solution-Oriented: “With robust cybersecurity measures and rural digital initiatives, digital banking can redefine inclusivity and efficiency in financial services.”
- Global Comparison: “Inspired by models in Estonia and China, digital banking has the potential to transform global finance while retaining the foundational stability of traditional banks.”