| Peer-Reviewed

COVID-19 Brings Blessing for Digital-Banking in World-Economy Country-Wise: An Analysis Under Demand-Supply Model of Market Economics

Received: 11 April 2021     Accepted: 27 April 2021     Published: 8 May 2021
Views:       Downloads:
Abstract

Lifestyles of today’s civilizations are mostly dominated by technology usages no matter where they reside in the globe. As a result, human-services are mostly carried out in competitive manner where Banking-services are not different. It is carried-out with business mentality that has presented digital-banking, i.e. Bank-led and Mobile-led digitals in today’s human society. However, COVID-19 has interrupted the entire human-system. It puts strains on markets, governments, businesses and individuals. But COVID-19 has escalated usages of digital-banking, a product in bank-sector, country-wise such as Bangladesh. This study undertakes interpreting the episode COVID-19 vs. Digital-banking-usages under Demand - Supply Model in market economics. In digital-services-market of world-economy country-wise, customers are identified in two categories and their efficiency-costs or prices are measured and utilized for analysis purposes in this study. The findings show that digital-banking customers where adverse-user faces lower efficiency-price than equilibrium-price and the advantageous-user faces least expected cost. Thus the progression of usages digital-banking is an outcome of market-economics, not something else. Despites the fact that the study uses a basic Microeconomics tools such as Consumer Choice Theory in completion the analysis, it is one of a kind in literature based on the approaches utilized interpreting customers behaviors in terms of economics. Findings of this study can be instrumental to digital-banking service-providers in market economy as well as to readers, especially, to classroom-students who are enthusiastic learning how to use tools of economics in application.

Published in Journal of Business and Economic Development (Volume 6, Issue 2)
DOI 10.11648/j.jbed.20210602.12
Page(s) 65-72
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2021. Published by Science Publishing Group

Keywords

Digital-Banking Usages, Corona-virus Consequences, Market Economics and Market Supply-demand

References
[1] Bangladesh Bank (2020), Financial Inclusion and Digital Financial Statistics, e-Banking and e-commerce Statistics Unit, Statistics Department, https://www.bb.org.bd/econdata/index.php.
[2] BTRC (2020), The Progression of Internet Users in Bangladesh, http://www.btrc.gov.bd/telco/internet?page=9.
[3] Hasan O. Muhammad (2020), Expanding digital financial inclusion. The Financial Express, Friday, 16 October 2020.
[4] Mora, A. G. (2020), Patterns—and some implications—of Covid-19 financial sector policy interventions, Retrieved from World Bank Blogs.
[5] Nesa Jebun (2020), COVID-19 brings blessing for digital transformation, The Business Standard, August 19, 2020, https://tbsnews.net/economy/banking/covid-19-brings-blessings- digital-transformation-121708.
[6] Ozili, P. K. (2019). 100 Quotes from the Global Financial Crisis: Lessons for the future. Available at SSRN 3500921.
[7] Rahman, Akim (2019), Microeconomics Basics – New Way Learning Microeconomics in the 21st Century Era, ISBN: 978-0-9557163-0-0, Academic Textbook, Print Your Book Academic Publishing Company, Dhaka, Bangladesh.
[8] Rahman, Akim (2020), bKash vs. Bank-led Option: Factors Influencing Customer’s Choices–Does it Warrant Voluntary Insurance-policy for Rapid Growth Digital-banking in Bangladesh- economy? The Journal of Banking and Financial Economics, Vol. 1 (13), pp. 44-62, University of Warsaw, Poland.
[9] Rahman, Akim (2018), Voluntary Insurance for Ensuring Risk-free On-the-Go Banking Services in Market Competition for Bangladesh, The Journal of Asian Finance, Economics and Business, Vol. 5, No. 1, ISSN: 2288-4637, Boston University (USA).
[10] Samuelson, Paul A. (2009), Microeconomics, 9th Edition, Publisher: Tata McGraw-Hill Education, Published Date 2020.
[11] Sarker, B., P. Podder and R. Alam (2020), Progression of Internet Banking System in Bangladesh and its Challenges, International Journal of Computer Applications (0975–8887) Volume 177 – No. 29, January 2020.
[12] The Daily Star (2020), Covid-19: Bangladesh 15th worst-affected country as total cases near 2.5 lakh, August 06 https://www.thedailystar.net/coronavirus-deadly-new-threat/news/covid-19- total-cases-almost-25-lakh-1940649.
[13] The Financial Express (2020), COVID proves a boon to digital transactions, Source: https://thefinancialexpress.com.bd/trade/covid-proves-a-boon-to-digital-transactions1598671912.
[14] The Business Standard (2020), COVID-19 and its impacts on Bangladesh Economy, https://www.tbsnews.net/thoughts/covid-19-and-its-impact-bangladesh-economy-69541.
[15] World Bank (2017), The Global Findex Database-2017, https://globalfindex.worldbank.org.
[16] WHO (2020), COVID-19 Pandemic, https://www.who.int/emergencies/diseases/novel-coronavirus-2019?
Cite This Article
  • APA Style

    Akim Mahbubur Rahman, Saadi Islam. (2021). COVID-19 Brings Blessing for Digital-Banking in World-Economy Country-Wise: An Analysis Under Demand-Supply Model of Market Economics. Journal of Business and Economic Development, 6(2), 65-72. https://doi.org/10.11648/j.jbed.20210602.12

    Copy | Download

    ACS Style

    Akim Mahbubur Rahman; Saadi Islam. COVID-19 Brings Blessing for Digital-Banking in World-Economy Country-Wise: An Analysis Under Demand-Supply Model of Market Economics. J. Bus. Econ. Dev. 2021, 6(2), 65-72. doi: 10.11648/j.jbed.20210602.12

    Copy | Download

    AMA Style

    Akim Mahbubur Rahman, Saadi Islam. COVID-19 Brings Blessing for Digital-Banking in World-Economy Country-Wise: An Analysis Under Demand-Supply Model of Market Economics. J Bus Econ Dev. 2021;6(2):65-72. doi: 10.11648/j.jbed.20210602.12

    Copy | Download

  • @article{10.11648/j.jbed.20210602.12,
      author = {Akim Mahbubur Rahman and Saadi Islam},
      title = {COVID-19 Brings Blessing for Digital-Banking in World-Economy Country-Wise: An Analysis Under Demand-Supply Model of Market Economics},
      journal = {Journal of Business and Economic Development},
      volume = {6},
      number = {2},
      pages = {65-72},
      doi = {10.11648/j.jbed.20210602.12},
      url = {https://doi.org/10.11648/j.jbed.20210602.12},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jbed.20210602.12},
      abstract = {Lifestyles of today’s civilizations are mostly dominated by technology usages no matter where they reside in the globe. As a result, human-services are mostly carried out in competitive manner where Banking-services are not different. It is carried-out with business mentality that has presented digital-banking, i.e. Bank-led and Mobile-led digitals in today’s human society. However, COVID-19 has interrupted the entire human-system. It puts strains on markets, governments, businesses and individuals. But COVID-19 has escalated usages of digital-banking, a product in bank-sector, country-wise such as Bangladesh. This study undertakes interpreting the episode COVID-19 vs. Digital-banking-usages under Demand - Supply Model in market economics. In digital-services-market of world-economy country-wise, customers are identified in two categories and their efficiency-costs or prices are measured and utilized for analysis purposes in this study. The findings show that digital-banking customers where adverse-user faces lower efficiency-price than equilibrium-price and the advantageous-user faces least expected cost. Thus the progression of usages digital-banking is an outcome of market-economics, not something else. Despites the fact that the study uses a basic Microeconomics tools such as Consumer Choice Theory in completion the analysis, it is one of a kind in literature based on the approaches utilized interpreting customers behaviors in terms of economics. Findings of this study can be instrumental to digital-banking service-providers in market economy as well as to readers, especially, to classroom-students who are enthusiastic learning how to use tools of economics in application.},
     year = {2021}
    }
    

    Copy | Download

  • TY  - JOUR
    T1  - COVID-19 Brings Blessing for Digital-Banking in World-Economy Country-Wise: An Analysis Under Demand-Supply Model of Market Economics
    AU  - Akim Mahbubur Rahman
    AU  - Saadi Islam
    Y1  - 2021/05/08
    PY  - 2021
    N1  - https://doi.org/10.11648/j.jbed.20210602.12
    DO  - 10.11648/j.jbed.20210602.12
    T2  - Journal of Business and Economic Development
    JF  - Journal of Business and Economic Development
    JO  - Journal of Business and Economic Development
    SP  - 65
    EP  - 72
    PB  - Science Publishing Group
    SN  - 2637-3874
    UR  - https://doi.org/10.11648/j.jbed.20210602.12
    AB  - Lifestyles of today’s civilizations are mostly dominated by technology usages no matter where they reside in the globe. As a result, human-services are mostly carried out in competitive manner where Banking-services are not different. It is carried-out with business mentality that has presented digital-banking, i.e. Bank-led and Mobile-led digitals in today’s human society. However, COVID-19 has interrupted the entire human-system. It puts strains on markets, governments, businesses and individuals. But COVID-19 has escalated usages of digital-banking, a product in bank-sector, country-wise such as Bangladesh. This study undertakes interpreting the episode COVID-19 vs. Digital-banking-usages under Demand - Supply Model in market economics. In digital-services-market of world-economy country-wise, customers are identified in two categories and their efficiency-costs or prices are measured and utilized for analysis purposes in this study. The findings show that digital-banking customers where adverse-user faces lower efficiency-price than equilibrium-price and the advantageous-user faces least expected cost. Thus the progression of usages digital-banking is an outcome of market-economics, not something else. Despites the fact that the study uses a basic Microeconomics tools such as Consumer Choice Theory in completion the analysis, it is one of a kind in literature based on the approaches utilized interpreting customers behaviors in terms of economics. Findings of this study can be instrumental to digital-banking service-providers in market economy as well as to readers, especially, to classroom-students who are enthusiastic learning how to use tools of economics in application.
    VL  - 6
    IS  - 2
    ER  - 

    Copy | Download

Author Information
  • Department of Economics, School of Business, Canadian University of Bangladesh, Dhaka, Bangladesh

  • Department of Management, University of Dhaka, Dhaka, Bangladesh

  • Sections