Application of Akim's Model - Voluntary Insurance for Risk-Free Digital-Banking : Seeking Attention for Policy-Design in United Arab Emirates

In 21st Century business-mentality technology-driven-world, banking services are carried out in competitive manner that has resulted usage of digital-banking services. Like in many countries, Bank Laws in UAE contains multi-faucets provisions. Under bank operation provisions, bank deposits, bank-accounts etc. are covered. However, unlike many countries, under Bank Laws in UAE, bank-deposits are not insured. But in practice govt. intervenes on occasions to ensure that depositors do not suffer a loss. Despite rapid growth of digital-banking globally, no country has insurance in place to cover On-the-Go banking. But digital-banking, especially, transactions face serious pitfalls being it riskiness. Customers don’t read terms & conditions of services.They don’t save contract-copy. These weaknesses cause abuses. Customer faces perceived risk-factors. An application of Akim’s model - Voluntary Insurance, a new product in digital services, can be impetus meeting the challenges. This new and increasing value is what can keep banks or financial-firms to grow. It can facilitate economy booming further in the UAE. If there is no new value to offer customer, bank or financial-firm wilts and eventually dies. Economic growth trends country-wise, certainly ratify that addition of a new product will improve society beyond just immediate gratification of consumers. Banking sector is no different where agenda-setting for having Voluntary Insurance in practice might be an important element pursuing political actors for policy-design country-wise such as UAE. In this process, academicians’ contributions, besides the proposal or publications in literature might be essential. Customers’ opinion-survey on preferences of digital-banking & Voluntary Insurance in UAE can be utilized in statistical analysis to conclude findings for attracting political-actors in practice for policy design