Banking In Diverse Communities Essay

Introduction

In the study, qualitative data sampling method was used. The process entails data gathering and analysis technique where purposive sampling coupled with semi structured, and open ended interview questions are administered (Schoenfeld, 2000). The choice of the technique was based on the ability to produce and investigate textual data. This allow for more exhaustive analysis of a given social and economic aspects of the topic (Watson &Moritz, 2000).In the study, we used two methods to collect qualitative data. The first approach is the written evidence. Through sampling method, I collected and examined major literature and policy documents relevant to the in understanding and conducting banking in diverse communities. The second approach was the interview. I interviewed 5 senior representatives of banks. I also spoke with 10 students from diverse backgrounds to understand their views.

Data Validity

Descriptive Statistics Analysis
Adoption of mobile banking: to compete for the youth market, many retail banks have devised means to reach them. From the interview with the students, all of them favor internet and mobile based banking. They do not want to go to the banking hall as has been the case traditionally. To capture the tech savvy youth community, many banks have come up with products that target them. They have services that allow bank-to-mobile phone banking and remote transections. All the banks have twitter handle and Face Book pages to reach out to the youth and offer online customer care services.
Critical role of community banks: it was established that community’s banks play very vital role in the community. The policy documents analyzed define community banks as the banks owned and managed by an organization with the total banking assets being less than 1 billion USD. Data analysis revealed that the community banks cover a comparatively small share of the banking activities in the US, as a whole, the entities continue to be highly significant in serving specific communities as well as some parts of the nation. The community banks are especially important in attempts to understand and conducting banking business in diverse communities. These are the rural communities and the low income small businesses and the poor. Statistics from the treasury shows that they account for 58 % of all banking services in such communities as well as 49 % of all the deposits.
The rise of Islamic banking: to reach out to the Muslim community, some banks have designed Sharia compliant banking products. It was established that the products have been in the American market since 2002 and mainly cover the personal home mortgages with establishment of the Guidance of Reston in Virginia. Incidentally, the banks are not only prudent with the lending but did also not tap the sub-prime borrowers. However, some financial entities and legislators have articulated concerns that the Islamic banking dealings might convey money to terrorists and terrorist’s organizations. However, many specialists have affirmed to the Congress that there is no indication that the Islamic banking systems are prone to enabling dealings with money launderers and the financiers of terrorists in relation to other banks. As a community concept, the process is based on hawala, an informal, confidence grounded money transmission arrangement that has been in use for many centuries in Middle East.

References

Schoenfeld, A. (2000), “Purposes and Methods of Research in Mathematics Education.”
Notices of the AMS 47, 641-649
Watson, J & Moritz, J. (2000), “Development of Understanding of Sampling for
Statistical Literacy.” Journal of Mathematical Behavior 19, 109-136.
Wilfred, O (2011). “Mobile Banking in Western Europe.” California: Lambert Academic
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