Abstract
Humankind today lives with technology-driven lifestyles where services are carried-out in a competitive manner in economy country-wise such as the United States. In this progression, banking services are no different. It has resulted digital-banking in US-economy where few banks do not have physical branches. Under Bank Laws, Federal Deposit Insurance Corporation (FDIC) has been protecting bank deposits. However, e-banking is characterized by evolving many factors that are often unpredictable. It faces serious pitfalls being it riskiness in digital banking – bank-led and mobile-led digitals. These weaknesses cause abuses. Customers face perceived risks. It undermines growth-trends of e-banking. Dealing with the challenges in US-economy, application of Akim’s model-Voluntary Insurance (VI)—a proposed product in today’s e-banking, can be impetus for policy-design, which can boost number of users. Welfare Analyses have guided setting insurance-price ensuring customer’s efficiency-cost so that VI becomes appealing. It can present cash-less society sooner than delaying.
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