In recent years, the topic of digital wallets versus traditional banking has become increasingly prevalent in IELTS Writing Task 2 exams. This trend reflects the growing importance of financial technology in our daily lives and its impact on the global economy. Based on an analysis of past IELTS exams and current technological trends, we can expect this theme to appear more frequently in future tests. Let’s examine a relevant question that has appeared in recent IELTS exams and provide sample essays for different band scores.
Some people believe that digital wallets will completely replace traditional banking methods in the near future. To what extent do you agree or disagree with this statement?
Analysis of the Question
This question requires candidates to express their opinion on the future of banking and financial transactions. Key points to consider:
- The statement suggests a complete replacement of traditional banking by digital wallets.
- The timeframe mentioned is “the near future,” implying a relatively short period.
- Candidates need to agree or disagree and explain the extent of their agreement/disagreement.
- The essay should discuss both digital wallets and traditional banking methods.
Now, let’s look at sample essays for different band scores.
Sample Essay 1 – Band 6.5
In recent years, digital wallets have become very popular, and some people think they will replace traditional banking soon. I partly agree with this idea, but I don’t think it will happen completely in the near future.
Digital wallets are convenient and easy to use. People can pay for things quickly using their phones, which is faster than using cash or cards. Many young people prefer digital wallets because they always have their phones with them. Also, digital wallets can be safer than carrying cash.
However, traditional banking still has some advantages. Older people may not be comfortable using new technology and prefer going to a bank. Banks also offer important services like loans and financial advice that digital wallets don’t provide. Additionally, some people worry about the security of digital wallets and prefer the safety of traditional banks.
I think in the future, digital wallets will become more common, but traditional banking will still exist. Both systems have their strengths, and people will use a combination of digital and traditional methods. It’s possible that banks will adapt and offer their own digital wallet services to stay competitive.
In conclusion, while digital wallets are growing in popularity, I believe they will not completely replace traditional banking in the near future. Instead, we will likely see a mix of both methods as technology continues to evolve.
(Word count: 228)
Explanation of Band 6.5 Score
This essay demonstrates a satisfactory attempt at addressing the question, showing some development and relevant ideas. However, it lacks the sophistication and depth required for higher band scores. Here’s a breakdown of its strengths and weaknesses:
Task Achievement (Band 6):
- The essay addresses the main parts of the task.
- The writer’s position is clear, although the extent of agreement could be more explicitly stated.
- Ideas are relevant but could be more fully developed.
Coherence and Cohesion (Band 6):
- There is a clear overall progression.
- Basic cohesive devices are used, but they are sometimes overused or inaccurate.
- Paragraphing is evident but not always logical.
Lexical Resource (Band 6):
- The vocabulary is adequate for the task.
- There are attempts to use less common vocabulary, but with some inaccuracy.
- Word formation and spelling are generally well-controlled.
Grammatical Range and Accuracy (Band 7):
- A mix of simple and complex sentence forms is used.
- Grammar is generally well-controlled, with only occasional errors.
- Punctuation is generally accurate.
Overall, this essay shows a good understanding of the topic but lacks the depth and sophistication needed for a higher band score. To improve, the writer could provide more specific examples, use more advanced vocabulary, and develop ideas more fully.
Digital wallets vs traditional banking comparison
Sample Essay 2 – Band 7.5
The rapid advancement of financial technology has led some to predict the imminent demise of traditional banking in favor of digital wallets. While I acknowledge the growing significance of digital payment systems, I disagree with the notion that they will entirely supplant conventional banking methods in the near future.
Undoubtedly, digital wallets offer numerous advantages that have contributed to their increasing popularity. The convenience of making transactions with a simple tap or scan on a smartphone is undeniable, particularly for younger, tech-savvy generations. Moreover, the integration of digital wallets with other mobile apps and services creates a seamless user experience that traditional banks struggle to match. The impact of digital banking on traditional financial services is evident in the declining foot traffic at physical bank branches and the closure of many such locations.
However, several factors suggest that traditional banking will retain its relevance in the foreseeable future. Firstly, many individuals, especially older generations and those in rural areas, still prefer face-to-face interactions and may be hesitant to fully embrace digital financial solutions. Secondly, traditional banks offer a wider range of services, including complex financial products, loans, and personalized financial advice, which digital wallets have yet to replicate comprehensively. Additionally, regulatory frameworks and consumer protection measures for traditional banking are more established, providing a sense of security that some users find lacking in digital alternatives.
Furthermore, rather than a complete replacement, we are more likely to witness a hybrid model where traditional banks adapt by incorporating digital wallet features into their existing services. Many established financial institutions are already developing their own digital payment solutions, leveraging their existing customer base and reputation for security.
In conclusion, while digital wallets will undoubtedly continue to grow in importance and market share, it is overly simplistic to predict the complete obsolescence of traditional banking in the near term. Instead, we can expect a period of coexistence and gradual evolution, where both systems cater to different needs and preferences within the financial ecosystem.
(Word count: 329)
Explanation of Band 7.5 Score
This essay demonstrates a higher level of writing skill and critical thinking compared to the previous example. Here’s an analysis of its strengths:
Task Achievement (Band 8):
- The essay fully addresses all parts of the task.
- The writer’s position is clear and consistent throughout.
- Ideas are well-developed with relevant examples and explanations.
Coherence and Cohesion (Band 7):
- There is a clear progression throughout the essay.
- A range of cohesive devices is used appropriately, though not always with complete flexibility.
- Paragraphing is logical and each paragraph has a clear central topic.
Lexical Resource (Band 7):
- A wide range of vocabulary is used accurately.
- Less common lexical items are attempted (e.g., “imminent demise,” “supplant,” “foreseeable future”).
- There are only occasional errors in word choice or collocation.
Grammatical Range and Accuracy (Band 8):
- A wide range of structures is used flexibly.
- The majority of sentences are error-free.
- Various complex structures are handled with competence.
This essay demonstrates a more sophisticated approach to the topic, with well-developed arguments and a clear, logical structure. The writer shows a good command of language, using a range of vocabulary and grammatical structures effectively. To reach a higher band score, the essay could benefit from even more precise vocabulary choices and a slightly more nuanced exploration of the topic.
The future of banking: digital transformation
Sample Essay 3 – Band 8.5
The proliferation of digital payment solutions has sparked a debate about the future of traditional banking, with some asserting that digital wallets will soon render conventional financial institutions obsolete. While I acknowledge the transformative potential of digital wallets, I contend that the complete displacement of traditional banking in the near future is an oversimplification of a complex financial ecosystem.
Undeniably, digital wallets have revolutionized the way we conduct financial transactions. The convenience, speed, and accessibility offered by these platforms have led to their widespread adoption, particularly among younger demographics. The ability to make instantaneous payments, transfer funds across borders with minimal fees, and integrate financial services with other digital platforms has undoubtedly disrupted the traditional banking sector. Moreover, the COVID-19 pandemic has accelerated this trend, as contactless payments and digital transactions have become not just convenient but often necessary.
However, the notion that digital wallets will entirely supplant traditional banking overlooks several critical factors. Firstly, traditional banks possess a level of institutional trust and regulatory compliance that many digital platforms have yet to achieve. This is particularly significant for high-value transactions, complex financial products, and long-term financial planning. Secondly, the infrastructure and expertise required for large-scale lending, investment banking, and corporate financial services remain predominantly within the realm of traditional banking institutions. Digital wallets, while efficient for everyday transactions, have not yet demonstrated the capacity to fully replicate these sophisticated financial operations.
Furthermore, the dichotomy between digital wallets and traditional banking is becoming increasingly blurred. Many established banks are actively developing their own digital wallet solutions, leveraging their existing customer base and regulatory compliance to compete in the digital space. Conversely, some digital wallet providers are expanding their services to include more traditional banking features, such as savings accounts and loans. This convergence suggests that rather than a wholesale replacement, we are more likely to see a hybridization of financial services.
It is also worth considering the diverse needs of different demographics and regions. While urban, tech-savvy populations might readily embrace digital wallets, rural communities, older generations, and those in developing countries with limited digital infrastructure may continue to rely heavily on traditional banking services for the foreseeable future. The impact of digital banking on traditional financial services varies significantly across different socio-economic contexts, making a uniform global shift unlikely in the near term.
In conclusion, while digital wallets are undoubtedly reshaping the financial landscape, the complete obsolescence of traditional banking in the near future is improbable. Instead, we are likely to witness a period of coevolution, where digital and traditional financial services integrate and complement each other. The future of banking lies not in the triumph of one system over another, but in the synergistic blend of digital innovation with the stability and comprehensive services of traditional banking institutions.
(Word count: 446)
Explanation of Band 8.5 Score
This essay demonstrates a high level of writing proficiency and critical thinking. Here’s an analysis of its strengths:
Task Achievement (Band 9):
- The essay fully addresses all parts of the task with a fully developed position.
- Ideas are fully extended with well-supported arguments.
- The writer presents a clear and fully developed response.
Coherence and Cohesion (Band 8):
- There is a clear progression throughout the essay.
- A wide range of cohesive devices is used flexibly and accurately.
- Paragraphing is skillful and appropriate.
Lexical Resource (Band 9):
- A wide range of vocabulary is used with full flexibility and precision.
- Uncommon lexical items are used skillfully (e.g., “proliferation,” “obsolete,” “hybridization”).
- There are no noticeable errors in word choice or collocation.
Grammatical Range and Accuracy (Band 8):
- A wide range of structures is used flexibly.
- The majority of sentences are error-free.
- Various complex structures are handled with competence.
This essay demonstrates a sophisticated approach to the topic, with well-developed arguments, a clear logical structure, and a nuanced exploration of the issue. The writer shows an excellent command of language, using a wide range of vocabulary and grammatical structures effectively. The essay goes beyond a simple agree/disagree stance and presents a thoughtful analysis of the complex relationship between digital wallets and traditional banking.
Global financial inclusion through digital banking
Key Vocabulary to Remember
- Proliferation (noun) – /prəˌlɪfəˈreɪʃn/ – rapid increase in the number or amount of something
- Obsolete (adjective) – /ˈɒbsəliːt/ – no longer in use or no longer useful
- Hybridization (noun) – /ˌhaɪbrɪdaɪˈzeɪʃn/ – the process of combining different elements
- Disrupt (verb) – /dɪsˈrʌpt/ – to interrupt something and stop it from continuing as usual
- Convergence (noun) – /kənˈvɜːdʒəns/ – the process of coming together or developing similarities
- Institutional trust (noun phrase) – confidence in established organizations or systems
- Regulatory compliance (noun phrase) – adherence to laws, regulations, and guidelines
- Synergistic (adjective) – /ˌsɪnəˈdʒɪstɪk/ – working together to produce an effect greater than the sum of their separate effects
- Coevolution (noun) – /ˌkəʊiːvəˈluːʃn/ – the process of evolving together or in tandem
- Socio-economic (adjective) – /ˌsəʊsɪəʊˌiːkəˈnɒmɪk/ – relating to or concerned with the interaction of social and economic factors
In conclusion, the topic of digital wallets versus traditional banking is likely to remain relevant in future IELTS Writing Task 2 exams. As the financial landscape continues to evolve, candidates may encounter variations on this theme, such as:
- The role of cryptocurrency in the future of banking
- The impact of artificial intelligence on financial services
- Privacy concerns in digital banking versus traditional methods
- The future of cash in an increasingly digital world
To prepare effectively, practice writing essays on these related topics, focusing on developing well-structured arguments, using a range of vocabulary, and demonstrating critical thinking skills. Remember to analyze the question carefully, plan your response, and manage your time effectively during the exam. Feel free to share your practice essays in the comments section for feedback and further improvement.