The Financial Stability Board defines fintech as "technology-enabled innovation in financial servicesthat could result in new business models, applications, processes or products with an associated________ effect on the provision of financial services." correct answers material
What measures the...
Fintech Study Guide Quiz 1 || A+ Graded Already.
The Financial Stability Board defines fintech as "technology-enabled innovation in financial servicesthat could result in new business models, applications, processes or products with an associated________ effect on the provision of financial services." correct answers material
What measures the fintech users as a percentage of the digitally active population? correct answers Fintech adoption rate
Open Banking standards do all but which of the following? correct answers Eliminate all risk in the online banking system
______ are online services that use algorithms to automatically perform many investment tasksdone by a human financial advisor. correct answers Robo-advisors
Which of the following regarding banking-as-a-service is/are true? I. It has restricted the financial transparency options for account holders.II. It is an end-to-end process that allows fintechs and other third parties to connect with banks'systems directly via APIs.III. The process begins with a fintech or other third-party provider paying a fee to access theplatform. correct answers II and III only
The advantages of the establishment of the NASDAQ include which of the following? I. It helped reduce the bid-ask spread.II. It ended fixed securities commissions.III. It led to the proliferation of ATMs. correct answers I and II only
Which of the following is not one of the advantages that retail banks maintain over fintechs? correct answers Banks are known for having greater agility and a more innovative mindset.
A ______ is an application that runs exactly as programmed without any possibility of downtime,censorship, fraud, or third-party interference. correct answers smart contract
The financial crisis of 2008 eventually led to the growth of fintech. Which of the following is a truestatement regarding this causal relationship? correct answers The pullback of banks during the crises was due to increases in regulatory burdens andrisk aversion, which allowed new fintech players to enter the marketplace.
By 2019, global smartphone penetration reached: correct answers 66.9 percent.
In 2011, the introduction of Google Wallet (which later became Google Pay) allowed consumers touse smartphones equipped with near-field communication chips to make: correct answers tap payments. The launch of Marcus by Goldman Sachs is an example of which stage of the evolving relationshipbetween banks and fintech? correct answers Banks developing in-house fintech arms.
The partnership of Avant and Regions Bank to underwrite unsecured loans is an example of whichstage of the evolving relationship between banks and fintech? correct answers Fintech firms providing technology and infrastructure to banks.
BNP Paribas' acquisition of Compte-Nickel is an example of which stage of the evolving relationshipbetween banks and fintech? correct answers Banks taking stake in fintech startups.
Since gaining a high level of interest in 2015, the interest in ______ has cooled. correct answers blockchain
The two main monetization strategies of BaaS include: correct answers charging clients a monthly fee and charging a la carte for each service used.
Bitcoin and other digital currencies are underpinned by ______ technology, which is an electronicledger or database that records and verifies transactions made using the currency. correct answers distributed ledger
The 2018 Cryptocurrency Crash rocked the crypto market. Experts said that this dramatic drop wasdue largely to the speculative nature of cryptocurrency and point out that cryptocurrency differsfrom money on three main accounts. Which of the following are noted as the main differences? I. Cryptocurrency is not a good means of payment.II. Cryptocurrency is not a good unit of account.III. Cryptocurrency cannot be held as an investment.IV. Cryptocurrency is not a suitable store of value. correct answers I, II, and IV only
______ is a particular type of DLT that organizes data into batches of transactions which are heldtogether in an append-only data structure. correct answers Blockchain
The application of computational tools to address tasks traditionally requiring human sophisticationis broadly termed: correct answers artificial intelligence.
In 2017, former Citigroup chief Vikram Pandit predicted that ______ percent of banking jobs couldbe wiped out by artificial intelligence by 2022. correct answers 30
The term ______ refers to the billions of physical devices around the world that are now connectedto the internet, all collecting and sharing data. correct answers internet-of-things
The OCC fintech charter would do all but which of the following? correct answers Allow non-
bank fintech companies to take deposits
The Payment Services Directive 2 (PSD2) is a European regulation for electronic payments services.The purpose of the PSD2 is to regulate the emerging payment services industry and increasecompetition by: correct answers allowing participation by non-banks.
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