Quiz 1

Student Name

Student ID

What does "Fintech" stand for?

• Financial Transaction
• Financial Technology
• Financial Transformation
• Future Technology

Which of the following best describes Fintech?

• The application of technology to enhance financial services.
• The use of financial resources to develop new technologies.
• A branch of science focused on financial innovations.
• A government agency regulating financial technology.

Which of the following is an example of Fintech?

• A traditional bank branch
• A mobile payment app like PayPal
• A manual checkbook
• A paper-based loan application form

Which of the following is NOT a typical example of a FinTech company?

• Traditional bank
• Mobile payment platform
• Peer-to-peer lending service
• Robo-advisor

How do some FinTech companies disrupt the traditional financial sector?

• By offering lower interest rates on loans
• By requiring stricter credit checks for financial products
• By providing limited access to financial services
• By offering slower processing times for transactions

What is a potential risk associated with using some FinTech services?

• Guaranteed security of financial data
• Increased vulnerability to cyberattacks
• Universally lower interest rates on savings accounts
• All FinTech services are government regulated

What technology is often used by FinTech companies to analyze large amounts of data and personalize financial products?

• Quantum computing
• Blockchain
• Artificial Intelligence (AI)
• Cloud computing

What is the core principle behind open banking?

• Granting complete control of a user's bank account to third-party applications.
• Allowing secure sharing of financial data between banks and authorized third-party providers.
• Replacing traditional banking institutions with online-only financial services.
• Standardizing banking processes across different countries.