Banking and Savings Quiz

What is online banking?

• A type of banking that is done through phone calls.

• A method of banking that requires customers to visit a physical branch.

• Digital service provided by banks for performing financial transactions over the internet.

• A service that allows customers to withdraw money from an ATM.

What are the advantages of mobile banking?

• Inconvenience, limited access, and time-consuming.

• Convenience, accessibility, and time-saving.

• Higher fees, limited functionality, and security risks.

• Lack of privacy, high costs, and technical difficulties.

How can mobile apps help in saving money?

• Mobile apps can help in saving money by increasing spending habits.

• Mobile apps can help in saving money by providing investment advice.

• Mobile apps can help in saving money through budgeting tools, expense tracking, and discounts/coupons.

• Mobile apps can help in saving money by offering cashback rewards.

What does it mean to be unbanked?

• Not having a bank account or access to traditional banking services.

• Using online banking services

• Having multiple bank accounts

• Having access to mobile banking apps

What are some challenges faced by the unbanked population?

• Limited access to financial services, difficulty in saving money securely, lack of credit history, and limited opportunities for financial growth.

• High fees for alternative financial services, lack of financial literacy, limited access to loans and credit, and vulnerability to theft and fraud.

What are the benefits of online banking?

• Convenience, 24/7 access, easy money transfers, online bill payment, and remote financial management.

• Lack of security, limited access, challenging money transfers, no online bill payment, and no remote financial management.

• Inconvenience, limited hours, complicated money transfers, no online bill payment, and no remote financial management.

• Higher fees, limited access, difficult money transfers, no online bill payment, and no remote financial management.

How can mobile banking improve financial inclusion?

• Mobile banking is only available to individuals with smartphones, excluding those with basic mobile phones.

• Mobile banking requires a stable internet connection, limiting access for many people.

• Mobile banking increases the cost of financial services, making them less accessible.

• Mobile banking improves financial inclusion by providing access to financial services through mobile phones.

What are some common savings challenges faced by individuals?

• Inadequate budgeting skills

• Low income

• Lack of discipline, impulse spending, high expenses, and unexpected emergencies.

• Lack of financial literacy

How can mobile apps assist in overcoming savings challenges?

• Mobile apps offer investment opportunities to increase savings.

• Mobile apps provide access to exclusive discounts and deals to save money.

• Mobile apps offer cashback rewards for making purchases.

• Mobile apps provide budgeting tools, expense tracking, automatic savings transfers, goal setting, reminders, personalized recommendations, and tips.

What are some strategies to encourage savings among the unbanked population?

• Investment opportunities, online banking, and credit unions.

• Financial education, mobile banking, digital wallets, community-based savings groups, and incentives

• Cash-based transactions, informal savings methods, and traditional banking.

• Microloans, credit cards, and payday loans.