Technological Advances in the Financial Services Industry

What is transactional data?

• Personal customer profiles

• Data on financial transactions and interactions

• Social media data

How can transactional data be used to develop customer intelligence?

• By selling it to third-party companies

• By analyzing customer purchasing history and behavior

• By sharing it openly on social media

What is the primary goal of developing customer intelligence?

• To maximize shareholder profits

• To create personalized customer experiences

• To keep transactional data private

How does digital finance extend from customer experience and operational efficiency?

• By increasing the cost of financial services

• By reducing the need for customer service

• By eliminating the need for operational processes

What is "big data" in the context of finance?

• A large stack of money

• A term used to describe any financial dataset

• Large and complex datasets that are difficult to manage and analyze using traditional methods

How can big data and analytics benefit financial institutions?

• By making data easier to manage

• By providing insights for risk management, fraud detection, and customer behavior analysis

• By reducing the need for customer service representatives

What is the role of analytics in the financial services industry?

• To generate more transactional data

• To apply pressure to competitors

• To turn data into actionable insights for decision-making

What is predictive analytics used for in finance?

• To analyze past financial transactions

• To forecast future market trends and customer behavior

• To create financial regulations

How can robotics and AI reduce costs in the financial services industry?

• By increasing labor costs

• By automating routine tasks and processes

• By requiring more employees

What is one key application of robotics in finance?

• Customer service

• Product development

• Legal compliance