Which of the following is NOT a major application of AI in the BFSI sector?

• Fraud detection and prevention: Identifying and blocking suspicious transactions in real-time.

• Loan document analysis: Automating the review and approval process for loan applications.

• Chatbots and virtual assistants: Providing 24/7 customer support and answering basic inquiries.

• Algorithmic trading: Executing buy and sell orders at high speeds based on complex algorithms.

What technology helps AI models in BFSI learn and improve from data?

• Blockchain: Securely storing and sharing financial data among different institutions

• Quantum computing: Performing complex calculations significantly faster than traditional computers

• Natural language processing: Understanding and processing human language for chatbot interactions

• Machine learning: Algorithms that learn and adapt based on historical data and new information

Which of the following is an ethical concern regarding AI in BFSI?

• Lack of explainability in AI algorithms: Difficulty understanding how AI models reach conclusions

• Increased efficiency and productivity: AI can automate tasks and optimize processes

• Job losses in the banking industry: Automation using AI may displace some employees

• Data privacy and security risks: Sensitive financial data needs robust protection from breaches

Which of the following is NOT a benefit of using AI-powered chatbots in customer service for BFSI institutions?

• Higher-level problem solving: Handling complex inquiries requiring deep financial knowledge and expertise

• 24/7 availability: Providing assistance anytime, day or night, regardless of holidays or peak hours

• Faster response times: Addressing customer inquiries quickly and efficiently compared to human agents

• Improved customer satisfaction: Offering personalized and convenient support experiences

What is the term for using AI to personalize financial products and services for individual customers?

• Micro-targeting: Delivering highly specific marketing campaigns based on individual traits

• Hyper-personalization: Tailoring products and services to each customer's unique needs and preferences

• Customer segmentation: Grouping customers based on shared characteristics for targeted marketing

• Financial inclusion: Extending financial services to underserved populations

Imagine you're a risk analyst at a bank. How could AI assist you in evaluating loan applications?

• By automatically extracting key information from financial documents like tax returns and bank statements

• By predicting the future income potential of loan applicants using complex economic models

• By identifying fraudulent applications based on past patterns and anomalies in data

• All of the above