Banking Applications

What is the main objective of online banking applications?

• To provide entertainment services

• To promote social media interactions

• To offer shopping discounts

• To facilitate banking transactions

Which of the following is NOT a type of banking application?

• EFT

• Internet banking

• ATMS

• Social Media

What is the advantage of Electronic Funds Transfer (EFT)?

• Can be used for physical cash exchange

• Involves high risk of fraud

• Allows instant electronic money transfer

• Requires physical presence at the bank

What is the main function of Automatic Teller Machines (ATMs)?

• To sell groceries

• To perform banking transactions

• To provide medical services

• To offer legal advice

What is the process of transferring funds from the cheque writer's account to the recipient's account called?

• Physical transportation

• Encrypted file transfer

• Centralized check clearing

• Digitalization

Which type of banking application is designed to be used on smartphones and tablets?

• Web-based banking applications

• Desktop banking applications

• Mobile banking applications

• ATM applications

What security measure is commonly used in internet banking applications to protect users' data?

• No security measures

• Social media login

• Biometric authentication

• Public Wi-Fi access

What is one of the disadvantages of internet banking applications?

• Limited account access

• Increased human interaction

• Security risks

• No transaction history

What is the main advantage of internet banking applications?

• Increased physical bank visits

• No personalized features

• 24/7 account access

• Limited transaction options