Digital Banking

What is digital banking?

• Digital banking is the digitization of traditional banking services.

• Digital banking is a type of online gaming platform.

• Digital banking is a form of virtual reality technology.

• Digital banking is the process of printing money digitally.

What are the advantages of digital banking?

• Advantages of digital banking include convenience, accessibility, cost-effectiveness, faster transactions, easier account management, and enhanced security features.

• Limited access to funds

• Increased risk of fraud

• Higher fees

What are the risks associated with digital banking?

• Physical security risks, Legal issues, Lack of customer support

• Cybersecurity threats, data breaches, identity theft, phishing scams, unauthorized transactions, system failures

Explain the concept of mobile banking.

• Mobile banking is a service provided by banks that allows customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet.

• Mobile banking is a service provided by restaurants for food delivery

• Mobile banking refers to the process of building mobile devices

• Mobile banking is a type of exercise routine involving smartphones

How does online banking work?

• Online banking involves sending cash through the mail

• Online banking requires customers to physically visit the bank

• Online banking is only available during business hours

• Online banking provides a convenient way for customers to handle their banking needs remotely.

What is the role of cybersecurity in digital banking?

• Cybersecurity in digital banking is essential for protecting customer data, preventing unauthorized access, detecting and mitigating cyber threats, ensuring compliance, and maintaining trust.

• Cybersecurity in digital banking is only relevant for large institutions

• Cybersecurity is not necessary in digital banking

• Cybersecurity only focuses on physical security measures in digital banking

Discuss the impact of digital banking on traditional banking services.

• Digital banking has increased the cost of traditional banking services

• Traditional banks have completely replaced digital banking services

• Digital banking has revolutionized traditional banking services by offering convenient, 24/7 access to accounts, transactions, and services through online platforms and mobile apps. It has reduced the need for physical branches, leading to cost savings for banks. However, traditional banks still provide personalized services and a sense of security that some customers prefer.

• Digital banking has had no impact on traditional banking services

What are some popular digital payment methods?

• Samsung Pay

• Stripe

• PayPal, Venmo, Apple Pay, Google Pay, Cash App

• Zelle

Explain the concept of peer-to-peer (P2P) payments.

• Peer-to-peer payments involve the transfer of funds through a bank only.

• Peer-to-peer payments can only be done through credit card transactions.

• Peer-to-peer payments involve the direct transfer of funds between individuals without the need for a traditional financial institution.

• Peer-to-peer payments require physical cash to be exchanged between individuals.

How can customers protect their personal information while using digital banking services?

• By clicking on suspicious links in emails

• By sharing passwords with friends and family

• By using the same password for all accounts

• By using strong passwords, enabling two-factor authentication, avoiding public Wi-Fi, monitoring accounts, and keeping devices updated.