Finance Unbox-ED ($) - Grade 6-8 - Session 038 - Quiz 2

Select the statement that is true

• Neobanks are techfins that offer banking services
• Neobanks are also called digital banks since they offer all their services online
• Both of the above
• None of the above

Select all the typical neobank or insurtech customers

• Tech savvy individuals
• Gen X
• Gen Y
• Gen Z

Select the statement that is true

• Neobanks offer higher interest rates on savings
• Neobanks charger lower fees
• Both of the above
• None of the above

Select the reason why neobanks and insurtechs have lower costs than traditional banks and insurance companies

• Lower infrastructure costs given there are no branches
• Lower technology costs since all services are online
• Both of the above
• None of the above

Neobanks and insurtechs have lower people costs than traditional banks and insurance companies due to automation and use of AI

• True
• False

Neobanks prefer to partner with existing banks than get their own banking license

• True
• False

Select the statement that is true

• Obtaining a banking license from central banks can be a long and complex process
• Neobanks prefer to focus on innovation than spend time on compliances as a bank
• Both of the above
• None of the above

Insurtechs offer lower premiums to low risk customers by understanding user behavior better using advanced data analytics

• True
• False

Select all the data points that telematics devices collect to identify low risk customers for motor insurance

• How fast the car is driven
• How many instances of sudden brakes
• How many passengers are there in the car
• How quickly the car accelerates

Some insurtechs operate as marketplaces i.e. allow customers to compare features and prices of policies of various insurance companies all at one place

• True
• False