FinTech Quiz

Which of the following is NOT a core area of fintech application?

• Payment solutions

• Insurance underwriting

• Robo-advisory

• Crowdfunding

Which of the following is NOT a common fintech payment solution?

• Mobile wallets

• Contactless payments

• Paper checks

• Peer-to-peer payments

Which of the following best defines FinTech?

• A traditional financial system without technology

• Financial services using physical banking

• Financial services integrated with technology as a differentiator

• A government-controlled financial network

What is the role of robo-advisors in FinTech?

• Conducting government audits

• Facilitating peer-to-peer lending manually

• Providing automated investment advice using AI and algorithms

• Managing insurance claims

Which feature of Decentralized Finance (DeFi) eliminates the need for intermediaries like banks?

• Mobile banking

• Peer-to-peer lending through traditional platforms

• Use of centralized ledgers

• Smart contracts on blockchain networks

Which FinTech application helps track expenses, create budgets, and promote financial literacy?

• Crowdfunding platforms

• Personal finance management tools

• RegTech platforms

• Digital identity verification systems

How does microfinance promote financial inclusion in India?

• By offering large-scale investment portfolios

• Through credit cards and digital wallets

• By providing small loans and savings to underserved communities

• By offering cryptocurrencies in rural areas

What is the focus of Sustainable Finance?

• Maximizing short-term profits for investors

• Reducing global currency circulation

• Integrating ESG factors into financial decision-making

• Promoting high-frequency trading

What is a key strategy to combat financial cybercrimes?

• Outsourcing all IT operations

• Avoiding digital transactions

• Implementing encryption, firewalls, and employee awareness programs

• Using only cash-based systems

In what way does Open Banking, as a FinTech innovation, alter the traditional dynamics of financial service delivery?

• By consolidating all financial services under a single bank's control

• By restricting customer data access to prevent data sharing

• By enabling secure sharing of financial data across institutions, thereby increasing customer choice and competition

• By eliminating digital interfaces and reverting to manual processing of transactions