Understanding Modern Retail Banking Practice

What is a primary benefit of using a mobile wallet?

• A. Increased paperwork
• B. Contactless payments via mobile phone
• C. Mandatory branch visits

Which of the following is NOT a core deposit product in retail banking?

• A. Current Account
• B. Savings Account
• C. Overdraft Facility

What is the key focus of customer journey mapping?

• A. Creating investment portfolios
• B. Visualizing customer interactions and improving experiences
• C. Increasing branch visits

What type of account typically offers higher interest rates?

• A. Current Account
• B. Savings Account
• C. Credit Card

Which regulatory body insures deposits in Nigerian banks?

• A. CBN
• B. NDIC
• C. SEC

What service do Automated Teller Machines (ATMs) NOT provide?

• A. Withdraw cash
• B. Deposit checks
• C. Offer investment advice

Which is an example of a digital-only bank in Nigeria?

• A. ALAT by Wema
• B. First Bank
• C. UBA

What feature of mobile banking enhances real-time access?

• A. Post office notifications
• B. Instant money transfers
• C. Monthly paper statements

What distinguishes a current account from a savings account?

• A. Higher interest rates
• B. Unlimited transactions
• C. Limited transaction ability

What type of payment uses QR codes and mobile phones?

• A. ATM withdrawal
• B. QR payments
• C. Cheque processing