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Global Finance > E-Banking > Flashcards

E-Banking Flashcards

1
Q

Outlet that allows you to withdraw cash

A

ATM

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2
Q

Banking online means accessing your bank account and carrying out financial transactions through the internet on your smartphone, tablet or computer.

A

True

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3
Q

Automated teller machines are electronic bankingoutlets that allow people to complete transactions without going into a branch of their bank

A

True

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4
Q

Online paymentmethods are inconvenient for offline sales.

A

True

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5
Q

The cost of operation per unit of services is higher for banks.

A

False

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6
Q

E-banking is also known as internet banking.

A

False

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7
Q

The use of computers and telecommunications enables banking transactions to be done by telephone or computer rather than through human interaction.

A

E-banking

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8
Q

Features include electronic funds transfer for retail purchases, automatic teller machines (ATMs), and automatic payroll deposits and bill payments.

A

E-banking

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9
Q

Electronic banking has vastly reduced the physical transfer of paper money and coinage from one place to another or even from one person to another.

A

E-banking

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10
Q

Relies on intricate computer systems that communicate using telephone lines.

A

E-banking

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11
Q

A method of banking in which the customer conducts transactions electronically

A

E-banking

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12
Q

Is a form of banking in which funds are transferred through an exchange of electronic signals rather than through an exchange of cash, checks, or other types of paper documents.

A

E-banking

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13
Q

Types of E-banking

A

Internet Banking.
Mobile banking.
Automated Teller Machine (ATM’s).
Smart Cards.
Electronic Funds Transfer (EFT).
Electronic Clearing Services (ECS).
Telebanking.
Door-Step Banking.

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14
Q

also known as electronic fund transfer (EFT), uses computer and electronic technology in place of checks and other paper transactions.

A

Electronic banking

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15
Q

are initiated through devices like cards or codes that let you, or those you authorize, access your account. Many financial institutions use ATM or debit cards and Personal Identification Numbers (PINs) for this purpose.

A

EFTs

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16
Q

radio frequency identification (RFID) or other forms of “contactless” technology that scan your information without direct contact with you.

A

debit cards

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17
Q

covers some electronic consumer transactions

A

Federal Electronic Fund Transfer Act (EFT Act)

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18
Q

Also known as net-banking or online banking, is an electronic payment system that enables the customer of a bank or a financial institution to make financial or non-financial transactions online via the internet.

A

Internet Banking

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19
Q

This service gives online access to almost every banking service, traditionally available through a local branch including fund transfers, deposits, and online bill payments to the customers.

A

Online Banking

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20
Q

A common method of access (or identification) is by access code, such as

A

a personal identification number (PIN)

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21
Q

ATM network, a set of interconnected automated teller machines that are linked to a centralized financial institution and its computer system.

A

Small System

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22
Q

Federal Reserve Wire Network, called Fedwire. This system allows participants to handle large, time-sensitive payments, such as those required to settle real estate transactions.

A

Large System

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23
Q

Shifting from brick-and-mortar to click-and-mortar approach.

A

History of E-banking/Online Banking

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24
Q

Brick and mortar:

A

Traditional

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25
Q

Click and mortar:

A

Modern/Digital

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26
Q

Bank of America as one of the First Institutions to Develop the Idea of Electronic Computers for Banking Tasks

A

1950s

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27
Q

New York City Banks Test At-Home Banking

A

1981

28
Q

Bank of Scotland Institutes First UK Internet Banking Services

A

1983

29
Q

Stanford Federal Credit Union Offers U.S. Internet Banking

A

1994

30
Q

NetBank is Founded

A

1996

31
Q

Bank of Internet USA is Founded

A

1999

32
Q

Bank of America Has 3 Million Online Customers

A

2001

33
Q

80% of US Banks Offer Internet Banking

A

2006

34
Q

Ally Bank is Launched

A

2009

35
Q

Online Banking is Growing Faster Than the Internet

A

2010

36
Q

Online Banking Is Standard Practice

A

2018

37
Q

There is such thing called _________ and it is observed annually every 2nd Monday of October.

A

“National Online Bank Day”

38
Q

IMPORTANCE OF E-BANKING

A

E-banking offers ease of access, secure transactions and 24-hour banking options.

E-Banking has democratized the consumer’s ability to be in total control of their money regardless of where they happen to be located.

E-Banking gives customers the ability to access their financial accounts via cell phone, laptop, or other devices that have been linked to their accounts, is a welcomed banking resource.

39
Q

Business owners, accounting staff and other approved employees can access routine banking activity such as deposits, cleared checks and wired funds quickly through an online banking interface.

A

Business Activity Review

40
Q

E-banking leads to productivity gains. Automating routine bill payments, minimizing the need to physically visit the bank

A

Improved Business productivity

41
Q

Banking relationships and costs are often based on resource requirements.

A

Lower Banking Cost

42
Q

Banking relationships and costs are often based on resource requirements.

A

Lower Banking Costs

43
Q

Automation of payments, wires or other consistent financial activities ensures payments are made on time and may prevent errors caused by keyboard slips or user error.

A

Reduced Banking Errors

44
Q

REASONS WHY ONLINE BANKING IS IMPORTANT IN TODAY’S TIME

A
  1. Security Assured
  2. Access: no problem
  3. No hidden fees
  4. Convenience Guaranteed
  5. Monitor Your Accounts Closely
45
Q

ADVANTAGES OF ELECTRONIC BANKING

A

An online account is simple to operate.

It’s convenient, because you can easily pay your bills and transfer your funds between accounts from nearly anywhere in the world.

You do not have to stand in a queue to pay off your bills.

It is available all the time.

Funds get transferred from one account to the other very fast.

You can keep an eye on your transactions and account balance all the time.

46
Q

DISADVANTAGES OF ELECTRONIC BANKING

A

Understanding the usage of internet banking might be difficult at first.

You cannot have access to online banking if you don’t have an internet connection

Security of transaction is a big issue.

Password security is a must.

Your banking information may be spread out on several devices.

If the bank’s server is down, then you cannot access your accounts

If the bank’s server is down, due to the loss of net connectivity or a slow connection, then it might be hard to know if your transaction went through.

You might get overly marketed too and become annoyed by notifications.

You might become annoyed by constant emails and updates.

47
Q

ON THE RISK CONTROL OF ELECTRONIC BANKING

A

The system of encrypting client identity-safety assessment measures

48
Q

Electronic banking can reduce pressure, reduce the operation cost, it is a good window and means for the bank to show image and competitive ability.

A

Access to Electronic Banking Market Must be Strict

49
Q

Government, and other concerned institutions must regulate laws about the new ways of transacting in banks.

A

Strict Approval of Electronic Banking

50
Q

The financial institutions that have the electronic banking that decide to cancel all electronic banking services or part types of electronic banking services should report the termination reason and the disposal scheme to Central Banking.

A

Follow the Termination Rules of Electronic Banking

51
Q

Prudence principle and measures of risk management according to traditional business still applies to electronic banking business, the former risk management system must have the proper necessary supplement according to the change of environment and operation mode.

A

Improve the Risk Management System of Electronic Banking

52
Q

Encryption client identity system guarantee authenticity, legality, and effectiveness of the customer information to prevent theft account, identity risk.

A

The System of Encrypting Client Identity

53
Q

Prudence principle and measures of risk management according to traditional business still applies to electronic banking business, the former risk management system must have the proper necessary supplement according to the change of environment and operation mode.

A

Improve the Risk Management System of Electronic Banking

54
Q

The information disclosure system urged the bank to keep customer protection and privacy laws and regulations, it can help to restrict bank legal risks and reputation risks.

A

Information Disclosure System of the Bank

55
Q

Bank and the customer have the law relationship of financial service, the electronic payment service agreement between the bank and its customer can improve safety consciousness of the customer, prevent the comprehensive business risk.

A

Service Agreement

56
Q

Electronic equipment safety is the unity of applied and the in-ternal control system, its function is to ensure the integrity, authenticity and confidentiality of the data and the operation process.

A

Electronic Equipment Safety Measures

57
Q

According to the possible risk due to internal procedures, service, product transfer caused by abnormal condition, the bank should ensure that emergency measures

A

Emergency Treatment Measures

58
Q

Safety evaluation refers to in process of developing electronic banking business electronic banking safety strategy, financial institutions should inspect and assess the safety test and control ability on the safety strategy, internal control institution, risk management and the consumer security.

A

Safety Assessment Measures

59
Q

The Anti-Money Laundering Act (AMLA) of 2001 or RA 9160 criminalizes unlawful activities such as graft and corrupt practices, fraudulent practices, robbery and extortion, swindling and plunder, amongst other activities.

A

Anti-money Laundering

60
Q

AMLA laws and regulations target criminal activities including:

A

market manipulation

trade in illegal goods

corruption of public funds

tax evasion

as well as the methods used to conceal these crimes and the money derived from them

Sneaking cash into foreign countries to deposit

Deposit cash in smaller increments to avoid arousing suspicion

Use illicit cash to buy other cash instruments

61
Q

Reporting Suspicious Activity

A

Money-laundering investigations by law enforcement often involve scrutinizing financial records for inconsistencies or suspicious activity.

The institutions must verify the origin of large sums, monitor suspicious activities, and report cash transactions exceeding $10,000 (Php 500,000).

Even amounts of P500,000 and less must also be reported to the AMLC when certain circumstances qualify them as “suspicious” transactions. Some reasons include:

there is no underlying legal or trade obligation, purpose or economic justification [for the transaction]

the client is not properly identified

the amount involved is not commensurate
[to the] …
capacity of the client

62
Q

ability to perform the promised service dependably and accurately

A

Reliability

63
Q

willingness to help customers and provide prompt service

A

Responsiveness

64
Q

appearance of physical facilities, equipment, personnel, and written materials

A

Tangibles

65
Q

employees’ knowledge and courtesy and their ability to inspire trust and confidence

A

Assurance

66
Q

caring, easy access, good communication, customer understanding and individualized attention give to customers

A

Empathy

67
Q

It is used for retail purchase

A

Electronic Fund Transfer

Global Finance (2 decks)

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