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GLOBAL FINANCE WITH ELECTRONIC BANKING > MODULE 3 > Flashcards

MODULE 3 Flashcards

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1
Q

has undergone transformative changes in recent years, driven by advances in
technology and evolving customer expectations for greater convenience, speed, and security.

A

Digital banking

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2
Q

most significant developments

A
  1. Mobile Banking and Apps
  2. Blockchain Technology
  3. Artificial Intelligence (AI) and Machine Learning (ML)
  4. Biometric Authentication
  5. Open Banking
  6. Advanced Self-Service Capabilities
  7. Digital Transformation Strategies
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3
Q

have become a cornerstone of digital banking, providing customers with 24/7 access to a wide range of services such as balance checks, fund transfers, bill payments, and loan applications.

A

Mobile banking apps

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4
Q

provides an extensive mobile banking app offering services like money transfers, bill payments, and online shopping. It ensures a consistent and integrated experience across its platform, enhancing customer satisfaction.

A

Maya Bank, formerly known as PayMaya

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5
Q

has introduced enhanced transparency and security to financial transactions. It enables decentralized, immutable transaction records, which can significantly reduce fraud risks and ensure data integrity. is also used for cross-border payments and smart contracts, allowing for quicker, cheaper, and more secure transactions (De Meijer, 2020).

A

Blockchain Technology

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6
Q

is a blockchain-based platform that enables secure cryptocurrency trading in the Philippines, using blockchain to ensure transparent and safe transactions.

A

The Philippine Digital Asset Exchange (PDAX)

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7
Q

have revolutionized banking by improving customer service, fraud detection, and personalized financial recommendations

A

AI and ML

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8
Q

AI- powered chatbots, such as the Bank of the Philippine Islands’ (BPI) Online Buddy (____), provide 24/7 support, addressing customer queries instantly (Petrasic et al., 2019). Meanwhile, ____ analyze transaction data to identify potential fraud or predict customer needs (Thomas et al., 2023).

A

Bobby, ML algorithms

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9
Q

BPI’s AI-powered chatbot, ____, assists customers with various banking tasks, enhancing service speed and accessibility.

A

Bobby

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10
Q

With the increasing need for enhanced security, ____—such as fingerprint scanning, facial recognition, and voice verification—has become a critical innovation. These technologies provide a more secure and convenient way of accessing banking services compared to traditional password-based methods (Wang & Liu, 2021).

A

biometric authentication

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11
Q

banking allows third-party developers to build applications and services around the financial institution, facilitating easier sharing of banking data through APIs (European Banking

A

Open banking

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12
Q

____ API Marketplace allows fintech developers to integrate banking services like payments and account management into their applications, supporting innovation in the banking ecosystem.

A

UnionBank of the Philippines’

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13
Q

During the COVID-19 pandemic, self-service capabilities surged as customers sought more remote banking solutions. Features such as remote account opening, loan applications, and insurance purchases were facilitated by advanced technologies like real-time ID verification and biometric security measures (Software Group, 2021).

A
  1. Advanced Self-Service Capabilities
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14
Q

____, a mobile wallet service by Globe Telecom, enables users to open accounts, transfer money, pay bills, and invest, all within a secure and user-friendly environment.

A

GCash

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15
Q

Banks have increasingly focused on digital transformation to meet the evolving needs of their customers. These strategies include adopting cloud computing, enhancing cybersecurity, and modernizing IT infrastructures (IBM, 2024).

A
  1. Digital Transformation Strategies
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16
Q

______(RCBC) modernized its operations through its DiskarTech app, which provides banking services to the unbanked and underbanked populations, contributing to financial inclusion in the Philippines.

A

Rizal Commercial Banking Corporation

17
Q

_____, commonly known as ____, has transformed the financial services industry, disrupting traditional banking systems.

A

Financial technology, fintech

18
Q

refers to the integration of advanced technologies such as blockchain, artificial intelligence (AI), and mobile applications in delivering financial services. It has revolutionized how people access banking services, perform transactions, manage investments, and even get loans. Traditional banks, which have long relied on brick-and- mortar establishments and legacy systems, are now compelled to adapt to the rapid pace of technological advancement to stay competitive.

A

Fintech

19
Q

Key Areas of Fintech Impact on Traditional Bankin

A
  1. Digital Payments and Mobile Banking
  2. Peer-to-Peer (P2P) Lending and Crowdfunding
  3. Artificial Intelligence (AI) and Customer Service
  4. Blockchain and Decentralized Finance
  5. Open Banking and APIs
20
Q

One of the most visible impacts of fintech on traditional banking is the shift toward ____ services. Fintech companies offer mobile apps
that allow users to make payments, transfer funds, and monitor their accounts from anywhere at any time. Services like PayPal, GCash, and Venmo have streamlined financial transactions, reducing the need for physical branches. This trend has forced traditional banks to enhance their digital offerings,
leading to increased investment in mobile banking apps and online

A

digital payments and mobile banking

21
Q

Traditional banks such as Bank of the Philippine Islands (BPI) and Banco de Oro (BDO) have invested heavily in _____ to compete with fintech solutions by offering real-time fund transfers, bill payments, and account monitoring capabilities.

A

mobile banking apps

22
Q

Fintech platforms have also impacted traditional banks by offering alternative lending models like _____ and crowdfunding. These platforms allow individuals or small businesses to secure loans directly from investors without the need for a traditional banking intermediary. This disrupts the conventional loan process and enables
borrowers to access funds faster and often at more competitive interest rates

A

peer-to-peer (P2P) lending

23
Q

Lending platforms like ____ have given individuals and small
businesses access to funding without relying on traditional banks, which often have more stringent requirements for loan approval.

A

Funding Circle and Kickstarter

24
Q

AI-powered tools such as chatbots and virtual
assistants have enhanced customer service within fintech, allowing instant, 24/7 interaction between consumers and service providers. Traditional banks, accustomed to in-person services or call centers, are integrating AI to improve customer experiences and streamline operations. AI also supports better financial decision-making through predictive analytics, helping banks offer personalized services, such as tailored financial products based on customer data

A

Artificial Intelligence (AI) and Customer Service

25
Q

Many banks now use _____ to handle common customer inquiries, freeing
human staff to focus on more complex tasks. Bank of America’s virtual assistant, ___, provides insights into spending patterns and account balances, improving customer engagement

A

AI-driven chatbots, Erica

26
Q

_____ is changing the way traditional banks handle payments, cross-border transfers, and data security. Blockchain’s decentralized nature eliminates the need for intermediaries like banks in financial transactions, offering faster and more transparent processes. Cryptocurrencies, built on blockchain technology, have emerged as
competitors to traditional currencies and payment systems. Banks are now exploring blockchain solutions to improve operational efficiency and reduce fraud risk

A

Blockchain technology

27
Q

Some traditional banks, including _____, have adopted blockchain technology to improve cross-border payments and enhance security. Cryptocurrencies such as Bitcoin and Ethereum also pose challenges to traditional banking systems by offering decentralized alternatives for transactions.

A

JPMorgan Chase

28
Q

_____ allows third-party developers to access banking data and build
innovative financial products and services. Through Application Programming Interfaces (APIs), fintech companies can securely integrate with bank systems, providing consumers with better financial management tools. Open banking promotes transparency and encourages competition, enabling fintech firms to offer services that may be more user-friendly or cost-effective than traditional banking option

A

Open banking

29
Q

In Europe, regulations like the _____ mandate open banking, encouraging competition and innovation. As a result, banks such as HSBC have adopted open banking
strategies, offering APIs for fintech developers to create new services for consume

A

Payment Services Directive 2 (PSD2)

30
Q

The Challenges and Responses of Traditional Banks

A
  • Many legacy banks are burdened with outdated infrastructure, making it difficult to
    adopt new technologies swiftly.
  • Regulatory compliance is another concern, as fintech companies
    often operate with more regulatory freedom, allowing them to innovate faster than traditional banks, which are subject to stringent regulations.
  • In response, traditional banks are forming partnerships with fintech companies to leverage their technology and expand their service offerings. Additionally, many banks are embracing digital
    transformation by modernizing their core systems and enhancing digital
31
Q

____ is driving unprecedented changes in the banking sector, pushing traditional banks to innovate and evolve. From digital payments and P2P lending to AI-driven customer service and blockchain technology, fintech has revolutionized how financial services are delivered. To remain competitive, traditional banks must embrace digital transformation and adapt to the fintech landscape, leveraging
technology to offer more convenient, secure, and

A

Fintech

32
Q

has been at the forefront of digital banking transformation in the
country. Recognizing the rapid shift toward digitalization and the need to remain competitive

A

UnionBank of the Philippines

33
Q

_____, based in Singapore, embarked on a digital transformation in
the mid-2010s. The goal was to fully digitize its services, enhance customer experiences, reduce
operational costs, and increase efficiency. DBS invested in data analytics, artificial intelligence (AI), and cloud computing to revolutionize its operations.

A

Development Bank of Singapore (DBS)

GLOBAL FINANCE WITH ELECTRONIC BANKING (7 decks)

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