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Banking Technology and Data Management
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Banking Technology and Data Management

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Questions and Answers

What is the primary benefit of consolidated information in a bank?

  • Enhancing customer engagement
  • Improving data management
  • Launching new financial products
  • Making important business decisions (correct)

    • What is the primary purpose of mobile applications and Net Banking facilities in a bank?

  • To recommend the right financial products to customers
  • To provide top-notch security integration
  • To launch new financial products
  • To enable customers to access their account from anywhere (correct)

    • What is a key advantage of core banking software in a bank?

  • Improving customer communication
  • Providing top-notch security integration (correct)
  • Launching new financial products
  • Enhancing data management

    • Why is advanced security integration essential in a bank's online platform?

    <p>To prevent money mismanagement and fraudulent transactions</p> Signup and view all the answers

    How should a bank's solution communicate with customers in case of an issue with their account?

    <p>Through SMS messaging or automatic emails</p> Signup and view all the answers

    What is the primary reason why banks need to practice data resource management?

    <p>To meet the information needs of their business stakeholders</p> Signup and view all the answers

    Why is data management difficult in banks?

    <p>Due to the exponential increase in data over time</p> Signup and view all the answers

    What is data according to the text?

    <p>Raw facts</p> Signup and view all the answers

    Why do banks need to be careful when dealing with data?

    <p>Because data can be meaningless unless processed</p> Signup and view all the answers

    What is a challenge faced by banks in managing data?

    <p>Data security and integrity</p> Signup and view all the answers

    What is the primary reason why data needs to be managed like other important business assets in online banks?

    <p>To improve data analysis and decision-making</p> Signup and view all the answers

    What is the main objective of data management in online banks?

    <p>To improve data quality and integrity</p> Signup and view all the answers

    Why is data considered a vital organizational resource in online banks?

    <p>Because it supports business decision-making</p> Signup and view all the answers

    What is the key benefit of effective data management in online banks?

    <p>Better decision-making and strategic planning</p> Signup and view all the answers

    Why is data management critical in online banking operations?

    <p>To improve data quality and reduce errors</p> Signup and view all the answers

    What was the number of customers using Internet Banking services in 2020?

    <p>32,45,333</p> Signup and view all the answers

    What is a major challenge faced by banks regarding Internet Banking?

    <p>Dependency on CBS vendor and limitation of budget for purchasing security tools</p> Signup and view all the answers

    What is a common issue faced by customers using Internet Banking?

    <p>Forgetting security credentials and getting locked out of their User ID</p> Signup and view all the answers

    What is a type of cyber-attack that banks providing Internet Banking services need to combat?

    <p>All of the above</p> Signup and view all the answers

    What is a limitation of the current Internet Banking system mentioned in the text?

    <p>Present fund transfer ceiling is a barrier for corporate customers</p> Signup and view all the answers

    What is the primary advantage of a centralized database system in terms of data management?

    <p>Reduced risk of data management</p> Signup and view all the answers

    What is a disadvantage of a centralized database system when dealing with large amounts of data?

    <p>Slower response times</p> Signup and view all the answers

    What is a benefit of centralized data storage in terms of data quality?

    <p>Better data standards</p> Signup and view all the answers

    What is a concern when updating a large centralized database?

    <p>High complexity and extensive knowledge required</p> Signup and view all the answers

    What is a potential consequence of server failure in a centralized database system?

    <p>All data on the server is lost</p> Signup and view all the answers

    What is a key feature of Internet Banking that helps customers?

    <p>To view transactions at any time</p> Signup and view all the answers

    What is a potential drawback of Internet Banking for some users?

    <p>It is difficult to understand and use at first</p> Signup and view all the answers

    What is a security concern with Internet Banking?

    <p>Account information might get hacked</p> Signup and view all the answers

    What is another online service offered by banks besides Internet Banking?

    <p>Loan applications</p> Signup and view all the answers

    What is a requirement for using Internet Banking?

    <p>An active Internet connection</p> Signup and view all the answers

    What is the primary characteristic of information on the Web?

    <p>Democratic and accessible to all</p> Signup and view all the answers

    What is the implication of the lack of quality assurance for information on the Web?

    <p>Users must be cautious when evaluating online information</p> Signup and view all the answers

    What is the significance of the alternative delivery channels in banking?

    <p>They have changed the day-to-day operation of banks</p> Signup and view all the answers

    What is the primary purpose of a bank's adoption of core banking solution (CBS) platform?

    <p>To deliver banking services more efficiently</p> Signup and view all the answers

    What is the impact of the Internet on the banking sector?

    <p>It has changed the way banking services are delivered</p> Signup and view all the answers

    What is the implication of the Internet's discovery capability on banking?

    <p>It has enabled users to access banking services more easily</p> Signup and view all the answers

    What is the primary benefit of the Internet's discovery capability in banking?

    <p>It has enabled users to access banking services more easily</p> Signup and view all the answers

    What is the significance of the Internet's democratic nature in banking?

    <p>It has increased the accessibility of banking services</p> Signup and view all the answers

    What is the primary impact of the alternative delivery channels on banking operations?

    <p>They have changed the day-to-day operation of banks</p> Signup and view all the answers

    What is the primary role of the ICT department in a bank?

    <p>To manage data and information as vital organizational resources</p> Signup and view all the answers

    What is a bank's primary motivation for outsourcing IT services?

    <p>To reduce costs and improve efficiency</p> Signup and view all the answers

    What is the primary benefit of effective data management in online banks?

    <p>Better decision-making through the use of accurate data</p> Signup and view all the answers

    What is a critical aspect of data management in online banks?

    <p>Managing data as a vital organizational resource</p> Signup and view all the answers

    What is the primary goal of data management in online banks?

    <p>To manage data as a vital organizational resource</p> Signup and view all the answers

    What type of data helps banks evaluate growth strategies and launch new products that benefit their customers?

    <p>Business data</p> Signup and view all the answers

    Which of the following is a primary goal of data management in online banks?

    <p>To make important business decisions</p> Signup and view all the answers

    What is the primary impact of accurate data management on customer relationships in online banks?

    <p>It helps to recommend financial products to customers</p> Signup and view all the answers

    What is the primary challenge faced by online banks in terms of data management?

    <p>Maintaining data security</p> Signup and view all the answers

    What is the primary benefit of integrating data from different sources in online banks?

    <p>It provides a unified view of customer data</p> Signup and view all the answers

    What is the primary reason why banks need to manage data as a critical organizational resource?

    <p>To meet the information needs of business stakeholders and ensure data security and quality</p> Signup and view all the answers

    What is a major challenge faced by banks in managing data generated from various transaction points?

    <p>Managing large amounts of unstructured data</p> Signup and view all the answers

    What is the primary objective of data management in online banks?

    <p>To meet the information needs of business stakeholders and ensure data quality and integrity</p> Signup and view all the answers

    What is a critical aspect of data management in online banks that is easily jeopardized?

    <p>Data quality and integrity</p> Signup and view all the answers

    What is the primary consequence of not managing data effectively in online banks?

    <p>Deterioration of data quality and integrity, leading to poor decision-making</p> Signup and view all the answers

    What is a primary advantage of centralized database systems in terms of data management?

    <p>Risk minimization and consistent data maintenance</p> Signup and view all the answers

    What is a major concern when dealing with large centralized databases?

    <p>Increased response times</p> Signup and view all the answers

    What is a potential consequence of server failure in a centralized database system?

    <p>Loss of all data on the server</p> Signup and view all the answers

    What is a benefit of centralized data storage in terms of data quality?

    <p>Better quality data through maintained standards</p> Signup and view all the answers

    What is a challenge in updating a large centralized database?

    <p>Extensive knowledge required</p> Signup and view all the answers

    What is the primary advantage of Internet Banking in terms of transactions?

    <p>Access to account information at any time</p> Signup and view all the answers

    What is a potential drawback of Internet Banking for some users?

    <p>Difficulty in understanding how to use it</p> Signup and view all the answers

    What is a primary concern with Internet Banking in terms of security?

    <p>Account information getting hacked</p> Signup and view all the answers

    What is another online service offered by banks besides Internet Banking?

    <p>All of the above</p> Signup and view all the answers

    What is a requirement for using Internet Banking?

    <p>An active internet connection</p> Signup and view all the answers

    What is a major challenge faced by banks regarding Internet Banking, which is related to the lack of awareness among customers?

    <p>Customer awareness against cyber-attacks</p> Signup and view all the answers

    What is a common issue faced by customers using Internet Banking, which is related to their security credentials?

    <p>Get locked with their User ID</p> Signup and view all the answers

    What is a limitation of the current Internet Banking system mentioned in the text, which is related to fund transfer?

    <p>Present fund transfer ceiling</p> Signup and view all the answers

    What is a challenge faced by banks regarding Internet Banking, which is related to the customization of software?

    <p>Introducing new features</p> Signup and view all the answers

    Why do customers become dissatisfied with Internet Banking services, according to the text?

    <p>Receiving SMS with little bit delay</p> Signup and view all the answers

    What is the primary implication of the lack of quality assurance for information on the Web in the context of online banking?

    <p>Users must be cautious when accessing online banking services</p> Signup and view all the answers

    What is the primary benefit of the Internet's discovery capability in the context of online banking?

    <p>Enhanced customer experience through access to information</p> Signup and view all the answers

    What is the primary role of data management in online banking?

    <p>To manage risk and ensure regulatory compliance</p> Signup and view all the answers

    What is the primary challenge faced by online banks in terms of data management?

    <p>Ensuring data quality and accuracy</p> Signup and view all the answers

    What is the primary benefit of integrating data from different sources in online banking?

    <p>Better decision-making capabilities</p> Signup and view all the answers

    What type of data is critical for online banks to evaluate growth strategies and launch new products that benefit their customers?

    <p>Market trend data</p> Signup and view all the answers

    What is the primary impact of accurate data management on customer relationships in online banking?

    <p>Improved customer retention</p> Signup and view all the answers

    What is the primary goal of data management in online banking?

    <p>To manage risk and ensure regulatory compliance</p> Signup and view all the answers

    What is the primary benefit of effective data management in online banking?

    <p>Enhanced risk management and regulatory compliance</p> Signup and view all the answers

    What is the primary challenge faced by online banks in terms of data management in the context of alternative delivery channels?

    <p>Integrating data from different sources</p> Signup and view all the answers

    What is the primary purpose of using a database in a bank?

    <p>To keep track of customers and store their data</p> Signup and view all the answers

    What is a key advantage of a centralized database system?

    <p>Minimized risk of data management</p> Signup and view all the answers

    What is a common issue with large centralized databases?

    <p>Increased response times</p> Signup and view all the answers

    What happens when a server fails in a centralized database system?

    <p>All data on the server is lost</p> Signup and view all the answers

    Why is authentication important in a centralized database system?

    <p>To securely access data</p> Signup and view all the answers

    What is the primary objective of data management in banks?

    <p>To meet the information needs of business stakeholders</p> Signup and view all the answers

    Why is data security critical in banks?

    <p>To protect data from unauthorized access</p> Signup and view all the answers

    What is the primary challenge faced by banks in managing data?

    <p>Managing large amounts of data</p> Signup and view all the answers

    What is the result of not managing data carefully in banks?

    <p>Data is easily jeopardized</p> Signup and view all the answers

    What is the primary benefit of data management in online banks?

    <p>Effective decision-making</p> Signup and view all the answers

    What is data considered in online banks?

    <p>A vital business asset</p> Signup and view all the answers

    Why do banks need to manage data?

    <p>To manage it like other important business assets</p> Signup and view all the answers

    What is the primary role of the ICT department in a bank?

    <p>To manage data as a critical organizational resource</p> Signup and view all the answers

    What is a critical aspect of data management in online banks?

    <p>Accurate data management</p> Signup and view all the answers

    Why do banks outsource some IT jobs?

    <p>To reduce costs</p> Signup and view all the answers

    What can accurate data management help banks to do?

    <p>Evaluate growth strategies and launch new products that benefit customers</p> Signup and view all the answers

    What is a key benefit of consolidating customer data, business data, and transactional data?

    <p>Ability to make informed business decisions</p> Signup and view all the answers

    What is a major advantage of integrated data management in online banks?

    <p>Tight security to both banks and customers</p> Signup and view all the answers

    What does business and transactional data help banks to do?

    <p>Evaluating growth strategies and launching new products that benefit customers</p> Signup and view all the answers

    What is a key consideration for online banks in terms of data management?

    <p>Accurate management of customer data</p> Signup and view all the answers

    What is the primary challenge faced by banks providing Internet Banking services?

    <p>All of the above</p> Signup and view all the answers

    Why do customers get locked out of their Internet Banking accounts?

    <p>Because they forget their security credentials</p> Signup and view all the answers

    What is one of the limitations of the current Internet Banking system?

    <p>Present fund transfer ceiling is low for corporate customers</p> Signup and view all the answers

    Why do customers become dissatisfied with the introduction of hardware and software-based token for 2FA?

    <p>Because it is not user-friendly</p> Signup and view all the answers

    What is one of the reasons why customers are not satisfied with the use of mobile SMS as 2FA?

    <p>Because they receive SMS with a little delay</p> Signup and view all the answers

    What is one advantage of Internet Banking for customers?

    <p>It allows customers to view transactions at any time</p> Signup and view all the answers

    What is one potential drawback of Internet Banking for some users?

    <p>It may be difficult to understand for those new to technology</p> Signup and view all the answers

    What is one security concern with Internet Banking?

    <p>Account information might get hacked</p> Signup and view all the answers

    What is another online service offered by banks besides Internet Banking?

    <p>Loans and investment options</p> Signup and view all the answers

    What is a requirement for using Internet Banking?

    <p>An active Internet connection</p> Signup and view all the answers

    What is the primary characteristic of information on the Web?

    <p>Lacking quality assurance</p> Signup and view all the answers

    What is the primary implication of the lack of quality assurance for information on the Web?

    <p>Users must be cautious when using Web information</p> Signup and view all the answers

    What is the primary role of a bank's core banking solution (CBS) platform?

    <p>To deliver banking services</p> Signup and view all the answers

    What is the primary impact of the Internet on the banking sector?

    <p>It has changed the way banking services are delivered</p> Signup and view all the answers

    What is the primary benefit of the Internet's discovery capability in banking?

    <p>It has enabled users to browse and search for banking information</p> Signup and view all the answers

    What is the primary significance of alternative delivery channels in banking?

    <p>They have changed day-to-day banking operations</p> Signup and view all the answers

    What is the primary implication of the Internet's democratic nature in banking?

    <p>Anyone can post information</p> Signup and view all the answers

    What is the primary impact of alternative delivery channels on banking operations?

    <p>They have changed day-to-day banking operations</p> Signup and view all the answers

    What is the primary role of data management in online banks?

    <p>To manage and utilize data effectively</p> Signup and view all the answers

    What is the primary benefit of effective data management in online banks?

    <p>It enables banks to evaluate growth strategies and launch new products</p> Signup and view all the answers

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