Podcast
Questions and Answers
Fintech companies are known for being slower and less cost-effective compared to traditional banks.
Fintech companies are known for being slower and less cost-effective compared to traditional banks.
False
The decision between fintech and traditional banking depends on the needs and priorities of individual businesses.
The decision between fintech and traditional banking depends on the needs and priorities of individual businesses.
True
If a business requires customised financial services accessible through a mobile app or online platform, then traditional banking is the better choice.
If a business requires customised financial services accessible through a mobile app or online platform, then traditional banking is the better choice.
False
Blockchain technology is considered the solution to spearhead the next generation financial market infrastructure.
Blockchain technology is considered the solution to spearhead the next generation financial market infrastructure.
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Traditional banking is more likely to provide a wide range of financial services compared to fintech companies.
Traditional banking is more likely to provide a wide range of financial services compared to fintech companies.
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Digital credit providers are not part of the range of providers offering financial services.
Digital credit providers are not part of the range of providers offering financial services.
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Digital Financial Services are also known as 'financial technology' or FinTech.
Digital Financial Services are also known as 'financial technology' or FinTech.
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In many countries, the evolution of finance has led to worse and more expensive access to services and products.
In many countries, the evolution of finance has led to worse and more expensive access to services and products.
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Digital Financial Services are solely delivered through traditional banking methods.
Digital Financial Services are solely delivered through traditional banking methods.
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The Big Picture Society encourages firms to stick with antiquated designs and methods of accounting.
The Big Picture Society encourages firms to stick with antiquated designs and methods of accounting.
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Digital finance ecosystems aim to exclude certain communities from accessing financial services.
Digital finance ecosystems aim to exclude certain communities from accessing financial services.
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Old school methods of accounting and verification are streamlined, efficient, and integrate well in today's global economy.
Old school methods of accounting and verification are streamlined, efficient, and integrate well in today's global economy.
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Digital finance aims to advance resilience, well-being, and equity for underserved communities.
Digital finance aims to advance resilience, well-being, and equity for underserved communities.
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Security tokens are not related to traditional ownership certificates.
Security tokens are not related to traditional ownership certificates.
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Blockchain and security tokens are expected to have no impact on the investment industry.
Blockchain and security tokens are expected to have no impact on the investment industry.
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The financial system mainly serves as a mediator between areas with surplus funds and areas with deficits.
The financial system mainly serves as a mediator between areas with surplus funds and areas with deficits.
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Money managers, laws and regulations, transactions, and analysts are not part of the complexity of the financial system.
Money managers, laws and regulations, transactions, and analysts are not part of the complexity of the financial system.
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Central banks and other financial intermediaries have no control over the flow of money around the world.
Central banks and other financial intermediaries have no control over the flow of money around the world.
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Study Notes
Fintech vs. Traditional Banking
- Fintech companies tend to be slower and less cost-effective than traditional banks.
- The choice between fintech and traditional banking hinges on the specific needs of businesses.
- Businesses in need of customized financial services via mobile apps or online platforms may prefer traditional banking.
Blockchain Technology
- Seen as a pivotal technology for developing the next-generation financial market infrastructure.
- Aims to enhance efficiency in financial services and systems.
Financial Service Range
- Traditional banks typically offer a broader array of financial services compared to fintech companies.
- Digital credit providers do not encompass the full spectrum of financial service providers.
Digital Financial Services (FinTech)
- Referred to interchangeably as Digital Financial Services or FinTech.
- Many countries experience a decline in service quality and higher costs in financial access.
Delivery of Digital Financial Services
- Digital Financial Services are primarily delivered using traditional banking methods.
- Encouragement from organizations like The Big Picture Society to maintain outdated accounting practices.
Access to Financial Services
- Digital finance ecosystems may inadvertently exclude marginalized communities from financial services.
- Traditional accounting and verification practices remain efficient and well-integrated into the global economy.
Goals of Digital Finance
- Aims to enhance resilience, well-being, and equitable access for underserved communities.
Security Tokens and Investment
- Security tokens are distinct from traditional ownership certificates.
- The anticipated influence of blockchain and security tokens on the investment industry is minimal.
Role of Financial Systems
- The financial system primarily acts as a mediator between areas with surplus and deficit funds.
- Money managers, laws, transactions, and analysts are often viewed as not integral to the complexity of financial systems.
- Central banks and financial intermediaries reportedly lack control over the global flow of money.
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Description
Test your knowledge on the different financial services offered in the digital finance sector, from payments to advisory. Learn about the diverse range of providers including banks, microfinance institutions, FinTech companies, and more.
