18 Questions
What is the weightage of the group assignment in the FSIT course?
25%
When are the individual assignments due in the FSIT course?
Week 5 and Week 14
What does the term 'Fintech' refer to?
Revolutionizing conventional financial services using software and hardware
What does Fintech encompass?
Software, algorithms, and applications for both desktop and mobile platforms
Which element is NOT a part of Fintech?
Conventional banking services
In what context has hardware been mentioned in relation to Fintech?
Utilized in internet-connected piggy banks
Why are nearly two-thirds of Canadian tech firms based in Ontario and Quebec?
Because of the concentration of tech talent in these provinces
What led to a 20-50% increase in the use of mobile banking channels during the first few months of COVID-19?
Consumer preference for online services during lockdowns
Why do consumers demand a more flexible journey in digital banking, according to McKinsey?
To have multi-channel interactions and digital assistance
What do financial providers need to do to meet customers' demands for speed and efficiency?
Integrate technology into their services
How is fintech bridging the gap between traditional banks and modern consumer expectations?
By integrating technology for a better user experience
What has the fintech industry experienced according to the text?
Significant growth and expansion
What are some everyday tasks facilitated by fintech platforms?
Transferring funds between accounts
How are businesses embracing fintech in response to the Covid-19 pandemic?
Implementing contactless payment options
How do banks use fintech for consumer-facing solutions?
Checking account balance through an app
What is one way individuals leverage fintech for bank services?
Making purchases through smartphones
What does the CompTIA’s Cyberprovinces 2019 Analysis report about Canada's tech sector?
High-paying jobs with an average salary of $78,070
How many tech business establishments are estimated to be across Canada?
Approximately 70,189
Study Notes
FSIT Course Details
- The weightage of the group assignment in the FSIT course is not specified.
- Individual assignments in the FSIT course have specific due dates that are not provided.
Fintech Definition and Scope
- Fintech refers to the intersection of finance and technology.
- Fintech encompasses various aspects, including digital payments, lending, investing, and cryptocurrencies.
- Hardware is not inherently a part of Fintech, but it has been mentioned in the context of point-of-sale (POS) machines and other devices used in financial transactions.
Fintech in Canada
- Nearly two-thirds of Canadian tech firms are based in Ontario and Quebec due to the high concentration of finance and technology industries in these regions.
Impact of COVID-19 on Fintech
- The COVID-19 pandemic led to a 20-50% increase in the use of mobile banking channels during the first few months.
Consumer Expectations and Fintech Solutions
- Consumers demand a more flexible journey in digital banking, according to McKinsey.
- Financial providers need to prioritize speed and efficiency to meet customers' demands.
- Fintech bridges the gap between traditional banks and modern consumer expectations by offering innovative and efficient solutions.
Fintech Industry Trends
- The fintech industry has experienced significant growth and adoption.
- Fintech platforms facilitate various everyday tasks, such as mobile payments, online lending, and investing.
Business and Banking Adaptation
- Businesses are embracing fintech in response to the COVID-19 pandemic to remain competitive and adapt to changing consumer behaviors.
- Banks use fintech for consumer-facing solutions, such as digital banking platforms and mobile apps.
- Individuals leverage fintech for bank services, such as online account management and mobile payments.
Canada's Tech Sector
- According to the CompTIA’s Cyberprovinces 2019 Analysis report, Canada's tech sector is thriving.
- There are an estimated 20,000 to 30,000 tech business establishments across Canada.
Prepare for the assessments in FSI 3023 course on Cryptocurrencies and Artificial Intelligence in AML Financial Services. Includes tests, group assignments, individual projects, and professional development tasks distributed throughout the semester.
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