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Impact of Technology on Banking Services

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Impact of Technology on Banking Services

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Questions and Answers

What impact have new technologies had on the banking industry?

Made modern banking slower and more rigid

Made modern banking quicker, easier, and more flexible (correct)

Limited the services that banks can provide

Decreased the accessibility of bank accounts

What change have banks had to make to meet customer needs?

Provide slower methods for withdrawing cash and purchasing goods

Reduce the availability of online banking

Widen the services they provide (correct)

Limit the hours of access to bank accounts

Why has digital banking become popular according to the text?

It requires visiting a physical bank branch

It is fast, simple, and fits into people's day-to-day routines (correct)

It is slow and complicated

It is only used by a small percentage of people

What percentage of Americans prefer digital channels as their main method of banking?

62% (A) Signup and view all the answers

Where do most customers engage in mobile or internet banking according to research by the TSB Bank?

While commuting (B) Signup and view all the answers

What has seen a dramatic rise since the launch of banking apps?

Mobile banking (C) Signup and view all the answers

What percentage of smartphone users in the UK used a banking app based on a 2017 survey?

~60% (C) Signup and view all the answers

What is a key advantage of digital banking according to the passage?

It is fast and simple (A) Signup and view all the answers

What do customers expect from banks in terms of accessing their accounts according to the text?

To access accounts 24 hours a day (B) Signup and view all the answers

What percentage of mobile or internet banking is done while customers are at work according to the research by TSB Bank?

17% (A) Signup and view all the answers