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Questions and Answers
What could be the result of millennials trusting tech companies more than traditional banks?
What could be the result of millennials trusting tech companies more than traditional banks?
- An increase in demand for bank products
- A decrease in the demand for bank products (correct)
- An increase in the number of challenger banks
- A decrease in the number of challenger banks
What is one way in which challenger banks are able to compete with traditional banks?
What is one way in which challenger banks are able to compete with traditional banks?
- They offer more secure financial products
- They provide more personalized services
- They offer products and services in real time (correct)
- They have lower fees and interest rates
What is the main focus of the text?
What is the main focus of the text?
- The advantages of traditional banking
- The increasing competition from challenger banks (correct)
- The trustworthiness of tech companies
- The benefits of real time services
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Study Notes
- Traditional banks are facing increasing competition from challenger banks such as Amazon, Google, Alibaba, and Apple.
- These challenger banks are able to offer financial products and services in real time, which could threaten the traditional banking sector.
- Millennials are more likely to trust in tech companies than traditional banks, which could lead to a decline in the demand for bank products.
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