Question

MT bank is a traditional bank. Since FinTech became popular in recent years, the number of customers of
the MT bank declined quickly. Therefore, the CEO of the MT bank decided to invest to FinTech to
improve its business. Which of the following services can be achieved after invested in FinTech?
I. Provide faster money transfer services with lower transaction cost.
II. Provide integrated personal service to manage personal bills, accounts and/or credit.
III. Provide a user-friendly payment system, such as customers can pay by using their mobile phones.
IV. Provide a faster lending system such that customers can borrow money without accessing their
creditworthiness.
A. I
B. II and III
C. I, II and III
D. II, III and IV
E. All of them.

Answer 1

Financial Technology or FinTech can help the banks in streamlining their functions and enable them to offer services to their customers in more faster manner.

FinTech makes banking services to reach wider population and thus help banks in providing wide array of services at lower cost.

So,

Following services can be achieved after invested in FinTech -

1. Provide faster money transfer service with lower transaction costs.

2. Provide integrated personal service to manage personal bills, account and.or credit.

3. Provide a user friendly payment system, such as custimers can pay by using their mobile phones.

Hence, the correct answer is the option (c) [I, II, and III].