FinTech History
What FinTech innovation was introduced in the 1950s?
Credit Cards
What FinTech innovation uses machine learning to detect fraudulent transactions?
A) AI-Powered Fraud Detection
B) Crowdfunding
C) Peer-to-Peer Lending
A) AI-Powered Fraud Detection
What is the primary goal of FinTech innovation?
A) Reducing interest rates
B) Improving financial services through technology
C) Increasing financial regulation
B) Improving financial services through technology
What is the name of banks that operate entirely online?
Digital Banks or Neobanks
What does API stand for in FinTech?
Application Programming Interface
Which company, founded in 1998, was one of the first major FinTech firms?
PayPal
Which FinTech type powers digital wallets like Apple Pay?
A) Digital Lending
B) Mobile Payment Solutions
C) Cryptocurrency Exchanges
B) Mobile Payment Solutions
What pillar focuses on keeping personal and financial data safe?
Security
Which type of bank primarily serves members of a specific group or community?
Credit Unions
What is the term for a decentralized, digital ledger used in cryptocurrencies?
Blockchain
What is the term for digital transactions replacing physical currency?
A) Cashless Payments
B) Online Lending
C) Virtual Trading
A) Cashless Payments
What technology powers cryptocurrency transactions?
Blockchain
Which pillar ensures new financial technologies are available to everyone?
Accessibility
What type of bank specializes in large-scale investments and mergers?
Investment Banks
What does NFC stand for in contactless payments?
Near Field Communication
What FinTech advancement made online stock trading widely accessible in the 1990s?
A) Electronic Trading Platforms
B) Mobile Wallets
C) Blockchain Systems
A) Electronic Trading Platforms
What FinTech service allows consumers to buy now and pay later with no-interest plans?
Buy Now, Pay Later - BNPL
What is the term for financial services designed to reach individuals who lack access to traditional banking?
A) Digital Lending
B) Financial Inclusion
C) Wealth Management
B) Financial Inclusion
What is the name of a banking model that operates without physical branches, relying entirely on digital platforms?
Online-Only Banks or Neobanks
What technology replaces credit card numbers with randomly generated tokens?
Tokenization
Name the first cryptocurrency introduced in 2009.
Bitcoin
What payment technology allows instant money transfers using a mobile device or app?
A) Wire Transfers
B) Mobile Payment Systems
C) ATM Withdrawals
B) Mobile Payment Systems
Which FinTech pillar focuses on removing barriers to financial services?
Accessibility
What is the difference between retail banks and commercial banks?
A) Retail banks serve individuals, while commercial banks serve businesses.
B) Retail banks handle only online transactions, while commercial banks operate physically.
C) Retail banks provide only savings accounts, while commercial banks provide only loans.
A - Retail banks serve individuals, while commercial banks serve businesses.
What is the name of digital-only accounts that allow transactions without visiting a physical bank?
A) Traditional Checking Accounts
B) E-Wallets or Virtual Bank Accounts
C) Money Market Funds
B - E-Wallets or Virtual Bank Accounts