Fintech Fundamentals
What best describes FinTech?
A. A type of traditional banking only available offline
B. The combination of finance and technology to deliver financial services
C. An outdated system for transferring funds
D. A regulatory framework for banks
What is a major risk associated with data security in FinTech?
A. Enhanced customer trust
B. Risk of data breaches and cyberattacks
C. Improved transparency
D. Reduced regulatory challenges
What role does the government play in FinTech?
A. Creating unregulated digital spaces
B. Establishing legal frameworks for data protection
C. Limiting innovation entirely
D. Operating mobile banking apps
Which is a responsibility of engineers in FinTech?
A. Designing insecure systems for speed
B. Creating secure systems using encryption and multi-factor authentication
C. Ignoring cybersecurity standards
D. Focusing only on aesthetics
Lifelong learning in the FinTech industry is important because:
A. Technology remains static over time
B. It helps professionals keep up with rapid technological changes
C. It discourages innovation
D. It is only necessary for entry-level employees
Which of the following is a key benefit of FinTech?
A. Reduced accessibility
B. Limited financial inclusion
C. Increased convenience and accessibility
D. Elimination of digital payments
Which concern relates to the operational models in FinTech?
A. Complete clarity of business models
B. Lack of transparency and trust
C. Over-regulation
D. Absence of technological innovation
Government guidelines in FinTech aim to:
A. Stifle technological progress
B. Balance safety with technological advancement
C. Ensure that only traditional methods are used
D. Remove all cybersecurity measures
Continuous monitoring in FinTech includes:
A. Ignoring potential vulnerabilities
B. Regular vulnerability assessments and real-time system monitoring
C. Only updating systems once every decade
D. Relying solely on manual checks
Systems thinking for sustainable development emphasizes:
A. Viewing FinTech as isolated from other financial services
B. Considering FinTech as part of an interconnected financial ecosystem
C. Ignoring environmental impacts
D. Focusing solely on short-term technology trends
What financial services are commonly associated with FinTech?
A. Mobile banking and digital payments
B. Only cash-based transactions
C. Exclusive use of physical branches
D. Manual bookkeeping only
Financial risks in FinTech primarily affect:
A. Consumers, if systems fail or are compromised
B. Only financial institutions
C. Government bodies only
D. Engineers exclusively
Which measure is important for financial institutions in FinTech?
A. Avoiding transparency with customers
B. Investing in advanced cybersecurity systems
C. Ignoring regulatory standards
D. Reducing audits to save money
Workplace safety in FinTech should include:
A. Only physical safety measures
B. Incorporating cybersecurity into overall safety practices
C. Eliminating training programs
D. Ignoring emergency response plans
Which sustainable practice is important for FinTech development?
A. Ignoring long-term societal impacts
B. Considering the environmental footprint of technology
C. Prioritizing immediate profits over sustainability
D. Avoiding collaboration among stakeholders
Which challenge is emerging in the FinTech industry?
A. Improved data security
B. Data privacy and reliability concerns
C. Complete elimination of cyberattacks
D. Overabundance of physical bank branches
Data privacy in FinTech is critical because it:
A. Has no impact on customer confidence
B. Involves the protection of sensitive financial information
C. Reduces the need for cybersecurity measures
D. Ensures that data is shared openly with everyone
Transparency from financial institutions helps to:
A. Confuse customers about security protocols
B. Build customer trust and confidence
C. Conceal the risk of data breaches
D. Eliminate the need for regulation
Risk management in FinTech involves:
A. Not planning for digital threats
B. Implementing protocols for both digital and physical hazards
C. Relying on luck for safety
D. Removing all regulatory oversight
Engineering Codes of Ethics cover which of the following?
A. Only financial profitability
B. Professional integrity, public safety, and environmental stewardship
C. Ignoring public safety concerns
D. Solely technological innovation without accountability
FinTech primarily aims to:
A. Replace traditional financial institutions entirely
B. Integrate technology with traditional financial services
C. Focus solely on cryptocurrency
D. Eliminate the need for regulatory oversight
Trust issues in FinTech often stem from:
A. Complete transparency in every process
B. Unclear operational models and practices
C. Excessive customer engagement
D. Overinvestment in cybersecurity
Collaboration with regulators by financial institutions ensures:
A. Complete market chaos
B. Compliance with standards and best practices
C. Reduced investment in cybersecurity
D. A focus solely on profit over safety
Organizational culture regarding workplace safety should:
A. Be ignored by management
B. Foster a safety-first environment at all levels
C. Only focus on short-term gains
D. Disregard cybersecurity training
Why are Engineering Codes of Ethics crucial in FinTech?
A. They are optional guidelines that can be ignored
B. They ensure trust, accountability, and fairness in all practices
C. They only apply to traditional engineering fields
D. They primarily serve as marketing tools