28.4. FinTech Applications

Try these first

1. 1.

   What is a digital wallet? Name one example.

   Hint

   Think of applications that allow you to pay online.

2. 2.

   What does InsurTech refer to?

   Hint

   Consider technology's role in traditional insurance.

3. 3.

   Which of the following is an example of a digital payment method?

   • NEFT
   • Cheque
   • Cash

   Hint

   Think about methods that do not involve physical currency.

4. 4.

   True or False: Robo-advisors require human financial advisors.

   • True
   • False

   Hint

   Consider if robots can operate without humans.

5. 5.

   Explain the potential risks associated with P2P lending for borrowers and lenders.

   Hint

   Consider what can happen in a direct transaction without a bank's mediation.

6. 6.

   Evaluate how the growth of neo-banks could impact traditional banking fees.

   Hint

   Reflect on why traditional banks might need to lower fees.