In pursuit to extract the full potential of digital banking the FINTECH players should ..... the existing traditional banks.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

In pursuit to extract the full potential of digital banking the FINTECH players should ____ the existing traditional banks.

A	collaborate
B	compete
C	ignore

Explanation:

Detailed explanation-1: -They must become “AI first” in their strategy and operations, according to experts. AI will not only empower banks by automating the knowledge workforce, but it will also make the whole process of automation intelligent enough to do away with cyber risks and competition from FinTech players.

Detailed explanation-2: -This growth of fintech can be attributed to its services, making banking and finance more accessible and streamlined for users. Fintech uses automation to speed up processes, and applying for loans and mortgages can be done online without any human interaction. This is causing a shake-up for traditional players.

Detailed explanation-3: -Results suggest that, for commercial banks, development of Fintech leads to increased profitability, financial innovation, and improved control of risk.

There is 1 question to complete.