CRB CRB Digital Banking & Technology 2

Question 1

What is the main benefit of real-time payment systems like RTP (Real-Time Payments) for retail banking customers?

Accepted Answer

Funds are available to recipients immediately, 24/7/365

Answer

Real-time payment networks settle transactions instantly at any time, improving cash flow and customer convenience.

Question 2

Which of the following best describes 'open banking'?

Accepted Answer

A framework allowing third parties to access bank data via APIs with customer consent

Answer

Open banking uses APIs to let authorized third-party providers access customer financial data, enabling innovative services with consumer permission.

Question 3

A customer wants to set up automatic bill payments. Which digital banking feature should a retail banker recommend?

Accepted Answer

Automated Clearing House (ACH) recurring payment setup

Answer

ACH recurring payments automate bill payments on a set schedule, reducing missed payments and manual effort for customers.

Question 4

What does 'tokenization' do in digital payment security?

Accepted Answer

Replaces sensitive payment data with a non-sensitive substitute to reduce fraud risk

Answer

Tokenization substitutes actual card numbers or account data with unique tokens, so actual credentials are never exposed during transactions.

Question 5

Which federal agency oversees cybersecurity guidance for US financial institutions?

Accepted Answer

Federal Financial Institutions Examination Council (FFIEC)

Answer

The FFIEC issues cybersecurity guidelines and examination procedures for federally regulated banks and financial institutions.

(CRB) Certified Retail Banker Practice Test