Finastra Assessment Test Finastra Assessment Core Banking Solutions 2 — Questions and Answers
Question 1: Which Finastra platform enables banks to build and deploy open banking APIs and third-party integrations?
- Fusion Essence
- Fusion Fabric.cloud (Correct answer)
- Fusion Phoenix
- Fusion Equation
Correct answer: Fusion Fabric.cloud
Fusion Fabric.cloud is Finastra's open developer platform that allows banks and fintechs to collaborate and deploy financial services APIs.
Question 2: In Finastra's core banking architecture, what does SOA stand for in the context of system design?
- System Oriented Architecture
- Service Oriented Architecture (Correct answer)
- Secure Operations Architecture
- Software Optimized Access
Correct answer: Service Oriented Architecture
SOA stands for Service Oriented Architecture, which Finastra uses to enable modular, interoperable banking services.
Question 3: Which Finastra core banking solution is specifically designed for Islamic banking and Sharia-compliant financial products?
- Fusion Phoenix
- Fusion Essence
- Fusion Islamic Banking (Correct answer)
- Fusion Mbanx
Correct answer: Fusion Islamic Banking
Fusion Islamic Banking is Finastra's solution tailored to support Sharia-compliant products like Murabaha, Ijara, and Musharaka.
Question 4: What is the primary benefit of a real-time core banking system compared to a batch-processing system?
- Lower hardware costs
- Immediate reflection of transactions across all channels (Correct answer)
- Simplified regulatory reporting
- Reduced number of APIs required
Correct answer: Immediate reflection of transactions across all channels
Real-time core banking ensures transactions are processed and reflected instantly across all channels, improving customer experience and data accuracy.
Question 5: In Finastra's Fusion Phoenix solution, what is the role of the 'parameterization' approach to product setup?
- It writes custom code for each bank's products
- It allows product configuration without code changes (Correct answer)
- It generates regulatory reports automatically
- It manages user authentication settings
Correct answer: It allows product configuration without code changes
Parameterization in Fusion Phoenix enables banks to configure new financial products by setting parameters rather than writing custom code, reducing time-to-market.
Question 6: Which data model concept in core banking ensures that each customer has a single, unified view across all products and accounts?
- Multi-tenancy
- Single Customer View (SCV) (Correct answer)
- Account segmentation
- Product hierarchy
Correct answer: Single Customer View (SCV)
Single Customer View (SCV) consolidates all of a customer's interactions, accounts, and data into one unified profile accessible across the bank.
Question 7: When migrating from a legacy core banking system to Finastra's platform, which approach minimizes operational risk by running both systems simultaneously?
- Big bang migration
- Phased migration
- Parallel run migration (Correct answer)
- Data warehouse migration
Correct answer: Parallel run migration
A parallel run migration operates both the legacy and new systems simultaneously, allowing validation of results before full cutover.
Finastra Assessment Test Finastra Assessment Core Banking Solutions 2
Which Finastra platform enables banks to build and deploy open banking APIs and third-party integrations?