CFP Financial Technology & Innovations

Question 1

What is Fintech?

Accepted Answer

Technology applied to improve financial services

Answer

A financial technology company.

Answer

A bank that uses digital services.

Answer

A new form of financial regulation.

Question 2

What does blockchain technology offer to Fintech?

Accepted Answer

Decentralized security and transparency

Answer

Faster transactions.

Answer

Lower interest rates.

Answer

A new form of currency.

Question 3

How does AI improve financial services in Fintech?

Accepted Answer

AI helps with customer service and fraud detection

Answer

AI can replace financial analysts.

Answer

AI is only used in investment management.

Answer

AI is used to provide loans.

Question 4

What is a digital wallet in Fintech?

Accepted Answer

A mobile application for making payments and storing money

Answer

A physical card used for payments.

Answer

A savings account provided by a bank.

Answer

A new currency for online shopping.

Question 5

How do peer-to-peer (P2P) lending platforms work?

Accepted Answer

Borrowers get funding directly from individual investors

Answer

Investors fund loans without getting returns.

Answer

Banks manage and approve the loans.

Answer

Borrowers get funding from credit card companies.

Question 6

What is robo-advisory in Fintech?

Accepted Answer

Automated investment advice based on algorithms

Answer

A digital platform for stock trading.

Answer

Personal financial advisors using AI.

Answer

A new type of cryptocurrency.

Question 7

Why is cybersecurity important in Fintech?

Accepted Answer

To protect users from data breaches and fraud

Answer

To speed up transactions.

Answer

To make financial products cheaper.

Answer

To track customer behavior.

Question 8

What is cryptocurrency in Fintech?

Accepted Answer

A digital form of currency without physical backing

Answer

Traditional money issued by the government.

Answer

A new form of stock investment.

Answer

A new type of physical currency.

Question 9

What is Insurtech?

Accepted Answer

Using technology to innovate insurance products and services

Answer

A new form of insurance policy.

Answer

A digital wallet for insurance payments.

Answer

An online insurance marketplace.