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Information Technology and its Implications
What is the primary role of Information Technology in modern banking operations?
IT enables banks to automate processes, enhance operational efficiency, improve customer service delivery, and support real-time transaction processing across multiple channels.
What is a Distributed Ledger Technology (DLT) and how does it differ from traditional databases?
DLT stores data across multiple nodes without central authority.
What does the term 'core banking solution' (CBS) refer to in the context of IT in banking?
CBS is a centralized banking software platform that connects all branches and channels to a single database, enabling customers to transact from any branch and providing real-time account updates.
What is the purpose of a Public Key Infrastructure (PKI) in banking transactions?
PKI enables secure digital signatures and encrypted communications in banking.
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