DIGITISATION OF RETAIL BANKING PRODUCTS
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Retail Banking and Wealth Management — JAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
What is the primary driver behind the digitisation of retail banking products in India?
The primary driver is the need to improve customer convenience, reduce operational costs, and expand financial inclusion by leveraging technology platforms such as internet banking, mobile apps, and UPI.
What is a Digital Wallet and how does it function in retail banking?
A software app storing payment credentials for contactless digital transactions.
Which regulatory body oversees the digitisation of retail banking services in India?
The Reserve Bank of India (RBI) oversees the digitisation of retail banking services and issues guidelines on internet banking, mobile banking, and digital payment systems.
What is the full form of NACH and what is its primary use in retail banking?
National Automated Clearing House; used for bulk recurring payment mandates.
What is Internet Banking (i-banking) in the context of retail banking?
Internet banking allows retail customers to perform banking transactions such as fund transfers, bill payments, account inquiries, and loan applications through a bank's secure website without visiting a branch.
What is the Unified Lending Interface (ULI) and who introduced it?
RBI-introduced platform enabling seamless digital credit flow for borrowers.
What is Mobile Banking and how does it differ from Internet Banking?
Mobile banking refers to banking services accessed via a smartphone application or SMS, whereas internet banking is accessed through a web browser; mobile banking offers additional features like UPI payments and location-based services.
What is a Robo-Advisor in the context of digital wealth management?
Automated algorithm-driven platform providing financial planning and investment advice.
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