TECHNOLOGY IN RETAIL BANKING
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 Core Banking Solution (CBS) and how does it benefit retail banking customers?
CBS is a centralized platform where all bank branches are connected to a central server, enabling customers to access their accounts and conduct transactions from any branch regardless of where the account was opened.
What is a Point of Sale (PoS) terminal and how does it work in retail banking?
Electronic device that processes card payments at merchant outlets.
What does the term 'Anywhere Banking' mean in the context of CBS?
Anywhere Banking means a customer can perform banking transactions at any branch of the bank across the country, as all branches share a common database through CBS.
What is NEFT and what are its transaction settlement timings?
National Electronic Funds Transfer; settled in half-hourly batches from 8 AM to 7 PM.
Which RBI guideline governs the security framework for internet banking in India?
RBI's Guidelines on Internet Banking issued in 2001, subsequently updated through various circulars, mandate that banks implement two-factor authentication and robust information security policies for internet banking.
What is an Automated Clearing House (ACH) in Indian banking?
Electronic network for batch processing of credit and debit transactions.
What is two-factor authentication (2FA) in the context of retail banking technology?
2FA is a security mechanism requiring customers to verify identity using two different credentials — typically a password (something known) and an OTP sent to a registered mobile (something possessed) — before completing online transactions.
What is a debit card EMV chip and why is it more secure than magnetic stripe?
Microchip generating a unique transaction code, preventing card cloning.
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