3 min
Image: Yoshikazu Tsuno/AFP/Getty Images
About This Quiz
With online banking, technology has achieved new standards of banking convenience. Instead of standing in line at the bank for hours, you have the convenience of banking from your home . With mobile banking you can access your accounts, make inquiries and use various banking services from anywhere in the world. Take this quiz to see how well informed you are about how mobile banking works.
In which of the following countries is mobile banking popular?
Brazil
Nepal
America
Correct Answer
Wrong Answer
Mobile banking is particularly popular in Brazil, the Philippines and in Africa.
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How many Americans use mobile banking?
0.1
0.25
0.5
Correct Answer
Wrong Answer
Only 10 percent of Americans use mobile banking, but it is becoming more popular.
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How have phone networks been influenced by the increase in mobile banking?
The networks have been overloaded with data.
They are providing faster data speeds.
More people are buying cell phones.
Correct Answer
Wrong Answer
Cellular networks have been forced to provide faster data speeds in order to keep up with mobile Internet demand.
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What sort of phone do you need for mobile banking?
a basic phone
a phone with Internet capabilities
an iPhone
Correct Answer
Wrong Answer
You can do mobile banking with a basic mobile phone, even if it doesn't have Internet capabilities. Of course if you want to do Internet banking specifically then you will need a phone with Internet.
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How do consumers now feel about mobile banking compared to a few years ago?
skeptical
distrusting
confident
Correct Answer
Wrong Answer
Consumers are now more aware about the use and safety of mobile banking and feel more confident to use it as a banking method.
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When was the first ATM introduced to the public?
1959
1969
1979
Correct Answer
Wrong Answer
The first ATM came out in 1969 and was introduced by New York's Chemical Bank.
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Why did the numbers of people using online banking take a while to increase?
due to many technical problems
because people didn't have Internet
due to lack of awareness about the service
Correct Answer
Wrong Answer
Though people knew of its existence, they were hesitant to start using online banking due to technical problems that took the banks a while to sort out. In addition, there was a general lack of trust in the safety of online banking.
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About how many Americans use Internet banking today?
0.35
0.45
0.55000000000000004
Correct Answer
Wrong Answer
About 35% of Americans currently do their banking online.
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What is a major limitation of online banking?
It is unsafe.
You have to have an Internet connection.
You have to have to log in regularly or your account closes.
Correct Answer
Wrong Answer
You can perform online banking only if you have Internet access.
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About how many people worldwide have a cell phone?
9.85 million
3.25 billion
7.85 billion
Correct Answer
Wrong Answer
Over 3.25 billion people in the world have a cell phone. In the U.S. 78% of the population own a cell phone.
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What is a "pull transaction"?
A request to bank from a bank customer.
Requested information supplied from the bank.
Withdrawing money from an ATM.
Correct Answer
Wrong Answer
A "pull transaction" is the term given to when a mobile banker requests information or a service from a bank. A "push transaction" is when the bank supplies information requested by the client, such as an automated message to let them know when their account has reached a certain amount.
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What sort of factors affect the amount of services you can do by mobile banking?
how much money you want to transfer
they type of phone you have
what language you speak
Correct Answer
Wrong Answer
The type of phone you have, the level of technology of the bank and the type of service your phone receives will affect the complexity of the services you will be able to use with mobile banking.
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What is the "interactive voice response" (IVR) mechanism on your phone?
The function that allows you to hear the other person through the phone.
The function that recognizes your voice when you get a machine answering the call.
The ability to press numbers on the keypad during a call which are then transformed into words.
Correct Answer
Wrong Answer
IVR is when you hear a message that says, "For English press 1, for Spanish press 2," and you press in the number. IVR allows the service on the other side to know what that number is by using a test-to-speech program that reads out the number on the other side.
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Text messaging allow both push and pull services. What is a limitation of text messaging?
The message is limited to 160 characters.
You can't know if the message was received.
Both of the above.
Correct Answer
Wrong Answer
Problems with text messaging are the limited amount of characters in a message and you don't know whether the message reached the intended destination. Also, there is no interface that lets you know whether you are receiving a message from the bank or a scam artist.
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New phones have wireless application technology (WAP), enabling users to do online banking from their phone. What is a problem with this system?
the screens are small
the Internet is slow
it is unsecure if your phone gets stolen
Correct Answer
Wrong Answer
A big problem for banks are the small screens. Banks have had to redesign their sites to make them mobile-friendly. Also, the limited amount of information that can be shown on one page means you nee to do lots of clicking until you complete a task, which is off-putting for users.
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What is a problem with customized downloadable software for mobile banking?
It is expensive for the consumer.
It is easy to hack into.
It is expensive for the bank to develop.
Correct Answer
Wrong Answer
Since the software is unique to every phone, it is expensive to develop. It also requires the consumer to download it and learn to use the applications. It does allow for complex banking and a customized interface.
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Before you can do online banking with the Bank of America, what do you need to do first?
Close all accounts with other banks.
Set up online banking.
Buy a new cell phone.
Correct Answer
Wrong Answer
The Bank of America uses WAP as its technology platform. This means that you can do online banking from your phone. However, before you can start you have to set up online banking from a regular PC.
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Citibank uses the download application approach for their mobile banking service. What number do customers need to log on to their mobile banking each time?
their telephone access code
their ATM pin
a new pin they create
Correct Answer
Wrong Answer
Customers use their telephone access number to log in to their mobile banking with Citibank.
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Placing a near field communication (NFC) chip in a Nokia phone allows it to become like what?
an ATM
an iPhone
a credit card
Correct Answer
Wrong Answer
Citibank is tryout out a new technology together with Nokia, MasterCard and AT&T. When placing the NFC chip in certain Nokia phones and passing it by a reader, the phone becomes like a debit or credit card and charges the cost to the user's debit or credit account. This is called m-payment.
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How can m-payment be used for someone who doesn't have a bank account?
They can buy pre-paid units.
They can set up a temporary bank account.
You must have a bank account to use m-payment.
Correct Answer
Wrong Answer
You can buy pre-paid units which you can use as payment in stores that are participating in the m-payment service.
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Yoshikazu Tsuno/AFP/Getty Images
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