Test Your Fintech IQ?

Explanation
Bank and Fintechs today are in a state of strategic partnerships. This means that they have recognized the benefits of collaborating with each other rather than being competitors or enemies. By forming strategic partnerships, banks and fintech companies are able to leverage each other's strengths and expertise to create innovative solutions and improve the overall customer experience. This collaboration allows banks to stay relevant in the digital age and fintechs to gain access to a wider customer base and regulatory expertise.

Explanation
This answer is incorrect. The correct answer is London, Shanghai, and San Francisco. These cities are considered as the leading global fintech hubs due to their strong presence of fintech companies, supportive regulatory environments, access to capital, and innovation ecosystems. Beijing is also a prominent fintech hub, but it is not among the top three in this context.

Explanation
The common engagement models in Bank/Fintech partnership include white-label solutions, integrated in-house solutions, and API integrations. White-label solutions refer to the practice of a Fintech company providing its technology platform to a bank, which can then brand and customize it as their own. Integrated in-house solutions involve the Fintech company working closely with the bank to develop and implement a customized solution within the bank's existing infrastructure. API integrations involve the Fintech company providing its APIs to the bank, allowing for seamless integration of the Fintech's services into the bank's systems. Therefore, the correct answer is "All of the above."

Explanation
Retail/Consumer banking has been impacted the most by Fintech innovation in the last 5 years. Fintech companies have introduced various digital banking solutions, such as mobile banking apps, online lending platforms, and innovative payment methods, which have revolutionized the way consumers interact with and manage their finances. These advancements have made banking more convenient, accessible, and efficient for retail consumers, leading to a significant impact on the retail/consumer banking sector.

Explanation
Lending & payments are actually the leading financial services that are generating the most revenue for FinTechs

Explanation
Atlanta, Austin, and Miami are the top three emerging FinTech hubs in the USA

Explanation
FinTech lenders have the highest share of personal loan balances as of 2018. This means that among the listed options, FinTech lenders have the largest portion of personal loan balances compared to banks, credit unions, and parents. It suggests that FinTech companies specializing in providing loans have gained popularity and trust among borrowers, leading to a significant market share in the personal loan industry.

Explanation
Digital Account Openings is the highest focus area for Bank/Fintech partnerships because it allows banks and fintech companies to collaborate and provide seamless, efficient, and convenient account opening services to customers. By leveraging technology, banks and fintech companies can streamline the account opening process, eliminate paperwork, and reduce the time and effort required for customers to open an account. This partnership can lead to increased customer acquisition, improved customer experience, and enhanced operational efficiency for both parties involved.