1. In Retail Banking, "Chatbots" leverage which technology to simulate human conversation?
Robotics Process Automation (RPA)
Cloud Computing
Natural Language Processing (NLP) and AI
Blockchain
Explanation:
NLP allows the chatbot to understand, interpret, and respond to customer queries in natural language (text or voice), improving customer service efficiency.
2. AI-based "Virtual Assistants" (like Eva, iPal, Sia) in banking are primarily examples of:
Robotic Process Automation (RPA)
Big Data Analytics
Conversational AI / Chatbots
Blockchain
Explanation:
These are intelligent interfaces that use NLP (Natural Language Processing) to converse with customers, answer queries, and perform basic transactions.
3. In a Core Banking Solution (CBS), the "Centralized Database" architecture implies that:
Data is stored on the customer's device.
Data is stored at each branch server separately.
Data is stored in a single central server, and branches access it via the network.
Data is stored with the RBI.
Explanation:
CBS relies on a Data Center (DC) where all customer and transaction data is hosted centrally. Branches act as access points, updating this central database in real-time ("Anywhere Banking").