Some benefits of technological advancement for FIs include:
A)convenience and service quality
B)lower operating cost, cross-marketing and cross-selling potential
C)less direct contact with customers
D)All of the listed options are correct.

Question

Quizplus · Accepted Answer

Technological advancement can lead to lower operating costs for FIs by automating processes and reducing the need for manual labor. It also provides opportunities for cross-marketing and cross-selling potential through the use of customer data analytics. However, less direct contact with customers (option C) may not necessarily be seen as a benefit as it can lead to a loss of personal touch and may negatively impact customer satisfaction. Option A is also not necessarily a benefit of technological advancement as convenience and service quality still heavily rely on the people and processes in place.

Some Benefits of Technological Advancement for FIs Include