ACCA Applied Knowledge · Business and Technology · Technological factors
A bank uses an online portal so customers can open accounts and make transfers without visiting a branch. Which effect on the bank's operations is most likely?
The most likely effect is a lower cost per transaction and round-the-clock service availability, since customers serve themselves online. Security risks remain and often grow, more customer data is collected, and the need for branch staff usually falls rather than rises.
- AGreater need for physical branch staff for every transaction
- BLower cost per transaction and 24-hour service availabilityCorrect
- CElimination of all security risks
- DReduced ability to collect customer data
Explanation
Self-service online channels reduce the staff time per transaction and allow access at any hour. They introduce, not remove, security risks and generally increase the data a bank can gather. Branch staff needs usually fall.
Did you get it right without looking?
One question tells you little. A timed set on Technological factors shows your real accuracy, how long you take and where you lose marks.
More Technological factors questions
- A manufacturer installs robots on its assembly line to carry out repetitive welding tasks that were previously done by employees. Which term…
- A manufacturer fits sensors to its machines that send live data on performance to a central system, which automatically alerts engineers bef…
- A bank introduces a mobile app allowing customers to open accounts, transfer money and apply for loans without visiting a branch. Which of t…
- A manufacturer installs sensors and software that automatically reorder raw materials when stock falls to a preset level, with no manual int…
- Kestrel Ltd sells kitchen appliances. It now fits sensors that send usage data to Kestrel, which uses the data to offer paid maintenance sub…
- A car manufacturer uses 3D printing to produce prototype parts and small batches of customised components. Which advantage does this MOST di…