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Question 6:
What is the primary difference between fintech and a traditional bank?

A. Traditional banks cater to a broader customer base with various products, while fintech services identify specific gaps in the marketplace and offer limited products.

B. Traditional banks cater to a broader customer base with different age groups, while fintech services target only younger generations with limited products to choose from.

C. Traditional banks cater to a broader customer base with limited standardized products, while fintech services provide products that are unique and difficult to replicate, creating a monopoly in the market.

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Final answer:

Traditional banks cater to a broad customer base with standard products, while fintech services offer unique and innovative products targeting specific market gaps.


Explanation:

Fintech and traditional banks differ primarily in their approach to offering financial services. Traditional banks cater to a broad customer base with a range of standard products, whereas fintech services target specific gaps in the market with unique and innovative products that are often difficult to replicate, leading to a more individualized and specialized service offering.


Learn more about Difference between fintech and traditional banks here:

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