Activities/Assessments:

Please answer the following questions accordingly

1. Do you agree that artificial intelligence should replace manpower? Why or

why not?

 I don't think it should because artificial intelligence is very different from

a real human. Al and human beings are distinct in their characteristics
and abilities. AI-based machines are faster, more accurate, and
consistently rational; however, they lack intuition, emotion, and cultural
sensitivity, which makes them unsuitable for several tasks. Al are being
programmed and coded exclusively, and it is on this foundation that
they base their actions; they are unable to think outside the box
because everything they do is dictated by the person who created
them. As we all know, AI such as robot for example can only perform
the same task over and over again; therefore, in an organization such
as a bank, we require human beings who have more knowledge and
skills and who can comprehend the entire production line.

2. The ambiguity of FinTechs makes us think of many possible outcomes of

engaging to such. Name at least three (3) advantage AND disadvantage of
FinTechs and explain each.
Advantages

 Accessibility – It opens new opportunities for increasing transparency,

lowering expenses, and making information more easily accessible to
everyone. Fintech is assisting in ensuring that this information is
available to consumers at their fingertips.

 Price - Fintech is evolving at a rapid pace, and with each advancement

comes the opportunity for cost savings. Take, for instance, CIMB.
Because all of its services are delivered through its mobile application,
the company has no physical branches, which means there are no
overhead costs to bear. Customers will benefit from this since they will
be offered a cheaper interest rate than their competitors.

 Speed - Lenders that solely operate online or through digital channels

can accept applicants the same day they submit their application, and
this is only attainable because of the developments in Fintech. When it
 comes to short term loans or payday loans, there are many lenders
that are willing to provide quick turnaround on their services.

Disadvantages

 Lack of Security - Communication between a large array of linked

devices, each of which runs its own software and, in many cases, has
varying levels of security. Hackers can take advantage of this lack of
consistency; poor security mechanisms. Inside a single device might
potentially expose personal information stored throughout the whole
network to the risk of attack.

 No Uniform Standards - Software is produced by a variety of firms, and

not all of the applications are compatible with one another. Customers
may find that certain gadgets are simply unable to communicate with
particular apps or programs, which may be a major source of
frustration.

 Complex Networks - The bigger the network, the more difficult it is to

keep it running. Maintenance is difficult since a poorly designed
solution has the potential to generate a slew of new problems. It is
critical to thoroughly vet both manufacturers and asset managers,
since those who lack expertise can cause havoc across a network.

3. How did FinTech revolutionize the transactions of businesses during the

COVID-19 pandemic? Would you be able to justify that FinTechs will still be
preferred on different transaction platforms in the world? Expound

 Fintech has shown to be quite useful during this epidemic, as evidenced

by the widespread use of contactless payments, which is becoming
increasingly popular. Customers were able to make payments more easily
using their mobile phones, credit cards, key fobs, and other gadgets
without having to have direct contact with the other person, which is
exactly what we are avoiding from having to be near people during this
epidemic. The use of fintech has proven to be extremely beneficial in a
variety of transactions. For example, crowdfunding platforms allow
businesses to avoid going through a traditional bank in order to obtain a
loan, and instead go directly to investors for support of their project or
company. The number of crowdfunding sites has increased dramatically
over the years, with Seedin and Investree being just a couple of notable
examples.