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Banking Exams Exam  >  Banking Exams Questions  >  IMPS stands fora)Immediate Payment Serviceb)I... Start Learning for Free
'IMPS' stands for
  • a)
    Immediate Payment Service
  • b)
    Internet Mobile Payment Service
  • c)
    Interconnect Mobile Payment Service
  • d)
    Internet Money Payment Service
  • e)
    None of these
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
IMPS stands fora)Immediate Payment Serviceb)Internet Mobile Payment Se...
IMPS stands for 'Immediate Payment Service'. IMPS is an instant payment inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays.
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Purchasing and using banking and other financial products requires interactions with the bank through a delivery channel. Customer satisfaction happens through different delivery channels and experiencing an optimum channel mix increases customer satisfaction. Technology has touched every aspect of our lives in recent years and banking has been no exception. Information technology has allowed banks to provide much better levels of service to their customers at low costs. The deployment of technology has also changed the channels via which customers interact with their banks. Bank branches form the traditional channel for the delivery of banking services. Almost every bank in the world has branches although banks have reduced their reliance on these branches and are attempting to replace branches with technologies like ATMs, PoS, Mobile banking, etc.Q. Internet Banking services offered by "Fully Transactional Websites" involves

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Read the passage given below carefully and answer the questions that follow:The days of visiting a bank branch during business hours and waiting in line to complete any transaction are long gone. The advancement of technology has drastically transformed how banking is currently done. Despite their best efforts, traditional banks fall behind the emerging generation of financial institutions known as "Neo banks" that are built on financial technology (fintech). Old customers may be satisfied with the services offered by traditional banks, but the tech-savvy new generations lack the patience and mindset completion all tasks using outdated procedures. Neobanks are fintech companies that offer a wide range of financial services, including lending, money transfers, mobile-first financial solutions, and many others.Neobanks' principal goal is to provide a degree of seamless customer service that no traditional bank has ever been able to achieve. The speed and affordability of Neobanks make the new age generation shift from traditional banks. Neobanks also lower their banking expenses, which enables them to lower their fees and offer their services to those who are underbanked. Small and medium-sized businesses, which are often deemed underserved by traditional banks, are catered to by neobanks. By releasing cutting-edge products and offering top-notch customer service, they use the mobile-first strategy to set themselves apart.Neobanks and digital banks are frequently confused with each other. Both provide banking services via phones and other devices but the similarities stop there. Neobanks fill the gap between the services provided by traditional banks and the shifts in consumer expectations in the digital era. They are altering the face of fintech.Neobanks lack the resources and clientele to dethrone traditional banks, but they do possess a unique weapon: innovation. In comparison to traditional banks, they can offer products and form partnerships considerably faster.One of the driving forces for the development of Neo banks is the adoption of new technologies by new generation, micro, small and medium-sized enterprises (MSMEs), and those with irregular revenues and earnings. Investors' attention has been sparked by Neo banks' strong adoption rates and profitable business models. Neo banks have sped up banking transactions, but they also provide a wide range of other services that make handling finance simple.Neobanks also make it easier and more convenient for those who have never used banking services before to complete day-to-day banking tasks. This helps a significant segment of the unbanked and underbanked population become financially included.Q. With what aim have the neo-banks come into existence?

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IMPS stands fora)Immediate Payment Serviceb)Internet Mobile Payment Servicec)Interconnect Mobile Payment Serviced)Internet Money Payment Servicee)None of theseCorrect answer is option 'A'. Can you explain this answer?
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