Correct Answer: A) enforce
Explanation: “Enforce” is the correct term here, indicating that regulatory bodies implement and uphold strict rules that banks need to follow to maintain system stability.
Passage:
The banking sector plays a pivotal role in the economic development of a country. It facilitates the flow of funds between savers and investors, which helps to __________ (A) economic growth. Banks offer various financial services, including savings accounts, loans, and credit facilities, which enable consumers and businesses to __________ (B) investments and daily transactions efficiently. To ensure the stability of the banking system, regulatory bodies __________ (C) strict regulations and monitoring practices that banks must adhere to.
Digital transformation in banking has revolutionized how services are delivered. Through online banking platforms, customers can now __________ (D) transactions remotely, improving convenience and reducing the need for physical bank visits. Additionally, the integration of artificial intelligence and blockchain technology has made banking __________ (E) secure and efficient, allowing for faster transaction processing and enhanced security measures.
However, the banking industry also faces significant challenges such as financial fraud, cyber threats, and economic volatility. Banks must __________ (F) robust risk management frameworks to protect their operations and clients’ assets. This includes __________ (G) advanced cybersecurity measures and continuously updating their systems to guard against potential threats.
As globalization and market demands evolve, banks are also required to __________ (H) their strategies to meet the needs of an increasingly diverse customer base. This may involve offering tailored financial products and embracing sustainable banking practices that __________ (I) environmental and social governance criteria.
Looking forward, the future of banking will likely be shaped by further technological advancements and changing consumer expectations. Banks that can __________ (J) and innovate in response to these changes will remain competitive and continue to thrive in the global market.
A) stunt
B) stagnate
C) stimulate
D) suspend
Correct Answer: C) stimulate
Explanation: The word “stimulate” is appropriate because it conveys the action of encouraging or accelerating economic growth through the effective channeling of funds.
A) prohibit
B) delay
C) dispute
D) manage
Correct Answer: D) manage
Explanation: The word “manage” fits best in this context as it refers to how consumers and businesses handle investments and transactions with the aid of banking services.
A) enforce
B) relax
C) overlook
D) discourage
Correct Answer: A) enforce
Explanation: “Enforce” is the correct term here, indicating that regulatory bodies implement and uphold strict rules that banks need to follow to maintain system stability.
A) avoid
B) perform
C) witness
D) neglect
Correct Answer: B) perform
Explanation: “Perform” is suitable here as it refers to carrying out banking transactions, which can now be done remotely via online banking platforms.
A) less
B) periodically
C) more
D) slightly
Correct Answer: C) more
Explanation: “More” is used in conjunction with “secure and efficient,” describing the improvements in banking operations due to technological advances like AI and blockchain.
A) decrease
B) implement
C) ignore
D) minimize
Correct Answer: B) implement
Explanation: “Implement” is the right choice as it indicates that banks need to establish strong risk management systems to address various challenges effectively.
A) removing
B) decreasing
C) simplifying
D) adopting
Correct Answer: D) adopting
Explanation: “Adopting” advanced cybersecurity measures is necessary for banks to protect themselves against cyber threats and other financial risks.
A) discard
B) solidify
C) adapt
D) finalize
Correct Answer: C) adapt
Explanation: “Adapt” reflects the need for banks to modify their strategies to cater to the evolving demands of a global and diverse clientele.
A) oppose
B) reflect
C) avoid
D) criticize
Correct Answer: B) reflect
Explanation: “Reflect” implies that banks are increasingly considering environmental and social factors in their operations, aligning with broader governance criteria.
A) evolve
B) falter
C) retreat
D) stagnate
Correct Answer: A) evolve
Explanation: “Evolve” is used to suggest that banks must continue to develop and introduce new innovations to stay relevant and successful in the changing financial landscape.
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