Discussion
Which one of the following is controlled by the World Wide Web?
Answer: B
Correct answer: Virtual Banking
Virtual banking is banking conducted through the World Wide Web - the bank exists for the customer as a website or application rather than as a branch, and all account operation, transfers and payments happen online.
The other terms describe quite different distinctions. Universal banking refers to a bank offering the whole range of financial services under one roof, including insurance and investment banking; wholesale banking refers to services provided to corporates, institutions and other banks rather than to retail customers. Both describe what a bank does, not the channel through which it reaches the customer.
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