PTE Academic writing exercise-summarize written text practice 92

Read the passages below and summarize them using one sentence in not more than 75 words(30-35 words). Type your response in the comment section at the bottom of the screen. You will have 10 minutes to finish each passage.Your response will be judged on the quality of your writing and on how well your response presents the key points in the passage.

1.

The rapid growth of the fintech sector was largely a response to accelerating technology and changing customer preferences in financial services (FS). New technologies gave small, agile firms the ability to deliver innovative new financial products and services to clients and institutions. These entrants have largely avoided traditional regulatory classification as they blurred the lines between finance and technology– “fintech”—and began to move into traditional FS activities, filling gaps left by traditional financial institutions (FIs).
While fintech challenged the traditional models of regulation, the 2008 financial crisis created a widespread push for regulatory reform across the FS industry. The threat of collapse of many established financial institutions caused regulators to focus on re-stabilizing the financial system, which they did by imposing new regulations such as requirements for higher capital ratios. As a result, regulation in FS worldwide has become increasingly tight, complex, and difficult to adhere to. Some particular pain points for FIs trying to remain compliant include:
A. Data requirements Regulators require FIs to collect ever more granular customer data, increasing the complexity of onboarding requirements and the burden of data storage.
B. Overlapping regulatory requirements Disparate regulation applied in different jurisdictions creates huge regulatory overlap for entities that operate across borders, forcing them to adhere to multiple discrete sets of regulatory requirements.
C.Outcome-based regulation Regulations are outcome-based rather than process-based, putting the onus on individual FIs to determine how to adhere and creating layers of complex and unique regulatory processes.

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11 thoughts on “PTE Academic writing exercise-summarize written text practice 92

  1. Fintech is to speedup technology and changing customer preferences in financial services, later fintech moved into financial activities, to challenge the traditional model of regulations such as 2008 crises.

    Children found many loop holes in current mass education, like loses of moral as well as intellectual and so on, hence demanding for new education system making children successful.

    Admin please correct… 🙂

  2. Although technology boosted financial sector and covered what traditional institution left but 2008 crisis affected the sector badly where recovering becomes priority that eventually brought complexity related to customer data, unmanaged regulations and desire for early results.

  3. Today mass education lacks child’s creativity that spare him with empty mind and ended up just doing what is ideal therefore physical activity learning should be introduced in order to make the child intellectually independent.

  4. 1.Widespread growth of fintech sector and financial crisis of 2008 forced the regulators to introduce changes to traditional model of regulations and financial institutes are finding it cumbersome to adhere to these newly imposed regulations.

    2.System of mass education is focused more on teaching and acquiring of information mechanically rather than assisting a child identify his strengths and enhance his capacity to judge for himself, hence, there is a need of active learning environment which is possible only in a system of individual education.

  5. After the 2008 financial crisis, Regulators have imposed complex and difficult rules for financial institutions to follow which makes it difficult for financial institutions to adhere to these new regulations, as a solution to this problem financial institutions have started collaborating with fintech companies to offer innovative solutions to their customers without taking regulatory stress.

  6. Our present education system confines the boundary of learning of a child by forcing him into traditional ways of learning which restricts his brain from thinking of new ideas and become a usual follower of subject than an innovator so we need a new universally accepted education system which promotes free flow of ideas through active learning.

  7. Financial Services had got a widespread push post 2008 financial crisis which reformed the regulations worldwide and made them more complex in terms of requirement of more granular customer data and overlapping regulations, which further contributed to set up of Fin tech sector in consideration to accelerating technology and changing customer preferences in financial services.

  8. Overheads like enormous data processing units, global overlapping and outcome based regulations making it hard for financial technology – “fin-tech” while re-stabilizing the financial systems hit during 2008 crisis.

  9. The defects of mass education system give rise to the demand of individual education system that focuses more on making child morally and intellectually independent as the same is helpful while training detectives and infants.

  10. Conventional methodologies, regulatories and models are ambiguous in finance and technology domain, however , the 2008 crisis owed to the development of emerging technology embedded with agility and innovations in order to deliver customer oriented services and products by posing stringent and specific regulations.

  11. Current system of mass education by classes which has too much stress and lack of learning method; however some people think that individual education suitable for older students.

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