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.
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.
Under the present system of mass education by classes, too much stress is laid on teaching and too little on active learning. The child is not encouraged to discover on his own powers, thus losing intellectual independence and all capacity to judge for himself. The over-taught child is the advertising-believing propaganda–swallowing, demagogue–led man. Moreover, lessons in class leave him mainly unoccupied. He has to be coerced into learning what does not interest him and the information acquired mechanically is rapidly forgotten. Quite naturally, lessons in class keep him only superficially preoccupied, keeping the mind largely unoccupied of ideas. A strict external discipline becomes necessary unless there is to be chaos and pandemonium. The child learns to obey, not to control himself. He loses moral as well as intellectual independence.
Such are the main defects in the current system of mass education. Many others could be mentioned but these are defects of detail. We need a new system of universal education of the same kind as proved itself so successful in the training of detectives and infants, but modified so as to be suitable for older boys and girls. We need a system of individual education.
PTE Academic writing exercise-summarize written text practice