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IBPS Clerk Mains Exam: Important Cloze Test Quiz 2 Jan 2018

Jan 9, 2018 13:18 IST
    IBPS Clerk Mains Exam: Important Cloze Test Quiz
    IBPS Clerk Mains Exam: Important Cloze Test Quiz

    Around 25 per cent of …..1……jobs in BFSI space are expected to face existential threat by 2022, as the sector is witnessing ….2……adoption of automation to increase efficiency, says a report. According to the FICCI-Nasscom and EY – Future of Jobs – report, by 2022, 20-25 per cent of existing jobs in banking, financial services and insurance (BFSI) sector will face existential threat, while 15-20 per cent of workforce in the sector would be deployed in new jobs that do not exist today. “The BFSI sector has been shifting gears from a technology adoption standpoint and is witnessing an….3….. advent of robotic process …..4…… (robotic process automation/chatbots) to increase efficiency and productivity in the day-to-day processes,” said Abizer Diwanji, Partner and National Leader, Financial Services, EY India. Diwanji further added that “these technologies are ….5…… not only rule-based jobs but also jobs that …..6…….. knowledge-based activities. Therefore, the impact on jobs in terms of skill-sets is expected to be significant in this sector”. As per the report, some of the threatened jobs in the BFSI sector are data entry operator, data verification personnel, teller, cashier and underwriter. On the other hand, new job roles in BFSI sector will include cyber security specialist, credit analyst, robot programmer, blockchain architect and process modeler expert. Around 68 per cent of respondents surveyed said supply chain optimisation through exponential technologies like chatbots and blockchain is transforming the Indian BFSI sector.

    Moreover, Indian banks are looking to ….7…..in robotics into their branches as digital assistants to interact with and ….8…… customers in day-to-day activities. “India has a time window of 2-3 years before the effects of ….9….. technologies like AI, Internet of things, machine learning, and analytics among others begin to have an ….10…. on business and society,” said Anurag Malik, Partner – People & Organisation, Advisory Services, EY.

    1. Find out the right word

    a)      Past

    b)      Lost

    c)       Inert

    d)      Existing

    e)      None of these

    Solution: Option (a)

    Explanation:  As per the given context approximately 25 per cent of current jobs in Banking, Financial services and Insurance (BFSI) sector are predicted to face, undeniable threat by 2022, as the sector is witnessing increasing adoption of automation. This makes option (d) the right choice among the given options.

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    2. Find out the right word

    a)      Rising

    b)      Slumping

    c)       Falling

    d)      Worsening

    e)      None of these

    Explanation:  As the BFSI sector is witnessing rising adoption of automation, the report titled ‘Future of Jobs’ recently published by the Federation of Indian Chambers of Commerce & Industry FICCI and the National Association of Software and Services Companies (NASSCOM) Nasscom and Ernst & Young (EY) said that 20-25 percent of current jobs in the BFSI sector will face existential threat while 15-20 per cent of employees in the sector would be deployed in new roles that do not exist in present time. This makes option (a) the right choice among the given options.

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    3. Find out the right word

    a)      Increasing

    b)      Decrementing

    c)       Slipping

    d)      Shortening

    e)      None of these

    Explantion: The context says that the BFSI sector has been in shifting process from a technology adoption perspective to robotic process automation as the sector began to raise robotic process automation/chatbots to amplify efficiency. This makes option (a) the right choice among the given options.

    4. Find out the right word

    a)      Manual

    b)      Neurotic

    c)       Proletarian

    d)      Automation

    e)      None of these

    Explanation: The context says that the BFSI sector has been shifting gears from a technology adoption standpoint and is witnessing an increasing advent of robotic process automation to increase efficiency and productivity in the day-to-day processes. That means there is no scope of manual work to some extent in the sector in near future. This makes option (d) the right word for among the given options.

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    5. Find out the right word

    a)      Take over

    b)      Abjure

    c)       Take back

    d)      Back off

    e)      None of these

    Explanation: According to the report, these robotic process technologies will take over not only rule based jobs but also a jobs that requires skill and knowledge based activities. This makes option (c) the right choice among the given options.

    6. Find out the right word

    a)      require

    b)      Possess

    c)       have

    d)      hold

    e)      None of these

    Explanation: The report says that these robotic based future technologies are taking over not only rule-based jobs but also jobs that needed knowledge-based activities. This makes option (a) the right choice among the given options.

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    7. Find out the right word.

    a)      Bring

    b)      impede

    c)       limit

    d)      restrict

    e)      None of these

    Explanation: The context says that now indian banks are looking for some digital change like robotics  are working into their branches as digital assistants to provide customer services or any other help in day-to-day activities.. Hence option (a) is the right choice among the given options.

    8. Find out the right word

    a)      repression

    b)      assist

    c)       deterrence

    d)      exclude

    e)      None of these

    Explanation: Now, Indian banks are ready to adopt new technology which can help them in their day-to-day activities. For example-  Bringing robotics into bank branches to help their customers in day-to-day activities. Hence option (d) is the right choice among the given options.

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    9. Find out the right word

    a)      Calming

    b)      Settling

    c)       conservative

    d)      Disruptive

    e)      None of these

    Explanation: According to the given context, India has a time window of 2-3 years before the effects of disruptive technologies like AI, Internet of things, machine learning, and analytics among others begin to have an impact on business and society. This makes option (d) the right choice among the given options.

    10. Find out the right word

    a)      underwhelm

    b)      skirt

    c)       expel

    d)      impact

    e)      None of these

    Explanation: India has a time window of 2-3 years before the effects of disruptive technologies like AI, Internet of things, machine learning, and analytics among others begin to have an impact on business and society,” This makes option (d) the right choice among the given options according to the context of the passage.

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