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Reading Comprehension || RC PRACTICE SET - 21 || CAT 2021 || 26 May

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Question 1

Direction: Read the given passage carefully and answer the questions that follow. Certain words are printed in bold to help you locate them while answering some of these.

AI in banking is maturing and entering the mainstream as financial institutions (FIs) roll out AI solutions across their businesses.

This marks a move beyond the experimental for the technology, with a solid majority of global financial services firms either having implemented or currently working to implement AI solutions in business domains like risk management (77%), generation of new revenue potential through new products or processes (80%), customer service (74%), process re-engineering and automation (73%), and client acquisition (69%), per the Cambridge Centre for Alternative Finance and the World Economic Forum.

But even as the AI applications for banking come into clearer focus, buzz surrounding the tech remains undiminished — making it necessary for FIs to look at real use cases to grasp the tech's true potential. More than three-quarters (77%) of global bankers believe that unlocking value from AI will be the differentiator between winning and losing banks, per a survey conducted by The Economist Intelligence Unit on behalf of Temenos.

To cut through the hype, it's more useful to view AI solutions in the context of their maturity, judging them through the lens of their growing adoption by consumers and companies, and the impact they have on firms that implement them.

In the AI in Banking report, Insider Intelligence identifies the AI use cases that are transforming the way FIs operate, the business impact of those use cases, and real-world examples of each. It also discusses the most important risks that banks looking to implement AI solutions should bear in mind.

The report examines prominent strategies currently in use by two banks (Bank of America and BBVA) that have invested deeply in AI technology, and provide recommendations for how FIs can best approach implementation of AI-powered digital transformation.

The companies mentioned in this report are: Bank of America, BBVA, BMO Harris, BNY Mellon, Citibank, FNBO, NatWest, Santander, and U.S. Bank.

Here are some of the key takeaways from the report:

• As AI matures and gains popularity in banking, global FIs are building on their existing solutions to solve increasingly complex challenges.

• The technology is manifesting itself in front-office banking in the form of biometrics, virtual assistants, personalized insights, and targeted product offerings.

• In the middle office, AI is helping banks with their anti-money laundering and know-your-customer obligations, aiding in the detection and prevention of fraud, and providing new ways to determine creditworthiness.

• And in the back office, AI is automating tedious tasks and helping employees be more effective at their jobs.

• FIs that want to deploy AI solutions also need to be conscious of the risks that come with the technology, including unintended biases and difficulties managing the sprawling bodies of data that AI models require.

In which of the following sectors, global financial services firms have either implemented or are currently working to implement AI solutions?

I. Risk Management

II. Stakeholder Management

III. Customer Service

IV. Process re-engineering and automation

V. Client Acquisition

Question 2

Direction: Read the given passage carefully and answer the questions that follow. Certain words are printed in bold to help you locate them while answering some of these.

AI in banking is maturing and entering the mainstream as financial institutions (FIs) roll out AI solutions across their businesses.

This marks a move beyond the experimental for the technology, with a solid majority of global financial services firms either having implemented or currently working to implement AI solutions in business domains like risk management (77%), generation of new revenue potential through new products or processes (80%), customer service (74%), process re-engineering and automation (73%), and client acquisition (69%), per the Cambridge Centre for Alternative Finance and the World Economic Forum.

But even as the AI applications for banking come into clearer focus, buzz surrounding the tech remains undiminished — making it necessary for FIs to look at real use cases to grasp the tech's true potential. More than three-quarters (77%) of global bankers believe that unlocking value from AI will be the differentiator between winning and losing banks, per a survey conducted by The Economist Intelligence Unit on behalf of Temenos.

To cut through the hype, it's more useful to view AI solutions in the context of their maturity, judging them through the lens of their growing adoption by consumers and companies, and the impact they have on firms that implement them.

In the AI in Banking report, Insider Intelligence identifies the AI use cases that are transforming the way FIs operate, the business impact of those use cases, and real-world examples of each. It also discusses the most important risks that banks looking to implement AI solutions should bear in mind.

The report examines prominent strategies currently in use by two banks (Bank of America and BBVA) that have invested deeply in AI technology, and provide recommendations for how FIs can best approach implementation of AI-powered digital transformation.

The companies mentioned in this report are: Bank of America, BBVA, BMO Harris, BNY Mellon, Citibank, FNBO, NatWest, Santander, and U.S. Bank.

Here are some of the key takeaways from the report:

• As AI matures and gains popularity in banking, global FIs are building on their existing solutions to solve increasingly complex challenges.

• The technology is manifesting itself in front-office banking in the form of biometrics, virtual assistants, personalized insights, and targeted product offerings.

• In the middle office, AI is helping banks with their anti-money laundering and know-your-customer obligations, aiding in the detection and prevention of fraud, and providing new ways to determine creditworthiness.

• And in the back office, AI is automating tedious tasks and helping employees be more effective at their jobs.

• FIs that want to deploy AI solutions also need to be conscious of the risks that come with the technology, including unintended biases and difficulties managing the sprawling bodies of data that AI models require.

Which of the following companies are mentioned in the AI in Banking report?

I. NatWest

II. Santander

III. Deutsche Bank

IV. BNY Mellon

Question 3

Direction: Read the given passage carefully and answer the questions that follow. Certain words are printed in bold to help you locate them while answering some of these.

AI in banking is maturing and entering the mainstream as financial institutions (FIs) roll out AI solutions across their businesses.

This marks a move beyond the experimental for the technology, with a solid majority of global financial services firms either having implemented or currently working to implement AI solutions in business domains like risk management (77%), generation of new revenue potential through new products or processes (80%), customer service (74%), process re-engineering and automation (73%), and client acquisition (69%), per the Cambridge Centre for Alternative Finance and the World Economic Forum.

But even as the AI applications for banking come into clearer focus, buzz surrounding the tech remains undiminished — making it necessary for FIs to look at real use cases to grasp the tech's true potential. More than three-quarters (77%) of global bankers believe that unlocking value from AI will be the differentiator between winning and losing banks, per a survey conducted by The Economist Intelligence Unit on behalf of Temenos.

To cut through the hype, it's more useful to view AI solutions in the context of their maturity, judging them through the lens of their growing adoption by consumers and companies, and the impact they have on firms that implement them.

In the AI in Banking report, Insider Intelligence identifies the AI use cases that are transforming the way FIs operate, the business impact of those use cases, and real-world examples of each. It also discusses the most important risks that banks looking to implement AI solutions should bear in mind.

The report examines prominent strategies currently in use by two banks (Bank of America and BBVA) that have invested deeply in AI technology, and provide recommendations for how FIs can best approach implementation of AI-powered digital transformation.

The companies mentioned in this report are: Bank of America, BBVA, BMO Harris, BNY Mellon, Citibank, FNBO, NatWest, Santander, and U.S. Bank.

Here are some of the key takeaways from the report:

• As AI matures and gains popularity in banking, global FIs are building on their existing solutions to solve increasingly complex challenges.

• The technology is manifesting itself in front-office banking in the form of biometrics, virtual assistants, personalized insights, and targeted product offerings.

• In the middle office, AI is helping banks with their anti-money laundering and know-your-customer obligations, aiding in the detection and prevention of fraud, and providing new ways to determine creditworthiness.

• And in the back office, AI is automating tedious tasks and helping employees be more effective at their jobs.

• FIs that want to deploy AI solutions also need to be conscious of the risks that come with the technology, including unintended biases and difficulties managing the sprawling bodies of data that AI models require.

Which of the following statements is/are False as per the information given in the passage?

Question 4

Direction: Read the given passage carefully and answer the questions that follow. Certain words are printed in bold to help you locate them while answering some of these.

AI in banking is maturing and entering the mainstream as financial institutions (FIs) roll out AI solutions across their businesses.

This marks a move beyond the experimental for the technology, with a solid majority of global financial services firms either having implemented or currently working to implement AI solutions in business domains like risk management (77%), generation of new revenue potential through new products or processes (80%), customer service (74%), process re-engineering and automation (73%), and client acquisition (69%), per the Cambridge Centre for Alternative Finance and the World Economic Forum.

But even as the AI applications for banking come into clearer focus, buzz surrounding the tech remains undiminished — making it necessary for FIs to look at real use cases to grasp the tech's true potential. More than three-quarters (77%) of global bankers believe that unlocking value from AI will be the differentiator between winning and losing banks, per a survey conducted by The Economist Intelligence Unit on behalf of Temenos.

To cut through the hype, it's more useful to view AI solutions in the context of their maturity, judging them through the lens of their growing adoption by consumers and companies, and the impact they have on firms that implement them.

In the AI in Banking report, Insider Intelligence identifies the AI use cases that are transforming the way FIs operate, the business impact of those use cases, and real-world examples of each. It also discusses the most important risks that banks looking to implement AI solutions should bear in mind.

The report examines prominent strategies currently in use by two banks (Bank of America and BBVA) that have invested deeply in AI technology, and provide recommendations for how FIs can best approach implementation of AI-powered digital transformation.

The companies mentioned in this report are: Bank of America, BBVA, BMO Harris, BNY Mellon, Citibank, FNBO, NatWest, Santander, and U.S. Bank.

Here are some of the key takeaways from the report:

• As AI matures and gains popularity in banking, global FIs are building on their existing solutions to solve increasingly complex challenges.

• The technology is manifesting itself in front-office banking in the form of biometrics, virtual assistants, personalized insights, and targeted product offerings.

• In the middle office, AI is helping banks with their anti-money laundering and know-your-customer obligations, aiding in the detection and prevention of fraud, and providing new ways to determine creditworthiness.

• And in the back office, AI is automating tedious tasks and helping employees be more effective at their jobs.

• FIs that want to deploy AI solutions also need to be conscious of the risks that come with the technology, including unintended biases and difficulties managing the sprawling bodies of data that AI models require.

Which of the following statements is/are True as per the information given in the passage?

I. According to the survey conducted by The Economist Intelligence Unit on behalf of Temenos, more than two-quarters (55%) of global bankers believe that unlocking value from AI will be the differentiator between winning and losing banks.

II. We should judge AI solutions through the lens of their growing adoption by consumers and companies.

III. AI provides new ways to determine creditworthiness.

Question 5

Direction: Read the given passage carefully and answer the questions that follow. Certain words are printed in bold to help you locate them while answering some of these.

AI in banking is maturing and entering the mainstream as financial institutions (FIs) roll out AI solutions across their businesses.

This marks a move beyond the experimental for the technology, with a solid majority of global financial services firms either having implemented or currently working to implement AI solutions in business domains like risk management (77%), generation of new revenue potential through new products or processes (80%), customer service (74%), process re-engineering and automation (73%), and client acquisition (69%), per the Cambridge Centre for Alternative Finance and the World Economic Forum.

But even as the AI applications for banking come into clearer focus, buzz surrounding the tech remains undiminished — making it necessary for FIs to look at real use cases to grasp the tech's true potential. More than three-quarters (77%) of global bankers believe that unlocking value from AI will be the differentiator between winning and losing banks, per a survey conducted by The Economist Intelligence Unit on behalf of Temenos.

To cut through the hype, it's more useful to view AI solutions in the context of their maturity, judging them through the lens of their growing adoption by consumers and companies, and the impact they have on firms that implement them.

In the AI in Banking report, Insider Intelligence identifies the AI use cases that are transforming the way FIs operate, the business impact of those use cases, and real-world examples of each. It also discusses the most important risks that banks looking to implement AI solutions should bear in mind.

The report examines prominent strategies currently in use by two banks (Bank of America and BBVA) that have invested deeply in AI technology, and provide recommendations for how FIs can best approach implementation of AI-powered digital transformation.

The companies mentioned in this report are: Bank of America, BBVA, BMO Harris, BNY Mellon, Citibank, FNBO, NatWest, Santander, and U.S. Bank.

Here are some of the key takeaways from the report:

• As AI matures and gains popularity in banking, global FIs are building on their existing solutions to solve increasingly complex challenges.

• The technology is manifesting itself in front-office banking in the form of biometrics, virtual assistants, personalized insights, and targeted product offerings.

• In the middle office, AI is helping banks with their anti-money laundering and know-your-customer obligations, aiding in the detection and prevention of fraud, and providing new ways to determine creditworthiness.

• And in the back office, AI is automating tedious tasks and helping employees be more effective at their jobs.

• FIs that want to deploy AI solutions also need to be conscious of the risks that come with the technology, including unintended biases and difficulties managing the sprawling bodies of data that AI models require.

Which of the following is the MOST SIMILAR in meaning to the given word as used in the passage?

IMPLEMENT

Question 6

Direction: Read the given passage carefully and answer the questions that follow. Certain words are printed in bold to help you locate them while answering some of these.

The history of deforestation which is cutting down the trees has occurred some over 4000 years ago as according to Adam, D . (2009). Deforestation is clearing the Earth’s forests on a massive scale, often resulting in damage to the quality of the land and causing climate change. Forests still cover about 30 percent of the world’s land area, but swaths the sizes of Panama are lost each and every year. In this day and age, the earth is facing problems because valuable trees are being cut without limitation and damaging the quality of the land. This is because trees have many uses for human beings and also for the world. A biodiversity specialist named Dr. Md. Mizanur Rahman says, “climate and forest are interlinked”. The increased destruction of the rainforest which form a precious cooling band around the Earth’s equator is recognized as one of the main causes of climate change. Forests trap and store carbon dioxide and play a major role in mitigating climate change. On the other hand, forests become the sources of the greenhouse gas, carbon dioxide when destroyed or over-harvested and burned. Deforestation brings about climate changes such as the internal heating of earth, change of weather pattern and excess of rainfall.

Deforestation is continuing at an alarming rate and it is an unavoidable environmental issue that requires immediate action. It is the practice of chopping down tress to such an extent that the global climate is slowly undergoing changes. Goodall, J. (2010) states that forests are important as a crucial part of life on earth and to contribute to the basic human needs. Once distributed over half the planet, forests now cover only a quarter of its land surface and forest loss, particularly in the tropics, is continuing at an alarming rate. Figures released by the UN Food and Agriculture Organisation (FAO) in 2005 indicate that the rate of natural tropical forest loss is about 13 million hectares each year is equivalent to 36 football fields a minute. Beyond the tropics, there has been a significant loss of old-growth forests and the replacement of natural forests and woodlands with single-species plantations that provide few of the environmental, ecological and social benefits of native forests.

Source - https://www.ukessays.com/essays/environmental-sciences/deforestation-and-climate-change-environmental-sciences-essay.php#:~:text=As%20uncontrolled%20deforestation%20carries%20on,to%20change%20of%20weather%20patterns.

If deforestation has been occurring over the past 4000 years why has it become an alarming phenomenon?

I) Even though deforestation has occurred over the past 4000 years, its adverse effects are being felt only currently making it an alarming phenomenon.

II) Although deforestation has occurred for the past 4000 years, it is only in recent times that its rate has increased drastically leading to climate change and change in land quality which has made it alarming.

III) The phenomenon of deforestation has only been studied recently and researchers are still deciding on whether it is indeed a cause for concern.

Question 7

Direction: Read the given passage carefully and answer the questions that follow. Certain words are printed in bold to help you locate them while answering some of these.

The history of deforestation which is cutting down the trees has occurred some over 4000 years ago as according to Adam, D . (2009). Deforestation is clearing the Earth’s forests on a massive scale, often resulting in damage to the quality of the land and causing climate change. Forests still cover about 30 percent of the world’s land area, but swaths the sizes of Panama are lost each and every year. In this day and age, the earth is facing problems because valuable trees are being cut without limitation and damaging the quality of the land. This is because trees have many uses for human beings and also for the world. A biodiversity specialist named Dr. Md. Mizanur Rahman says, “climate and forest are interlinked”. The increased destruction of the rainforest which form a precious cooling band around the Earth’s equator is recognized as one of the main causes of climate change. Forests trap and store carbon dioxide and play a major role in mitigating climate change. On the other hand, forests become the sources of the greenhouse gas, carbon dioxide when destroyed or over-harvested and burned. Deforestation brings about climate changes such as the internal heating of earth, change of weather pattern and excess of rainfall.

Deforestation is continuing at an alarming rate and it is an unavoidable environmental issue that requires immediate action. It is the practice of chopping down tress to such an extent that the global climate is slowly undergoing changes. Goodall, J. (2010) states that forests are important as a crucial part of life on earth and to contribute to the basic human needs. Once distributed over half the planet, forests now cover only a quarter of its land surface and forest loss, particularly in the tropics, is continuing at an alarming rate. Figures released by the UN Food and Agriculture Organisation (FAO) in 2005 indicate that the rate of natural tropical forest loss is about 13 million hectares each year is equivalent to 36 football fields a minute. Beyond the tropics, there has been a significant loss of old-growth forests and the replacement of natural forests and woodlands with single-species plantations that provide few of the environmental, ecological and social benefits of native forests.

Source - https://www.ukessays.com/essays/environmental-sciences/deforestation-and-climate-change-environmental-sciences-essay.php#:~:text=As%20uncontrolled%20deforestation%20carries%20on,to%20change%20of%20weather%20patterns.

Given below is a possible inference that can be drawn from the facts stated in the passage. You have to examine the inference in the context of the passage and decide upon its degree of truth or falsity.

‘The people living in the northern parts of the planet need not be concerned with the loss of rainforests in the equator.'

Question 8

Direction: Read the given passage carefully and answer the questions that follow. Certain words are printed in bold to help you locate them while answering some of these.

The history of deforestation which is cutting down the trees has occurred some over 4000 years ago as according to Adam, D . (2009). Deforestation is clearing the Earth’s forests on a massive scale, often resulting in damage to the quality of the land and causing climate change. Forests still cover about 30 percent of the world’s land area, but swaths the sizes of Panama are lost each and every year. In this day and age, the earth is facing problems because valuable trees are being cut without limitation and damaging the quality of the land. This is because trees have many uses for human beings and also for the world. A biodiversity specialist named Dr. Md. Mizanur Rahman says, “climate and forest are interlinked”. The increased destruction of the rainforest which form a precious cooling band around the Earth’s equator is recognized as one of the main causes of climate change. Forests trap and store carbon dioxide and play a major role in mitigating climate change. On the other hand, forests become the sources of the greenhouse gas, carbon dioxide when destroyed or over-harvested and burned. Deforestation brings about climate changes such as the internal heating of earth, change of weather pattern and excess of rainfall.

Deforestation is continuing at an alarming rate and it is an unavoidable environmental issue that requires immediate action. It is the practice of chopping down tress to such an extent that the global climate is slowly undergoing changes. Goodall, J. (2010) states that forests are important as a crucial part of life on earth and to contribute to the basic human needs. Once distributed over half the planet, forests now cover only a quarter of its land surface and forest loss, particularly in the tropics, is continuing at an alarming rate. Figures released by the UN Food and Agriculture Organisation (FAO) in 2005 indicate that the rate of natural tropical forest loss is about 13 million hectares each year is equivalent to 36 football fields a minute. Beyond the tropics, there has been a significant loss of old-growth forests and the replacement of natural forests and woodlands with single-species plantations that provide few of the environmental, ecological and social benefits of native forests.

Source - https://www.ukessays.com/essays/environmental-sciences/deforestation-and-climate-change-environmental-sciences-essay.php#:~:text=As%20uncontrolled%20deforestation%20carries%20on,to%20change%20of%20weather%20patterns.

Which of the following is/ are true with reference to the given passage?

I) The loss of trees and other vegetation can cause climate change, desertification, soil erosion, fewer crops, flooding, increased greenhouse gases in the atmosphere, and a host of problems for indigenous people.

II) Deforestation allows a greater amount of greenhouse gases to be released into the atmosphere.

III) The barren land which is left behind in the wake of unsustainable agricultural practices is often more susceptible to flooding, specifically in coastal regions.

Question 9

Direction: Read the given passage carefully and answer the questions that follow. Certain words are printed in bold to help you locate them while answering some of these.

The history of deforestation which is cutting down the trees has occurred some over 4000 years ago as according to Adam, D . (2009). Deforestation is clearing the Earth’s forests on a massive scale, often resulting in damage to the quality of the land and causing climate change. Forests still cover about 30 percent of the world’s land area, but swaths the sizes of Panama are lost each and every year. In this day and age, the earth is facing problems because valuable trees are being cut without limitation and damaging the quality of the land. This is because trees have many uses for human beings and also for the world. A biodiversity specialist named Dr. Md. Mizanur Rahman says, “climate and forest are interlinked”. The increased destruction of the rainforest which form a precious cooling band around the Earth’s equator is recognized as one of the main causes of climate change. Forests trap and store carbon dioxide and play a major role in mitigating climate change. On the other hand, forests become the sources of the greenhouse gas, carbon dioxide when destroyed or over-harvested and burned. Deforestation brings about climate changes such as the internal heating of earth, change of weather pattern and excess of rainfall.

Deforestation is continuing at an alarming rate and it is an unavoidable environmental issue that requires immediate action. It is the practice of chopping down tress to such an extent that the global climate is slowly undergoing changes. Goodall, J. (2010) states that forests are important as a crucial part of life on earth and to contribute to the basic human needs. Once distributed over half the planet, forests now cover only a quarter of its land surface and forest loss, particularly in the tropics, is continuing at an alarming rate. Figures released by the UN Food and Agriculture Organisation (FAO) in 2005 indicate that the rate of natural tropical forest loss is about 13 million hectares each year is equivalent to 36 football fields a minute. Beyond the tropics, there has been a significant loss of old-growth forests and the replacement of natural forests and woodlands with single-species plantations that provide few of the environmental, ecological and social benefits of native forests.

Source - https://www.ukessays.com/essays/environmental-sciences/deforestation-and-climate-change-environmental-sciences-essay.php#:~:text=As%20uncontrolled%20deforestation%20carries%20on,to%20change%20of%20weather%20patterns.

Which of the following statements is false with respect to the given passage?

Question 10

Direction: Read the given passage carefully and answer the questions that follow. Certain words are printed in bold to help you locate them while answering some of these.

The history of deforestation which is cutting down the trees has occurred some over 4000 years ago as according to Adam, D . (2009). Deforestation is clearing the Earth’s forests on a massive scale, often resulting in damage to the quality of the land and causing climate change. Forests still cover about 30 percent of the world’s land area, but swaths the sizes of Panama are lost each and every year. In this day and age, the earth is facing problems because valuable trees are being cut without limitation and damaging the quality of the land. This is because trees have many uses for human beings and also for the world. A biodiversity specialist named Dr. Md. Mizanur Rahman says, “climate and forest are interlinked”. The increased destruction of the rainforest which form a precious cooling band around the Earth’s equator is recognized as one of the main causes of climate change. Forests trap and store carbon dioxide and play a major role in mitigating climate change. On the other hand, forests become the sources of the greenhouse gas, carbon dioxide when destroyed or over-harvested and burned. Deforestation brings about climate changes such as the internal heating of earth, change of weather pattern and excess of rainfall.

Deforestation is continuing at an alarming rate and it is an unavoidable environmental issue that requires immediate action. It is the practice of chopping down tress to such an extent that the global climate is slowly undergoing changes. Goodall, J. (2010) states that forests are important as a crucial part of life on earth and to contribute to the basic human needs. Once distributed over half the planet, forests now cover only a quarter of its land surface and forest loss, particularly in the tropics, is continuing at an alarming rate. Figures released by the UN Food and Agriculture Organisation (FAO) in 2005 indicate that the rate of natural tropical forest loss is about 13 million hectares each year is equivalent to 36 football fields a minute. Beyond the tropics, there has been a significant loss of old-growth forests and the replacement of natural forests and woodlands with single-species plantations that provide few of the environmental, ecological and social benefits of native forests.

Source - https://www.ukessays.com/essays/environmental-sciences/deforestation-and-climate-change-environmental-sciences-essay.php#:~:text=As%20uncontrolled%20deforestation%20carries%20on,to%20change%20of%20weather%20patterns.

Which of the following correctly describes the tone of the last paragraph?
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