Wrong. That's precisely the kind of answer it's meant to weed out. The question is supposed to show your ability for reflection on your faults (because everybody has them), and let you explain how you are going about working on them.
If you take it seriously, you can get quite deep and philosophical with that question, demonstrating your ability to express yourself, and discussing the relative merits of someone looking to fill the position.
Granted, the phrasing is very cliche, so it might be better to ask something along the lines "in the near future, how would you like to have improved yourself?".