BPP QUIZ

Question 1

The maximum amount that customer can invest in an ISA each year (2021/22 tax year

Answer 1

= £20,000

Question 2

An equity release loan would be most suitable for a customer who wants to

Answer 2

Raise money by freeing up some of the capital that is locked into their property

Question 3

Level term assurance can be useful for a customer who wants to

Answer 3

Provide security for dependants up to a certain age if the customer dies during the term of the policy

Question 4

One way of empathising with a customer is by

Answer 4

= saying that must have been really frustrating for you

Question 5

If a complaint is not resolved between a bank and its customer, the customer may be entitled to refer the complaint to which regulatory body

Answer 5

= FOS

Financial ombudsman service

Question 6

Which of these would not be deemed an example of a vulnerable customer

Answer 6

• Low income and debt
• Severe or long-term illness
• Low literacy, numeracy and financial capability skills
  = they are all examples of a vulnerable customer

Question 7

In terms of supporting vulnerable customers, what option has been found to be the most effective method in helping them?

Answer 7

= sign posting to charitable organisations that can help them

Question 8

Having financial capability is NOT:

Answer 8

About becoming a financial expert and passing exams

Question 9

What does ISA stand for

Answer 9

Individual savings account

Question 10

An Islamic mortgage is a mortgage that is compliant with shariah law, Shariah mortgages are typically verified to as:

Answer 10

Home purchase plans

Question 11

Investment products include various securities related products, such as mutual funds. These are also known as known.

Answer 11

Unit trusts

Question 12

Multichannel Banking is

Answer 12

That are bank provide services to its customers during more than one channel

Question 13

EY (2018) suggest a way of segmenting customers in terms of how they feel about new technologies which could have implications for the way they perceive their Banking experience. Which is not one of the eight categories of customers

Answer 13

= burdensome + proud

(Digital devotes, drowning in digital, content comes first)

Question 14

According to research cited in UK newspaper, The Time in June 2019.
In the seven years between 2012 and 2019 how many High Street branches in the UK were closed?

Answer 14

2145

Question 15

A customers experience can be affected by a number of factors. Which is not one of these factors.

Answer 15

What service, products and services competitors are offering

Question 16

Which one of these is not a feature of Omnichannel banking?

Answer 16

= a bank centric view

(Customer centric view, relies on big data and enables customers to interact with the bank through multiple channels)

Question 17

Optichannel banking

Answer 17

= the optimal number of channels for customer communication for particular customer request

Question 18

A standing order is

Answer 18

An instruction we give to our bank or buildings society to authorise a payment for a set amount, usually on a regular basis to be made to another bank or building society

Question 19

Using images of cheques instead of handling the physical cheques significantly speeds up the clearing process. With a paper based system, it can take up to, how many days for a cheque to be clear?

Answer 19

= six weekdays (excluding bank holidays)

Question 20

If a customer pays in a cheque at a post office, the cheque clearing timescale will increase by at least by one additional day. This is because.

Answer 20

= the post office is not a bank and it has to send the cheque to the customers bank before it can be entered into the clearing system