Communicating with customers Flashcards
Name five methods of Banking
- Branch
- Mobile Banking
- Postal Banking
- Telephone Banking
- Online Banking
Advantage of Branch
- Opportunity to build a relationship trust and brand loyalty
- Transactions can be carried out immediately
- Additional services e.g advice can be offered
Disadvantage of Branch
- Restricted to bank opening hours
- Long queues can make the process time consuming
- You need to travel to get there
Advantage of Mobile Banking
- Efficient- convenient to use, even on the move
- Available 24/7
Disadvantage of Mobile Banking
- Can be prone to hackers sending texts asking for bank details
- May need to download specific apps to access mobile banking
Advantage of Postal Banking
- Traditional method that many customers will feel comfortable with
- Does not require any technology or devices- good for older people
Disadvantage of Postal Banking
- Can be slow due to the reliance on the postal system
- Post may get lost
Advantage of Telephone Banking
- Convenient to access basic functions e.g checking an account balance, paying bills
- No additional charges
- Most available 24/7
Disadvantage of Telephone Banking
- Call centers and automated telephone systems can cause customer frustration
- Full access to services may be limited to certain hours
Advantage of Online Banking
- Available 24/7
- High degree of privacy
Disadvantage of Online Banking
- Not suitable for cash withdrawals
- Increased risk due to cyber crime- account holders may forget or divulge their passwords- lead to unauthorised access to customer accounts
Branch
A physical place where the customer will visit to carry out transactions
Online Banking
The use of the internet to carry out banking transactions
Telephone Banking
The use of a telephone to carry out banking transactions which may use either an automated service or require a customer advisor
Mobile Banking
The use of mobile devices e.g mobile phones and tablets, to conduct financial transactions
