Communicating With Customers

Question 1

Branch

Answer 1

Physical places where the customer will visit to carry out transactions which can be face to face e.g. over the counter transactions or ATM

+ Opportunity to build a relationship developing trust and brand loyalty

• Restricted to bank opening hours

Question 2

Online Banking

Answer 2

The use of the internet to carry out banking transactions

+ Available 24/7
+ High degree of privacy

• Increased risk due to cyber crime

Question 3

Telephone Banking

Answer 3

When transactions are carried out over the telephone

+ Convenient, especially to access basic functions such as
checking a balance

• Call centres and automated telephone systems can frustrate

Question 4

Mobile Banking

Answer 4

the use of mobile devices such as mobile phones and tablets to conduct financial transactions

+ Convenient
+ Available 24/7

• Higher security risk due to increased risk of loss or theft of mobile devices

Question 5

Postal Banking

Answer 5

the use of the postal service to carry out paper-based financial transactions

+ Traditional System that many customers will feel comfortable with
+ Does not require any additional technology or devices

• Can be slow due to the postal system
• Post can get lost