Module 3: Glossary Flashcards
Bond
A form of loan issued by a government or corporate body, which can be purchased by investors for a set out period
Charity
Organisation set up to collect money for humanitarian or community support purposes
Chatbox
A computer program that stimulates conversation with human users
Cheque
A form of written instruction to a bank to make a payment from a drawer to a payee
Corporate
Larger companies
Credit card
A card that allows a customer to buy a product and pay for it later potentially with additional interest and service fees added
Debit card
A card that lets you draw or spend money directly from your
account
Digital currency
A form of currency that is only available electronically and not in physical form
Digitally wallet
A secure financial application on a digital device that stores money and can make payments (e-wallet)
Example: apply pay
Financial literacy
The knowledge and skills needed to make financial decisions
High net worth individual
People who earn a large income or have significant assets
Mortgage
A long-term loan used to finance the purchase of a house or property
Multichannel banking
A bank that provides customer service through more than one channel
oMnichannel banking
Is bank that provides customer service through MULTIPLE INTEGRATED channels
Optichannel banking
Provides customer services via the BANKING CHANNEL that best suits the INDIVIDUAL CUSTOMER
Overdraft
Short term limited credit facility linked to a bank account
Partnership
A business arrangement with two or more people operate a business with the intention of sharing the profit generated
Personal loan
A short term loan offered to an individual
Private limited company (PLC)
A private legal entity that is separate from its shareholders and which is run by directors
Riba
Interest (under Islamic shariah banking law)
Self-service banking
Allowing customers to conduct their own banking without visiting a branch or consulting a bank employee
Sole trader
Someone who is self-employed and owns their own business as the sole proprietor
Trustee
A person or firm that holds and manages assets for a third-party
Unbanked
A person who does not have a current or day to day bank account
