Unit 1: Types of Customers

Question 1

What support do business customers generally have available to them?

Answer 1

1. Business banking centre
2. Relationship Manager

Question 2

What are two main types of banking customers?

Answer 2

1. Retail
2. Wholesale

Question 3

What is a wholesale client?

Answer 3

A person or entity that has obtained a qualified accountant’s certificate stating that they have:

1. Net assets of at least $2.5 million, or a gross income for each of the last two financial years of at least $250,000, and
2. A person or entity who controls at least $10 million.

Question 4

What does retail banking involve?

Answer 4

Provision of small-value financial services, mainly to individuals, households, and small businesses.

Question 5

What are the five main stages of the customer’s life, from a banking perspective?

Answer 5

1. Youth
2. Independent
3. Family
4. Empty nesters
5. Retirement

Question 6

Who are three types of wholesale customers?

Answer 6

1. Large companies
2. Government
3. Financial institutions

Question 7

What 3 things do banks provision to wholesale clients?

Answer 7

1. Large value financing
2. Risk management products and services
3. Advice