Unit 2- Products And Services, Distribution Channels And The Customer Experience

Question 1

Maximum amount a customer can invest into an ISA each year is..

Answer 1

£20k

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

Question 6

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

Answer 6

Sign posting to charitable organisations who can help them

Question 7

What is having financial capability NOT?

Answer 7

About becoming a financial expert and passing exams

Question 8

What does ISA stand for?

Answer 8

Individual savings account

Question 9

An Islamic mortgage is a mortgage that is compliant with Shariah Law. Shariah mortgages are typically referred to as..

Answer 9

Home purchase plans

Question 10

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

Answer 10

Unit trusts

Question 11

Multi channel banking is

Answer 11

That a bank provides services to its customers through more than one channel.

Question 12

EY 2018 suggests a way of segmenting customers in terms of how they feel about new technologies which could not have implications for the way they perceive their banking experience. What is not one of the 8 categories of customers:

Answer 12

Burdensome & proud

Question 13

According to research from the times 2019, in the 7 years between 2012 and 2019 how many high street branches in the uk were closed??

Answer 13

2145

Question 14

A customer’s experience can be affected by a number of factors. What is not one of them factors?

Answer 14

What service, products and services competitors are offering

Question 15

What is not a feature of omnichannel banking?

Answer 15

A bank centric view

Question 16

Optichannel banking :

Answer 16

The optimal number of channels for customer communication for particular customer requests

Question 17

A standing order is

Answer 17

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

Question 18

If we used a paper based system for clearing cheques, how many days would it take for a cheque to clear?

Answer 18

Six weekdays excluding bank holidays

Question 19

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

Answer 19

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