Unit 4- The Customer Experience

Question 1

What is customer onboarding?

Answer 1

Process of familiarisation of new customers with financial products

Question 2

What is the name of the process which simulates a customers future life cycle by showing them the long-term impact of products on their financial situation?

Answer 2

Alternative reality

Question 3

What type of cyber-crime results in the lowest average loss to victims?

Answer 3

Phishing

Question 4

What is an aspect of best practise when dealing with a complaint from a bank customer?

Answer 4

Report the complaint internally

Question 5

With regards to Cyber Risk, Ransomware is defined as:

Answer 5

A type of malicious software designed to deny access to files, or threaten to publish the victims data.

Question 6

With regards to Cyber Risk & Cyber Crime, Distributed Denial of Service (DDoS) is a cyber attack where:

Answer 6

The hacker seeks to either temporarily or indefinitely disrupt an organisations network services

Question 7

In Feb 2019, who became the 1st major bank to publicly disclose SS7 attacks against its customers?

Answer 7

Metro Bank

Question 8

Multichannel banking is:

Answer 8

That a bank provides services to its customers through more than 1 channel

Question 9

According to research cited in UK newspaper The Times in June 2019. In the 7 years between 2012 & 2019, how many high street branches in the UK closed?

Answer 9

2145

Question 10

A customers experience can be affected by a number of factors. Which is NOT one of these factors?

Answer 10

What service, products and services competitors are offering

Question 11

What is not a feature of Omnichannel banking?

Answer 11

A bank-centric view

Question 12

Optichannel banking is:

Answer 12

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

Question 13

Which UK regulator is responsible for overseeing the complaints process for all UK financial services institutions?

Answer 13

FCA(Financial Conduct Authority)

Question 14

Which body investigates complaints?

Answer 14

FOS

Question 15

What is the customer journey?

Answer 15

The touchpoints across all channels where the bank and customer interact

Question 16

With regards to customer complaints, what does T&C stand for?

Answer 16

Training & Competence

Question 17

When a Bank receives multiple complaints about the same issue, what technique can be used to understand the problem?

Answer 17

Root cause analysis

Question 18

According to CBI portal, which country saw the biggest increase in cybercrime victims (up 50% in 2020)

Answer 18

Netherlands

Question 19

According to the Banking Industry Customer Satisfaction survey 2022, what % of customers still want to do their banking via physical branch?

Answer 19

15%

Question 20

How many stages are there to the customer journey in banking?

Answer 20

6

Question 21

What’s meant by the term “churn”?

Answer 21

When the customers switch the bank accounts often

Question 22

What are 2 reasons why customers churn through financial products?

Answer 22

1. Because they don’t understand them.
2. Because they don’t get enough value from them.

Question 23

What are best practises when dealing with customer complaints?

Answer 23

1. Listen and understand customer problem
2. Be calm and polite
3. Employee should ask relevant questions and writing it down

Question 24

What group is most likely to be adversely affected by the growth of digital banking?

Answer 24

People with memory difficulties

Question 25

What’s the stages in customer journey?

Answer 25

1. Awareness 2. Open account/service
2. Use account/service 4. Get issues resolved 5. Add account 6.Continue as customer/stop