Unit 4- The Customer Experience Flashcards
What is customer onboarding?
Process of familiarisation of new customers with financial products
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?
Alternative reality
What type of cyber-crime results in the lowest average loss to victims?
Phishing
What is an aspect of best practise when dealing with a complaint from a bank customer?
Report the complaint internally
With regards to Cyber Risk, Ransomware is defined as:
A type of malicious software designed to deny access to files, or threaten to publish the victims data.
With regards to Cyber Risk & Cyber Crime, Distributed Denial of Service (DDoS) is a cyber attack where:
The hacker seeks to either temporarily or indefinitely disrupt an organisations network services
In Feb 2019, who became the 1st major bank to publicly disclose SS7 attacks against its customers?
Metro Bank
Multichannel banking is:
That a bank provides services to its customers through more than 1 channel
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?
2145
A customers experience can be affected by a number of factors. Which is NOT one of these factors?
What service, products and services competitors are offering
What is not a feature of Omnichannel banking?
A bank-centric view
Optichannel banking is:
The optimal number of channels for customer communication for particular customer requests
Which UK regulator is responsible for overseeing the complaints process for all UK financial services institutions?
FCA(Financial Conduct Authority)
Which body investigates complaints?
FOS
What is the customer journey?
The touchpoints across all channels where the bank and customer interact
With regards to customer complaints, what does T&C stand for?
Training & Competence
When a Bank receives multiple complaints about the same issue, what technique can be used to understand the problem?
Root cause analysis
According to CBI portal, which country saw the biggest increase in cybercrime victims (up 50% in 2020)
Netherlands
According to the Banking Industry Customer Satisfaction survey 2022, what % of customers still want to do their banking via physical branch?
15%
How many stages are there to the customer journey in banking?
6
What’s meant by the term “churn”?
When the customers switch the bank accounts often
What are 2 reasons why customers churn through financial products?
- Because they don’t understand them.
- Because they don’t get enough value from them.
What are best practises when dealing with customer complaints?
- Listen and understand customer problem
- Be calm and polite
- Employee should ask relevant questions and writing it down
What group is most likely to be adversely affected by the growth of digital banking?
People with memory difficulties
