Unit 4 - The Customers Experince Flashcards
Churn
Where customers switch providers from time to time
Customer centric goals
The customer can define their own success in using the product
Key factors determining the customer experience are as follows?
The choice of deliver channels - branch service / mobile app / digital assistant
Ease of access and operation - when using the product
Customers perceptions - the customer is more likely to be loyal to the bank if they are reliable.
South Korea
In 2022 66% of people aged 19-29 and 65% of those aged 30-39 use the services of digital banks. This compares to only 30% of the people aged 50-59 and 8% of those aged 6p and above
United Kingdom
45% of generation Z consumers born 1997-2012 made a digital wallet payment in 2020. Compared to 32% millennials
28% of generation X
20% boomers
Gender differences 30% of men but only 24% of women using digital only bank accounts
( Technology) Challenge a and risk to banks
Difficulty keeping up with
Large traditional banks must keep up compared to a more specialised and prephaps more agile because of their small size
Cost
They could save a lot of labour cost by using technological approaches. There are cost involved in the continuous maintenance of handware and software as well as staff training
Security
Must prioritise security to prevent hacking a fraud.
( Technology) Challenge a and risk to banks
Difficulty keeping up with
Large traditional banks must keep up compared to a more specialised and prephaps more agile because of their small size
Cost
They could save a lot of labour cost by using technological approaches. There are cost involved in the continuous maintenance of handware and software as well as staff training
Security
Must prioritise security to prevent hacking a fraud.
Cyber crimes
Uk had the highest number of cyber crime victims in 2022 4783 per million internet users
US - 1492 per million second
Neverland - big rise of victims - 50%
Greece biggest decrease 75%
Phishing
Criminals trick - by sending out emails/ text and phone calls. Lowest loss - $136 per individual 2023
Investment fraud
Expensive form of cybercrime in 2022, with the average victim losing $70811. Criminals set up fake businesses and provide legitimate sounding information which is actually false. This can deceive victims into investing in scheme for example share investment schemes or purchase of property abroad.
Ransomeware
Malicious software disables a victims access to their data until they pay a ransom - banks hospital or government department. - computer system
Install randsome and demand a ransom from the originisatuon.
Malware
Click on links or open an attachment. Take control over the computer
Authorise push payment scams (App)
Trick customers to make payments. The payment is authorised by a customer. The way try to panic the customer
Invoice scam is trying to pay an invoice scam where the customer is trying to pay an invoice to a genuine supplier. The criminal fakes being a solicitor and convinces the customer to send the money to an account the criminal controls
Authorise push payment scams (App)
Trick customers to make payments. The payment is authorised by a customer. The way try to panic the customer
Invoice scam is trying to pay an invoice scam where the customer is trying to pay an invoice to a genuine supplier. The criminal fakes being a solicitor and convinces the customer to send the money to an account the criminal controls
Way and customer and a bank could work together
Use two
