Lesson 9 Flashcards
(12 cards)
What are ways that banks communicate with customers
Advice, Balances, New Services, Advertising, Charges
Why is communication between business and customer important
So people can utilise the applied services and so they can be aware of things going on with the bank
What is branch interaction
Essentially a face to face interaction within the bank
What are the advantages of branch interaction with a bank
Personal service and a way of 2 way communication.
May help customers understand services due to being advised.
Familiarity and confidence with talking to actual people.
What are the disadvantages of branch interactions with a bank
Only available during opening hours.
Travel costs and time at be applied.
What is a BACS transfer
A BACS transaction is an electronic money transfer between banks. If you pay the household bills or use a subscription service, you will have made a payment via BACS before. This is where you give permission for a company to automatically take payments from your account on an agreed schedule, such as each month
What are the advantages of BACS transfers
Safe and secure transactions.
BACS payments are cheaper in comparison to other methods.
Allows for payments to be made without much hassle or stress
What are the disadvantages of BACS transfers
Payments generally take 3 days to clear.
BACS only clear on business days aka Monday to Friday.
What are the advantages of online interactions with a bank
Convenient and able to be accessed 24/7
Wide range of services available
BACS avaliable
What are the disadvantages of online interactions with a bank
Some customers may lose confidence and have dependence on the internet.
Potential security risks.
Cannot get cash and multiple accounts are needed to be effective
Internet access is needed.
What are the advantages of telephone interactions with a bank
May be easier for some internet banking.
Able to speak to a real person
No need for internet access.
What are the disadvantages of telephone interactions with a bank
Restricted to bank hours.
Queues and automation are used.
Old technology is utilised within telephone interactions.
