Products & Services, Distribution Channels & the Customer Expericne

Question 1

Personal Customers

Answer 1

Private individuals using bank products & services for their own personal use.

Types of service:
•Deposit accounts
•Loans
•Payment services

Question 2

Sole Trader
(Business Customer)

Answer 2

•Individual trades on their own
•Individual has complete control but also unlimited personal liability (liable for everything) for debts.
•Must set up a separate business bank account.

Question 3

Partnership
(Business Customer)

Answer 3

•Two or more people.
•Traditional Partnership- “joint & several” unlimited liability (each person is liable) for debts, even if the debt was created by another partner.
•Limited liability partnership- has the flexibility of a partnership but with the advantage of limited liability for each partner.