Banking Methods/Communication with customers

What is a branch?

Physical places where transactions are carried out which can be face to face e.g. over the counter or using computerised facilities like ATMs.

Many are closing down more recently.

What is online banking?

Using the internet to carry out banking transactions.

What is telephone banking?

Where transactions are carried out over the phone.

What is mobile banking?

The use of mobile devices such as mobiles and tablets to conduct financial transactions.

What is postal banking?

The use of the postal service to carry out paper based transactions.

What are the advantages of branches?

• Can build a relationship with company.

• Allows you to deposit physical money or cheques into your bank account.

• Can easily ask questions or solve issues face to face.

What are the disadvantages of branches?

• Becoming harder to access or find - closing down.

• Mobile banking creates less need for it e.g. cheques can be processed online.

• Cost of travel to them.

What are the advantages of online banking?

• Very convenient. Can do anytime from anywhere.

• Available 24/7.

What are the disadvantages of online banking?

• Risk of being hacked or scammed.

• Some e.g. older people may be less able to navigate or make mistakes.

• May forget log in.

What are the advantages of telephone banking?

• Can speak to someone and ask questions, get advice etc.

What are the disadvantages of telephone banking?

• May take a long time, may be queues to speak to someone.

• Security concerns of sharing sensitive details over the phone.

What are the advantages of mobile banking?

• Convenient. Can be accessed anywhere.

What are the disadvantages of mobile banking?

• Security concerns.

• May make scams easier.

• Older people may not have mobile devices.

What are the advantages of postal banking?

• Traditional so may be more trusted.

• A more personal method.

• Harder to miss anything unlike emails.

What are the disadvantages of postal banking?

• Slow to deliver and reach recipient.

• May get lost in post.

• May have to pay postage fees.