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Communicating with customers (ONLINE (Cons (Risk of fraud, Cannot…
Communicating
with customers
ONLINE
Pros
High degree of privacy
Encryption & fraud monitoring
Simple
to set & use
24/7
More
convenient
Cons
Risk of
fraud
Cannot
deposit
or
withdraw
money
Internet
connection
needed
No personal
relationships
Takes time to set up/apply for
Limited facilities
TELEPHONE
PROS
Safer
than internet banking;
harder for hackers to access
Convenient
- basic functions
Those who are unable to access the internet
No additional charges
Ability to speak to a person & discuss issue that may not be mentioned on website.
CONS
Not available on
bank holidays
Higher
risk of identity
theft and fraud
Not all banks offer
24-hour telephone banking.
Time consuming
; redirected to
different services before they
can talk to a person directly
MOBILE
PROS
Can be done anywhere
Free
service – 24/7
Simple
to use
Strong Customer Service;
24 hours via internet chat,
email, and phone
CONS
Need to download
app to access
Can be prone to hackers sending texts asking for bank details
Higher security risk
due to increased risk of loss or theft of mobile devices
POSTAL
PROS
Many banks still send
paper copies of
statements
to customers
Paying bills by cheque
through postal system
Does not require any
additional technology
or devices
Traditional method, customers may feel comfortable; People
who find it difficult to use technology
CONS
Post can get
lost
Slow
due to postal system
Limited customer service -
no direct contact with adviser
BRANCH
PROS
Can
withdraw
large
sums of money
Provide customers
face to face
contact with the bank
May seek
advice
on financial
services and products
CONS
Travel
costs
Access
limited
to
branch opening hours
Time
Consuming
;long
queues & travel time