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Principle of Banking
Chapter 9
| Question | Answer |
|---|---|
| Market Share | One seller’s portion of the total sales of a product, usually measured as the percentage. In the financial services industry market share is typically expressed as a percentage of deposits. |
| Value | The worth of a product or service that is an expressed in money (price) or a quantity of another product or service. It is also the quality that makes something desirable or important. |
| Underbanked | An individual who may have a checking or savings account but relies heavily on alternative financial services, such as a payday loan provider, rent-to-own businesses, or pawn shops. |
| Financially literate | Having a basic understanding of financial matters, especially as it pertains to personal finances, such as making wise savings and borrowing decisions. |
| Cross selling | A sales practice whereby a customer is invited to purchase additional products and services that are related to the product or service acquired. |
| Referral | Directing a potential customer from one area of the bank, such as consumer lending, to another area, such as insurance, to help the customer obtain information about or purchase another product of service. |
| Feature | A characteristic of the product of service, such as the interest rate or the term. |
| Benefit | The value the product’s or service’s features gives to customers to meet their needs, such as earn money, save money, save time, provide convenience, or provide convenience, or provide security. |
| Purchase decision | In the buying process, the culmination of prepurchase activity, in which a customer first assesses information gathered to reduce the risk associated with a decision about a product and then makes the purchase. |
| Marketing customer information file(MCIF) | a software program that can sort and analyze customer information and serves as a customer information database. |
| Profile | In marketing, identifying relevant characteristics of customers to gain insight about the need for a product in the marketplace. |
| Advertising | Any form of communication paid for by a sponsor for the purpose of informing and persuading consumers to buy goods, ideas, or service. |
| Sales promotion | Any activity, other than advertising, publicity, and personal selling, that provides incentive to the consumer to purchase goods or services; for example, offering premiums and having in-branch displays. |
| Official advertising statement | Mandated by FDIC regulation, a statement that must be included in all advertisements (unless specifically exempted) that the bank is a member of the FDIC. Specific requirements apply as to the wording, size, and placement of the statement. |
| Bait and switch | Advertising a product of service at an attractive price (bait) and then informing a consumer who is ready to purchase that the product or service is not available or is of lesser quality and encouraging the consumer to purchase (switch) to a higher-priced |
| Established business relationship | A commercial relationship in which the consumer has purchased, rented, or leased the seller’s goods or services or conducted a financial transaction with the seller within the 18 months immediately preceding a telemarketing call; or has inquired about, or |
| Abandoned call | A telemarketing call that is not connected to a sales person within two seconds after the recipient answers the telephone and completes a greeting. |
| Opt out | Explicitly choosing not to do something, such as to not receive bank product literature. As opposed to opt in, which is explicitly choosing to do something. |
Created by:
Sharon.Spence
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