English for management on information systems unit 3 retail banking

Retail banking is the sector of banking that provides financial services directly to individual consumers and small businesses.. Question 1; Retail banking refers to banking services tha

THE STATE BANK OF VIETNAM MINISTRY OF EDUCATION AND TRAINING

HO CHI MINH UNIVERSITY OF BANKING

ENGLISH FOR MANAGEMENT ON INFORMATION SYSTEMS

UNIT 3: RETAIL BANKING

Group: Ì

Class: ENP704 241 10 L10

Instructor: V6 Thanh Tuan

Thu Duc City, September 29", 2024

EXERCISE CONTENTS

Exercise 1 Match the terms with their definitions

Exercise 2 Choose the best answer to fill in the blank

Exercise 3 Make sentences with these given words

Exercise 4: Translate from English to Vietnamese

1 Retail Banking

A loan specifically for purchasing real estate, where the property itself serves as collateral Borrowers make regular payments, including principal and interest, over a predetermined period, typically 15 to 30 years, until the loan is fully paid

2 Checking Account

B The percentage charged on borrowed money or paid on deposited funds, typically expressed as an annual percentage

3 Savings Account

C A financial arrangement allowing an account holder to withdraw more money than is available in their account, leading to a negative balance

4 Interest Rate

D A digital platform that allows customers to manage their

bank accounts, transfer funds, and perform transactions over the internet

E A deposit account that earns interest on the balance,

5 Loan Officer designed for saving money rather than frequent transactions

F A machine that allows customers to perform basic banking

6 Mortgage transactions, such as withdrawing cash or checking account

balances, without human assistance

G A government-backed insurance that protects depositors by

7 Overdraft guaranteeing their deposits up to a certain limit in case of bank

failure

8 Credit Card

H Charges imposed by banks for various services, such as

account maintenance, overdrafts, or ATM withdrawals from non-affiliated networks

9 Deposit Insurance

I A consumer loan is a type of unsecured loan provided to

individuals for personal use, such as financing a car, home

improvement, or medical expenses These loans typically have fixed repayment terms and interest rates, making them accessible for everyday needs

10 ATM (Automated Teller

J Aplastic card issued by a bank that allows the cardholder to borrow funds to make purchases, subject to a credit limit and

Machine) repayment terms

K A loan with an interest rate that can fluctuate based on

11 Branch changes in a benchmark interest rate, affecting monthly

payment amounts

12 Online Banking

L Retail banking is the sector of banking that provides financial services directly to individual consumers and small businesses It encompasses a range of products, including

savings accounts, checking accounts, loans, and credit cards,

aimed at meeting everyday financial needs

13 Mobile Banking

M A physical location of a bank where customers can access banking services, speak with bank staff, and manage their accounts

N The management of an individual's financial activities, including budgeting, saving, and investing, often assisted by retail banking services

15 Loan-to-Value Rato

(LTV)

O A bank employee who evaluates and approves loan applications, providing guidance to borrowers about available loan products

P A type of loan with an interest rate that remains constant throughout the life of the loan, providing predictable monthly payments

17 Customer Relationship

Management (CRM)

Q A strategy for managing a bank’s interactions with current and potential customers, aimed at improving customer service and retention

R A dposit account held at a financial institution that allows deposits and withdrawals, typically used for daily transactions

S A financial term that compares the amount of a loan to the appraised value of the property being financed, used in mortgage lending

transactions using a mobile device, often through a bank's app

Answer:

1 The standard for international trade and investment is the US dollar

2 Ifan economy grows too quickly, then demand will outstrip supply and prices will

3 The government made serious attempts to raise the of living

4 Any transaction or violations of the policy must be reported to your immediate supervisor

5 Commercial banking also more comprehensive lending services, merchant services and international trade and commerce assistance

6 These banks offer similar products as retail banks, like and

A tax advisory — investment advisory

B deposit accounts — loans

C secured loans — interest

D financial authority — securities

7, Branch managers one retail branch location or office

A takeover

B depend on

C are liable on

D are responsible for

8 can specialize in specific types of loans

A Underwriters B Customers C Conglomerates —_D Deposistors

9 ATM stands for

A automatic teller machine

B automated teller machine

C automatic teller mechanism

D automatic teller machinary

10 Several countries require savings accounts to be protected by

4

A saving accounts B deposit insurance C bank statements D debit cards

11 A commercial paper is a short-term loan by major companies, also sold at

a discount

12 A savings account is a type of deposit account that allows individuals to money and earn interest

13 A is a plastic card issued by a bank that allows the holder to purchase goods or services on credit

A debit card B credit card C ATM card D gift card

14 A is a financial institution that provides banking services to the general public

15 A is a service provided by banks that allows customers to access their accounts and conduct transactions using automated teller machines (ATMs)

A mobile banking B online banking C ATM banking D telephone banking

16.A is a type of insurance that protects a bank against losses resulting from the failure of a borrower to repay a loan

A life insurance B property insurance C liability insurance D credit insurance

17.A is a financial statement that summarizes the income and expenses of a bank over

a specific period

A balance sheet

B income statement

C cash flow statement

D statement of changes in equity

18 A is a deposit account that offers a higher interest rate than a regular savings

account, but may have restrictions on withdrawals

A money market account

B checking account

C savings account

D certificate of deposit (CD)

19 A is a written order addressed to a bank by its customer, instructing the bank to pay

a specified sum to a payee

20 The annual percentage rate (APR) is the annual rate charged for borrowing money and is expressed as a

Answer:

Exercise 3 Make sentences with these given words

1 The customer / open / a(an) savings account / with / a(an) / compete/ interest rate

2 The bank / offer / a(an) / easy / apply / process / for / person / loans

3 The ATM / have / a(an) / withdraw / daily limit / of $500 for each account

4 I/review / my bank statement / every month /keep / track / of my transaction history

5 The loan officer /review / my credit score / determine / my / eligible / for a home loan

6 Ifyou/ make / a(an) premature withdrawal/ from/ a(an) / fix/ deposit/, there may be a penalty

7 Aloan/ be /a(an) /amount of money / borrow / from a bank / for / a / fix / period

8 A mortgage / be / a long-term loan / with / a(an) / fix / or variable interest rate

9 What / be / the interest rate / apply to / the amount saved / in /a / save / account?

10 The loan term period / be / the time frame / before / which / a loan / must / repay

11 Many bank / offer / retail service / online, / person, / both form

12 Retail customers / be / members / the general public

13 Three most important functions / retail banking / be / credit, / deposit, / and money management

1 ws There / be / certain services / for which / you / rely / other types / banks

16 Credit unions / be / another type / retail bank

17 Some / bank / work / several / market

18 The specific customer / fee / retail banking / depend on / bank's size / and / fee category

19 Online banks / not have / physical branches / that consumers / visit / personally

20 Retail banks / make / money / loan / your / deposit / funds out / with / interest / and / charge / you / various / account fees

EXERCISE 4 : TRANSLATE FROM ENGLISH TO VIETNAMESE

Question 1; Retail banking refers to banking services that are provided to individual consumers, such as savings accounts, personal loans, and mortgages

Question 2: Our bank offers a wide range of retail banking products designed to meet the needs

of every customer, including digital banking services that allow easy access to accounts 24/7

Question 3: To open a savings account, customers need to provide proof of identity, address, and

a minimum deposit as per the bank's requirements

Question 4; Personal loans offered by retail banks often come with competitive interest rates and flexible repayment terms, making them an attractive option for many borrowers

Question 5; Many retail banks now provide mobile banking apps, which allow customers to check their account balances, transfer funds, and pay bills directly from their smartphones

Question 6: Mortgage products from retail banks typically come with either fixed or variable interest rates, and the terms can vary depending on the customer’s credit score and income

Question 7: Retail banking also focuses on customer service, with dedicated support teams available to assist with any inquiries or problems

Question 8; With the rise of digitalization, retail banks are increasingly moving towards offering online-only services, reducing the need for physical branches

Question 9: Retail banking is crucial for promoting financial inclusion by providing basic banking services to underserved populations

Question 10: Our bank offers a rewards program for customers who maintain a high balance in their savings accounts, providing benefits such as higher interest rates and reduced fees

Question 11: A credit card issued by a retail bank allows customers to borrow funds up to a certain limit, which they must repay with interest if not paid off in full by the due date

Question 12: Retail banks often provide wealth management services, helping customers to

manage their assets, investments, and long-term financial planning

Question13: Interest rates on retail banking products like savings accounts and loans are determined by the central bank’s monetary policy and market conditions

Question 14: Customers can apply for personal loans online, and the bank’s approval process typically includes a credit check and assessment of the applicant’s income and financial stability

Question 15; Retail banking services are expanding to include options for contactless payments, where customers can make purchases by simply tapping their card or phone

Question16: Many retail banks offer student loans with lower interest rates and flexible repayment options to support higher education financing

Question 17: Some retail banks provide special incentives for first-time homebuyers, such as reduced mortgage rates or lower down payment requirements

Question 18: Retail banks face competition from fintech companies, which offer innovative,

digital-only financial services with lower fees and faster processing times

Question 19: To ensure account security, retail banks use advanced encryption technologies and multi-factor authentication methods for online transactions

Question 20: Retail banking branches are still important for customers who prefer face-to-face interactions for complex transactions or financial advice

Exercise 5: Read the passage and answer the questions

What is Retail Banking?

Retail Banking is one of the functions of Banking industry Other functions include Corporate Banking, Islamic Banking, Private Banking and so on Retail banking is a type of banking that is framed especially for individual consumers and not for the organizations Retail banking services are generally offered by financial institutions by setting up local branches around different locations, where customers can withdraw and deposit money and interact with a bank

representative about loan products or his other needs Retail banking is also known as consumer banking

Retail banks primarily serve the following functions: Savings or Deposits: Accept the surplus from the individual customers as saving and pay interest Credit Offerings: Retail banks offer credit to individual customers as loans and earns interest Money Management: Retail Banks offer a variety of services to its customers to easily manage and transact their money like ATMs,

Cards, UPI, Online transfers, etc

Regional Rural Banks: Provide banking and financial services to different rural and low developed regions to serve lower- and middle-class people in rural regions of the country with the primary objective of development of a specific area like agriculture, small industry, trades, or other small-scale business in these areas Private Banks: Provide banking and financial services

in urban areas to serve the individuals belonging to medium to high-income groups located in urban areas and are termed as private banks These banks provide wealth management services along with basic banking services Postal Savings Banks (Post Offices): National Postal System also offers basic banking services like savings, deposits, and withdrawals in some regions of the country and are termed as Postal Saving Banks

Retrieved from: https://businessanalyst.techcanvass.com/what-is-retail-banking/

1 What is the primary target of retail banking?