Banking

https://lingua.com/businessenglish/reading/banking/
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Banks are financial institutions that provide customers with a variety of valuable

services, including the ability to wire money to a person or company, the ability to store
money in a checking or savings account, the ability to collect interest on investments,
the ability to receive loans, and much more.
Banks are most commonly used by customers who wish to store their money and
access it as needed, with a debit card (a card that's simply attached to the funds in
one's account), or checks (individually numbered paper slips that can be used to
designate a transfer of funds). Checking and savings accounts are the primary
means of storing money in a bank; a checking account is designed to house money
that will be spent, while a savings account is designed to house money that will be
saved. Banks usually pay a small amount of interest, or a payment in the form of a
percentage of a customer's deposited balance, to customers. This is their way of
showing support for clients who entrust them with their money.
These funds are then used by banks, along with their credit, to perform other functions
and offer additional services. For example, many customers use banks to
secure home mortgages, or multiyear loans through which ownership (or equity) of a
home is achieved. Customers demonstrate that they're able to pay a mortgage back
(usually by providing proof of income and investments, in addition to a down
payment, or a lump sum paid up front), and select a time period for this mortgage;
short mortgage payment periods require larger monthly payments, but customers are
charged less interest, while longer mortgage payment periods require smaller monthly
payments, but customers are charged more interest.
Lastly, many banking customers request a personal loan. Personal loans are loans
issued and approved by financial experts that're designed to be used by customers for
specific purposes. For example, one may secure a personal loan for a business plan
or an automobile. Personal loans, like home mortgages, are issued based upon a
customer's ability to pay the borrowed sum back; banks also charge a small amount
of interest, meaning in this case a percentage of the borrowed money extra, besides
its core balance

Supply and Demand

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In the business world, it’s common to hear and see references to supply and demand.
With that said, few individuals possess a thorough understanding of the idea and its
wide-ranging impact on markets, prices, and consumers. In short, supply and
demand refers to the force of consumers (or how much customers want or need to
buy something) in relation to the available supply (or how much of something
companies are able to sell). Generally speaking, high demand results in limited
supply and increased prices, and low demand results in an ample supply and
decreased prices.
This latter phenomenon - the correlation between supply and demand and prices
-might sound confusing at first, but it’s actually rather simple. When there isn’t enough
of something available for sale to satisfy demand (or so that everyone who wants this
“something” can simply purchase it), manufacturers, or businesses that produce a
product or products, charge more; they are able to do so because they aren’t faced
with competition (as whatever they’re selling is in demand and presumably not offered
by many other businesses), and customers are willing to pay more to secure said
product. Inversely, if something is available in abundance, companies will have to
contend with competition, or actions taken by a company that’re designed to improve
its market standing, sales, and ultimately, profits.
An example will make the concept of supply and demand entirely clear. Imagine that a
company creates a fantastic video game system that many customers want to buy.
Demand will build both naturally and as the product isn’t available to buy (this
marketing technique is utilized by many companies today; not being able to purchase
something seems to create consumer buzz), and if the supply doesn’t increase to give
every willing customer a system, prices will rise. In other words, if customers have no
other way to buy the system than through its manufacturer, and are having a hard time
finding the system to buy, they’ll be willing to pay more to buy it.
On the other side of the coin, a product that’s not proprietary, is widely accessible, and
can be sold by any company - pasta, for instance - will be manufactured, marketed,
and sold by a number of businesses. One company might sell a box of pasta for $10,
and another company could respond to this price by selling their own pasta for six
dollars, and another company could sell their pasta for four dollars, and so on and so
forth until the price has been driven down to a very affordable rate. Demand won’t be
particularly high in this scenario, as there will be plenty of the product at-hand to go
around. Moreover, demand comes before competition; if demand is relatively low
because a supply is high, prices will fall and some degree of competition will occur.

In the past few decades, the way we shop has changed dramatically. We used to
buy our goods in traditional shops, on the high street or in department stores.
Now, customers are increasingly buying online, where they can order whatever
they want directly to their door with the click of a mouse. One in seven sales are
now made online and studies suggest that by 2021, global online retail will reach
an enormous US$4.8 trillion. As companies race to improve their internet shopping
experience, the trend towards shopping online is predicted to continue.
But what is the impact of all this online shopping on the environment? You might
think that online shopping is greener than in-store shopping. After all, an online
store does not use the electricity that a traditional store might use and it doesn't
require the customer to drive anywhere. Items are often delivered to several
homes at once, so you would think the carbon savings must be significant. Take
the typical home delivery round in the UK, for example. Supermarket drivers often
do 120 deliveries on an 80-kilometre round, producing 20 kilograms of CO 2 in
total. In contrast, a 21-kilometre drive to the store and back for one household
would generate 24 times more CO2!

However, the reality is slightly more complex than that. Many home deliveries fail
the first time and the driver has to make a second or third attempt to deliver the
purchase. Customers who choose speedy delivery or those who buy single items
from different places also contribute towards increasing the carbon footprint. 

The carbon footprint also goes up if the customer chooses to return the item. A
study in Germany showed that as many as one in three online purchases are
returned. According to another study, merchandise worth nearly US$326 million is
returned each year in the USA. Two billion kilograms of this ends up in landfill,
leading to 13 tonnes of CO2 being released. 

Clothing is one product that has high return rates. Unlike in a walk-in store, the
online shopper can't try things on before buying. So, companies offer free returns
to make it easier for shoppers to purchase the same item of clothing in different
sizes and colours. Customers try them at home, keep one and return the rest of
them. However, when clothes are returned, they are not always cleaned and put
back for sale. This is because many companies have found it cheaper to simply
throw away the returned items than to pay someone to sort the damaged goods
from the unwanted ones. In these cases, the returned clothes, which might be in
perfect condition, end up in landfills or burnt.

When we take all these factors into consideration, we realise that online shopping
isn't necessarily as green as people might think. That last kilometre to your door is
costly, for companies and for the environment. There is some positive news, as
various online retailers are starting to lower their carbon footprint by investing in
electric delivery vehicles. However, the question of how to deal with returns
efficiently and without waste is a challenge that many companies have not wanted
to face. As online shoppers become aware of what companies are doing, and
campaign groups demand urgent action in the face of the climate and ecological
emergency, there is increasing pressure for companies to take responsibility for
the environmental impact of their activities.
Customer service: problem solving
Informing a Customer that an Ordered Item Isn’t Available
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As any industry specialist will attest to, the business world is naturally unpredictable;
unforeseen obstacles and dilemmas are common, and can affect even the best-prepared
individuals. Accordingly, it’s how one responds to unexpected business setbacks that
defines his or her career.
The importance and prevalence of phone calls in business has been detailed in previous
lessons, but the process of using a phone call to inform a client of an order mishap has
not.
In short, in the situation that an item (or items) ordered by a customer is unavailable
and/or cannot be delivered as scheduled, it’s the duty of the business professional
responsible for overseeing the transaction to promptly call this customer and fill him or
her in. Phone calls are the best form of communication in this instance, as they are
inherently personal and demonstrate focus and compassion. Moreover, high-quality
customer care is arguably the most significant part of a successful company-client
relationship.
Consider the following example, wherein a customer support professional contacts a client
to inform her that her order cannot be fulfilled as was initially planned:
Customer support: Hello, Mrs. Davis? This is Todd Jasper from LDT Appliances, how are
you doing?
Mrs. Davis: I’m doing well, thank you for asking. How can I help you? Customer support:
I’m calling in regards to the order you placed last week. Unfortunately, we encountered an
unexpected delay from one of our suppliers, and we won’t be able to deliver your product
as scheduled.
Mrs. Davis: Really? I was hoping to have my stuff here on the scheduled delivery date—I
was planning on it.
Customer support: I understand, and I wholeheartedly apologize for the inconvenience.
We’ve already spoken with our supplier, and the earliest we can deliver your current order
is next Thursday. Will that work?
Mrs. Davis: Thank you for your apology, but I really need the order here by this Friday. I
might have to purchase through another company.
Customer support: Your business means a lot to us, Mrs. Davis, and to meet your
schedule’s needs, I can offer you a similar product—in fact, a newer model that we briefly
discussed when you were ordering—to be delivered by this Friday at no additional cost, as
we have it in stock. I can also offer you a full refund, if you’d like.
Mrs. Davis: Really? That’d be great—the other product, that is. Thank you so much for
getting this worked out! I don’t know what I’d do without the item!
Customer support: It’s my pleasure. I’ll have one of our delivery professionals contact you
soon.
Mrs. Davis: Fantastic. Thanks again!
It should be expected that customers, when informed that their order will not be fulfilled,
will be upset—in fact, something would be wrong if they weren’t upset! But, if customer
support professionals remain calm and courteous during the corresponding conversation,
the situation can be resolved and a solution that works for everyone involved can be
reached.

https://learnenglish.britishcouncil.org/business-english/business-magazine/job-interviews