This unit may apply to job roles in a range of financial services organisations or those that provide agency services for financial services organisations including in pharmacies and post offices.

ELEMENT

PERFORMANCE CRITERIA

1. Represent the financial services institution

1.1. The role and purpose of the agency in providing services on behalf of the financial services institution is recognised and confirmed

1.2. Knowledge of the relevant range of products and services is developed and maintained

1.3. Documentation about the financial services institution and its products and services is effectively maintained to ensure its accessibility, accuracy, currency and quality

1.4. Relevant contact people, hotline phone numbers and websites of the financial services institution are known and accessed to provide support and clarify service queries

2. Identify customer financial service needs

2.1. Timely and courteous responses are provided to customer requests within the limits of the agency authorisation to offer advice

2.2. Requests for information, advice, products or services that fall outside the agency level of authorisation or knowledge are referred to the financial services institution for resolution

2.3. Help and assistance is provided to customers to ensure the full and accurate completion of documentation or transaction forms

3. Process customer transactions

3.1. Information or forms provided by customers are checked for accuracy and completeness

3.2. Transactions are completed in a timely and accurate manner using the protocols and processes of the financial services institution

3.3. Accurate customer account and transaction details are maintained

3.4. Accurate reconciliation of monies received with transaction records is conducted routinely

3.5. Customer queries or complaints are responded to in a courteous and timely manner using the required protocols and processes

3.6. Customer queries or complaints that are outside the agency's level of authorisation or knowledge are referred to the financial services institution for resolution

Required skills

communication skills to:

determine and confirm customer requirements, using questioning and active listening as required

sell products and services within the scope of the job role

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

make basic financial transaction calculations

access and use computer-based transaction systems

access and use internet information

problem solving skills to address customer service issues

literacy skills to read documents and complete forms and transaction records accurately

organisational skills, including the ability to plan and sequence work

teamwork skills to work cooperatively with others

Required knowledge

customer service principles and practice

organisation policies, procedures and protocols

scope of capacity to offer advice on financial products and services and their benefits and applications within the requirements of the Financial Services Reform Act (FSRA)

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

maintain and apply relevant and up to date knowledge of the products and services of the retail agency and provide accurate information and processing of transactions including the accurate handling of monies

apply effective customer service skills in dealing with customers of the retail agency

identify and respond to customer queries and complaints within appropriate scope of authority and in accordance with appropriate legislative requirements.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant financial services or related workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to relevant agency transaction systems and data.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

observing processes and procedures in workplaces

verbal or written questioning on underpinning knowledge and skills

accessing and validating third party reports.

Guidance information for assessment

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Agency offering financial service transactions and service include:

pharmacies

post offices

stock and station agencies.

Products and services may include:

deposits and withdrawals from savings accounts

distribution of application forms

payment of bills

payment of credit card balances

payment of insurance or other financial product invoice.

Authorisation to offer advice to customers must comply with:

Anti-Money Laundering and Counter Terrorism Financing Acts

Cheques and Payment Orders Act

Financial Transaction Reports Act.

Accuracy and completeness of documentation includes checking:

authenticity of signatures

that all forms are completed accurately and legibly

appropriate forms are used for the transaction.

Transactions may be both manual and electronic and include:

accurate processing of transactions into system according to policy

clearance of terminal and tender transferred according to procedure

completion of records for transaction errors according to policy

initiation of transaction by opening terminal.

Unit sector

Financial retail services

This unit contains employability skills.