Application
This unit describes the skills and knowledge required to process basic financial transactions for customers in a retail financial organisation.
It applies to individuals in frontline customer services roles who use organisational skills and specialised knowledge to perform clerical services, administer financial records and respond to a range of queries.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Provide customer service | 1.1 Greet and serve customer with respect and professionalism in accordance with company service standards and expectations 1.2 Provide customer with information as required in timely, accurate and effective manner, answering any queries about transactions fully and clearly to ensure customer is appropriately informed 1.3 Refer transactions outside knowledge or delegated authority of officer to other personnel for resolution, as required |
2. Process basic financial transactions | 2.1 Process customer transactions in accurate and timely manner using standard policies, procedures and systems 2.2 Check documentation or systems entry to support transactions for accuracy and completeness, and maintain and verify customer account and transaction details using correct procedures 2.3 Resolve or refer customer complaints and disputes to other authorised personnel, and rectify customer accounts where necessary 2.4 Perform accurate reconciliation of subsidiary ledgers to general ledger accounts, and levy fees appropriate to transaction in accordance with standard procedures |
3. Administer transaction process | 3.1 Analyse and respond to error records and exception reports according to standard procedures and within required timeframes 3.2 Provide activity reports, monitoring nature and level of transaction activity and update database records or customer files according to standard procedures and within required timeframes 3.3 Safely and securely store customer records in accordance with standard processes, recognising requirement to protect customer privacy and commercial confidentiality |
Evidence of Performance
Evidence of the ability to:
provide responsive customer service and accurate information relating to account transactions
check and verify customer details in accordance with the organisation’s customer identification process
process transactions in an accurate and timely manner, and clarify customer queries clearly
assess transaction activity reports to ensure accuracy and completeness, and resolve errors according to organisational process
follow customer complaint and dispute resolution policy and procedures
maintain and apply knowledge of range of products, features and fees.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Evidence of Knowledge
To complete the unit requirements safely and effectively, the individual must:
describe the key features of organisational products
outline the key features of policies and procedures relating to customer account service and techniques
outline the key steps and reasons for security checking procedures and escalation of suspicious matters
identify the key operational features and maintenance requirements of equipment used in processing customer transactions.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial retail services field of work and include access to:
common office equipment, technology, software and consumables
financial services product information
integrated financial transaction system – equipment and data.
Assessors must satisfy NVR/AQTF assessor requirements.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 2.1, 2.2, 3.1 | Accesses information from a range of sources and interprets documents to confirm and determine requirements Checks numerical data accuracy and completeness |
Writing | 2.2-2.4, 3.1, 3.2 | Correctly records information and completes forms, checking for accuracy of information and data |
Oral Communication | 1.1-1.3, 3.2 | Participates in verbal exchanges using active listening and questioning to determine requirements, respond to queries and resolve issues and conflict Clearly explains and clarifies information using language, tone and pace appropriate to the audience and purpose |
Numeracy | 2.1, 2.2, 2.4, 3.1, 3.2 | Uses mathematical equations to calculate and check the accuracy of transactions |
Navigate the world of work | 1.1, 1.3, 2.1, 2.2, 2.4, 3.1, 3.2, 3.3 | Understands boundaries and responsibilities of role and complies with explicit organisational policy and procedures required for account transactions and related customer service standards |
Interact with others | 1.1, 1.2, 1.3, 2.3 | Selects and uses appropriate protocols and conventions to communicate with colleagues and customers in the conduct of a service based relationship |
Get the work done | 1.2, 1.3, 2.1, 2.2, 2.3, 2.4, 3.1, 3.2, 3.3 | Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Responds to predictable routine problems and implements standard procedures and solutions, or refers to others as required Uses the main features and functions of digital tools and systems to complete work tasks |
Sectors
Financial retail services