This unit may be applied in a call centre, face-to-face or on the basis of written documentation in any financial services industry sector.

ELEMENT

PERFORMANCE CRITERIA

1. Identify the nature of the enquiry

1.1. Rapport with the customer and the reason for the enquiry are established to allow a suitable response

1.2. Needs of the customer are determined by questioning

1.3. Check is carried out to see whether the enquiry is within personal authorities or should be referred to appropriate personnel

2. Determine the suitability of the customer for the financial product or service

2.1. Products and/or services that might satisfy the customer's needs are identified

2.2. All information required to determine the eligibility of the customer for the product or service is obtained with predetermined risk assessment criteria applied in accordance with product or service requirements

2.3. Business proposal is prepared in compliance with legislation, regulations and codes of practice and personal authorities and if the business proposal is outside the defined guidelines, it is referred to appropriate personnel for further action

3. Provide customer with information about the product or service

3.1. Business proposal is presented to the customer and all product information is supplied

3.2. Customer queries are discussed and proposal clarified if required with follow-up arrangements made

4. Confirm sale and process documentation

4.1. Suitability of product and price are confirmed with the customer and agreement to proceed with the sale is obtained

4.2. Documentation is issued in accordance with organisation policy and procedures

4.3. Payment details are processed without delay and record systems updated promptly and accurately

Required skills

communication skills to:

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

sell products and services

refer clients and liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

IT skills for accessing and using appropriate software such as spreadsheets and databases and using internet information

literacy skills for analysing information and products to ensure appropriateness to client needs, currency and accuracy

interpersonal skills to establish rapport with clients and to liaise with other team members

problem solving skills to address client product or service issues

teamwork skills

organisational skills, including the ability to plan and sequence work

Required knowledge

basic structure and operation of the financial services industry

company policies and procedures for interacting with customers and solving problems

relevant legislation and regulations impacting on the financial services industry

selling techniques

the range of products and services available from an organisation including terms, interest rates, special packages and other conditions

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:

interact with customers, collect the necessary information and match customers' needs to company products or service

sell products and services including matching customers' requirements to company products and services and finalise and record the sale.

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 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 financial services product information.

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 or role plays

verbal or written questioning on underpinning knowledge and skills

setting and reviewing business simulations or scenarios

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.

Products and/or services may include:

banking

insurance

investment

loans

other services

savings

superannuation.

Information may include:

business records

financial status

personal details

previous history with the company or other companies.

Legislation, regulations and codes of practice may include:

anti-discrimination legislation

Australian Prudential Regulation Authority (APRA)

business names legislation

Consumer Credit Code

Corporations Act (including Accounting Standards)

Electronic Funds Transfer (EFT) Code of Conduct

Finance Code

Financial Services Reform Act (FSRA)

Financial Transaction Reports Act

industry codes of practice

Privacy Act

taxation law.

Unit sector

Sales and marketing

This unit contains employability skills.