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Evidence Guide: FNSINC402A - Develop and maintain in-depth knowledge of products and services used by an organisation or sector

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSINC402A - Develop and maintain in-depth knowledge of products and services used by an organisation or sector

What evidence can you provide to prove your understanding of each of the following citeria?

Identify the products and services the organisation uses

  1. Products and services used by an organisation or sector are identified and the purpose of each determined
  2. The characteristics of products and services are identified and their strengths, weaknesses, terms, and conditions understood so they can be clearly communicated to customers where applicable
  3. The organisation's promotional strategy for products and services are accessed and applied in business activities
Products and services used by an organisation or sector are identified and the purpose of each determined

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The characteristics of products and services are identified and their strengths, weaknesses, terms, and conditions understood so they can be clearly communicated to customers where applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The organisation's promotional strategy for products and services are accessed and applied in business activities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify compliance implications of product

  1. Compliance implications are established and documented
  2. Customer is provided with all necessary information and documentation as per compliance requirements
Compliance implications are established and documented

Completed
Date:

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Customer is provided with all necessary information and documentation as per compliance requirements

Completed
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Determine the appropriate users for products and services

  1. The function of each product and service and the customer needs it satisfies are identified and documented and the customer characteristics that best suit each product determined
  2. The products and services used by the organisation or sector are compared with the products of competitors as a basis for selecting the most effective approach to matching products to customer needs
  3. Approaches to selling the products and services in a competitive marketplace are evaluated and effective approaches to meeting customer needs determined
The function of each product and service and the customer needs it satisfies are identified and documented and the customer characteristics that best suit each product determined

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

The products and services used by the organisation or sector are compared with the products of competitors as a basis for selecting the most effective approach to matching products to customer needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Approaches to selling the products and services in a competitive marketplace are evaluated and effective approaches to meeting customer needs determined

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain product knowledge

  1. Relevant products and services are reviewed regularly and any changes to terms and conditions identified and applied in daily work
  2. Systems for keeping up with changes and maintaining up-to-date knowledge about relevant products and services are put in place and used
  3. Emerging trends affecting the financial industry are continuously reviewed and applied to product and service knowledge
Relevant products and services are reviewed regularly and any changes to terms and conditions identified and applied in daily work

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Systems for keeping up with changes and maintaining up-to-date knowledge about relevant products and services are put in place and used

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Emerging trends affecting the financial industry are continuously reviewed and applied to product and service knowledge

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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:

identify and maintain current knowledge of the financial products and services an organisation uses and provides

identify unique characteristics of financial products, how they rate to competitors, and the type of customers and customer needs they are best suited for.

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

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Required Skills and Knowledge

Required skills

well-developed communication skills to:

determine and confirm customer requirements, using questioning and active listening as required and avoiding unnecessary industry jargon

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

research and analysis skills to access, interpret and manage complex product and service information and product characteristics

IT skills to use internet databases and search engines for:

product information

consumer reports

industry information bulletins

well-developed literacy skills for:

analysing information and products to ensure appropriateness to customer needs, currency and accuracy

reading and interpreting documentation from a variety of sources and recording, gathering and consolidating financial information

drafting comprehensive documentation on products and services from a wide range of sources

marketing skills for :

reading market and consumer trends

matching relevant products that meet these needs

communicating the benefits of products and services in a way that informs the market

identifying different types of customers in the relevant market

learning skills to maintain knowledge of changes to relevant legislation and financial product features

organisational skills, including the ability to plan and sequence work

Required knowledge

approaches to selling products and services such as:

advertisements

seminars

networks

direct mail

systems that can be accessed to obtain up-to-date information on products, services and competition such as:

internet

consumer reports

financial reviews and conferences

events that promote financial products and services

general marketing and promotional techniques such as:

product placement

how to identify strengths and weaknesses

how to overcome consumer resistance

organisation policies in terms of promotional and marketing strategies

organisation's products and services and those used by the organisation

products and services used by competitors that are similar to the organisation's

Range Statement

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.

Organisation products and services may include:

commercial loans

credit cards

debit cards

home loans

other financial service or product that has been developed by and for an organisation

personal loans.

Characteristics of products and services may include:

fees

flexibility

interest rates

time limits

transferability.

Promotional strategy may include:

marketing and promotional plans

strategic plans.

Compliance implications may include:

Financial Services Reform Act (FSRA) requirements

industry code of practice requirements

other relevant Acts and legislation

product disclosure statements.

Customer needs may include:

ability to change services

age considerations

amount of savings and income

family concerns

flexibility of services.

Customer characteristics may include:

age

marital status

income

profession

geographic location.

Systems may include:

database systems

induction programs

seminars

training programs.

Emerging trends may include:

changes in the economic climate

changes in the political or international climate

financial market changes

interest rate changes

new technologies

valuation of currencies.