FNSBANK402A Align banking products with the needs of small business customers

Transcription

1 FNSBANK402A Unit Descriptor Application of the Unit Unit Sector Align banking products with the needs of small business customers This unit covers the skills and knowledge to diagnose client needs and wants and identify, match and communicate products to reflect these requirements. The unit addresses the identification of business needs, communication of product and service alternatives, solution seeking and the analysis of product applications. This is a new unit. This unit requires the application of high levels of product knowledge, customer needs analysis, research, communications and systems skills. The unit can be applied in all types of banking and other financial services institutions. No sector assigned ELEMENT PERFORMANCE CRITERIA 1. Identify and forecast small business customer needs and wants 2. Identify product/service options for small business customers 1.1 Asegmentation analysisof the small business market is conducted 1.2 The operating environments of the small business segments are identified and analysed 1. The impact of the small business segments' environment on their current and future banking needs is identified and analysed 1.4 Processes to track and monitor small business customer needs and wants are understood and utilised 1.5 The results of marketing and communications campaigns targeted to small businesses are analysed to identify successful strategies 2.1 Current usage patterns of the institution's small business customer segments are analysed 2.2 Product and services used by segments of small business customers are identified and their benefits analysed 2. New products and services, tailored to small business customer segments, are designed and their implementation negotiated in accordance with the institution's business rules and processes Page 1 of 5

2 . Communicate service benefits to small business customers 4. Manage the performance of products, services and communications for small business customers.1 Preferred and optimum communication strategies and vehicles to influence small business segments are identified and analysed.2 Communications campaigns to match products/services to identified small business segments are planned and implemented. Strategies to support routine and ongoing communications with small business segments are planned and monitored.4 Customer Service staff are briefed about the purpose of communication campaigns.5 Information, advice and coaching is provided to staff in a timely and effective manner 4.1 Performance indicators are identified, communicated and monitored 4.2 Reports against targets using standards protocols and procedures are analysed 4. Exception or feedback reports are analysed and processes put in place to rectify faults or capitalise on opportunities 4.4 Strategies to support the continuous improvement of small business products/services and communications are developed, implemented and monitored REQUIRED SKILLS AND KNOWLEDGE This describes the essential skills and knowledge and their level, required for this unit. Knowledge requirements include: legislation and regulation relevant to the area including Financial Services Reform Act (FSRA), Privacy Law, Company Law and Trade Practices Act company systems company policies, procedures and protocols financial products and services and their benefits and applications market research techniques customer motivations, needs and wants communications theory principles of business management industry understanding Skills requirements include: communication skills analysis and problem solving skills planning and organising skills market analysis product/service analysis Page 2 of 5

3 KEY COMPETENCIES The seven key competencies represent generic skills considered for effective work participation. The numbering against each of the key competencies indicates the performance level required in this unit. Performance Level 1 - at this level, the candidate is required to undertake tasks effectivelyperformance Level 2 - at this level, the candidate is required to manage tasksperformance Level - at this level, the candidate is required to use concepts for evaluating and reshaping tasks Key Competency Example of Application Performance Level Communicating ideas and information Collecting analysing and organising information Planning and organising activities Working with others and in teams Using mathematical ideas and techniques Solving problems Using technology Preparing reports and analysis will require the communication of ideas and information. Analysis of customer usage patterns will require information to be collected, analysed and organised. Coordination of complex market research and communications campaigns will require activities to be planned and organised. Coordination of the work and performance of staff will require teamwork. Analysis of service/product performance or potential will require the use of mathematical ideas and techniques to be applied. Development of service options to meet identified customer needs and wants will require problem solving skills. Use of databases will require the use of technology. 2 RANGE STATEMENT The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance. The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement. A segmentation analysis of the small business market may be based on: industry or sector geographic location size of business growth of business Page of 5

4 The operating environments of segments of the market may reflect: the lifecycle of the industry depth and strength of competition in the market place purchasing power and control of customers strength and influence of suppliers availability/cost of inputs technology changes exchange rate changes regulatory changes environmental conditions/changes Processes to track customer segment needs and wants include: quantitative market research qualitative market research such as focus groups long term tracking studies customer satisfaction surveys feedback from frontline customer service staff Customer usage patterns may be defined by: number of transactions per month per customer number of services (loans, online banking, night-safe, merchant EFTPOS etc) used per customer shift in type of services (eg to online banking, electronic payments versus cheques etc) Product and services for small businesses may include: business loans overdrafts commercial bills interest bearing accounts off-set business mortgages statutory trust accounts access to night-safes business credit cards hire purchase business leases novated leases savings/cash management accounts superannuation Communication strategies and vehicles used with small business customers may include: outbound telemarketing response to inbound calls resulting from a marketing offer mail-outs media offers branch or regionally based initiatives Performance indicators may include: sales of products achieved level of up-selling or cross-selling retention of customers growth of new customers level of recall of products or services by customers increase in number of products/services used per customer Page 4 of 5

5 EVIDENCE GUIDE Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range of Variables applicable to the workplace. Overview of assessment requirements To achieve competency in this unit, a person must be able to demonstrate: the skills necessary to analyse and segment the small business market and identify effective and commercially successful products to meet the varying needs of the market segments the ability to construct effective communications campaigns and to monitor success Evidence required for demonstration of consistent performance: Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range of Variables and contexts applicable to the work environment. Delivery/assessment relationship to other units: This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge. Evidence is most relevant when provided through an integrated activity which combines the elements of competency for the unit, or a cluster of units of competency. Method of assessment: For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance. Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required. Context of assessment: This unit may be assessed in the workplace or in a simulated environment. Resources required for assessment: Assessment of this unit of competence requires access to company policies and practises and the technology/systems used by the company to provide services to small business customers. Page 5 of 5