Unit of competency details

Unit descriptor 

This unit describes the performance outcomes, skills and knowledge required to process basic financial transactions for customers in a retail financial organisation.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.

Application of the unit 

This unit may apply to customer service job roles in banks, credit unions and other financial organisations.

Prerequisite units 

Employability skills 

This unit contains employability skills.

Elements describe the essential outcomes of a unit of competency.

Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide.

ELEMENT 

PERFORMANCE CRITERIA 

1. Provide customer service

1.1. Customer is greeted and served with respect and professionalism in accordance with the company service standards and expectations

1.2. Customer is provided with information  as required in a timely, accurate and effective manner with any queries about transactions answered fully and clearly to ensure customer is appropriately informed

1.3. Transactions outside the knowledge or delegated authority of the officer are referred to other personnel  for resolution as required

2. Process basic financial transactions

2.1. Customer transactions  are processed in an accurate and timely manner using standard policies , procedures and systems 

2.2. Documentation or systems entry to support transactions is checked for accuracy and completeness and customer account and transaction details maintained and verified using correct procedures

2.3. Customer complaints and disputes are resolved or referred to other authorised personnel and customer accounts are rectified where necessary

2.4. Accurate reconciliation of subsidiary ledgers to general ledger accounts is performed and fees appropriate to the transaction are levied in accordance with standard procedures

3. Administer the transaction process

3.1. Error records and exception reports are analysed and responded to according to standard procedures and within required timeframes

3.2. Activity reports monitoring the nature and level of transaction activity are provided and database records or customer files updated according to standard procedures and within required timeframes

3.3. Customer records are stored safely, securely and in accordance with standard processes and recognising the requirement to protect customer privacy and commercial confidentiality

REQUIRED SKILLS AND KNOWLEDGE 

This section describes the skills and knowledge required for this unit.

Required skills 

• communication skills to:

• determine and confirm customer transaction requirements, using questioning and active listening as required
• resolve customer issues and conflicts
• liaise with others, share information, listen and understand
• use language and concepts appropriate to cultural differences

• numeracy and IT skills to:

• calculate transaction details
• check transactions
• access and use computer-based databases and systems

• problem solving and dispute resolution skills to address customer transaction issues
• literacy skills to read documents and complete forms and records accurately
• organisational skills, including the ability to plan and sequence work
• teamwork skills to work cooperatively with others
• self-management skills for complying with organisational procedures and requirements

Required knowledge 

• organisation products available and features
• policies and procedures in regard to customer account service and techniques
• relevant legislation and statutory requirements and industry codes of practice including:

• Consumer Credit Code
• Privacy Act
• Credit Act

• security checking procedures
• the operation and maintenance of equipment which may include:

• security equipment
• transaction terminals
• numerical display boards
• calculators
• scanners

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:

• thoroughly check customer account details
• interpret and comply with relevant legislation
• follow customer complaint and dispute resolution policies and procedures
• maintain and use knowledge of range of products, features and fees.

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
• access to an integrated financial transaction system 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 

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.

Information  may be related to:

• account services, including:

• savings
• retirement
• superannuation
• investment services

• processes for completing transactions including:

• cash or non-cash transactions
• EFTPOS
• cheques
• credit cards

• the interests of customer include knowledge of the changing circumstances of the customer and how these contexts influence customer needs in relation to financial, retirement, investment and other services.

Authorised personnel  may include:

• dispute resolution officer
• employees
• supervisors and managers.

Transactions  may be processed:

• using manual or electronic systems
• using the standard procedures and systems of the financial services institution

and may include:

• bank cheques
• credit card transactions
• debits such as from:

• savings accounts
• cheque accounts

• inward credits
• payroll deductions
• periodic payments.

The relevant financial services organisation's policies , procedures and systems  may relate or be influenced by:

• administrative and clerical systems
• database and IT systems
• product and account and service range
• range of responsibility
• size, type and location of branch
• types of equipment used.

Unit sector 

Financial retail services

Competency field 

Co-requisite units