Essay: Customer Service In Financial Services Industry Guide.

What are the specific behavioural competencies that this requires and how would this be measured.

How might an organization collect information to facilitate this?

There are many laws that regulate the way businesses may provide service to the client. Why is this important and what is your responsibility?

Write guide for customer service by considering various things.

Identify and clarify customer needs and expectations

Mortgage requires by an entity to fulfil their credit need whether an entity in an individual who utilises various loan options according to its calibre. Customer needs and expectations of financial services utilizes differs from one option to another. The customer aims to get large amount of loan on a lower interest rate. Mutual negotiation of loan term period, interest rate and applicable bank charges to get the loan. Executives will know the expectations of all the clients by analyzing their financial position before filing their credit application.

Questionnaires distributed to all the clients whoever comes to the mortgage firms to avail the financial services offer by them. Urgency of the credit request o the client analyzes by knowing their current financial capability to meet the future responsibilities. The financial services entity held responsible for identifying the calibre of the client as credit application of the insolvent member is not filed by the business which, in turn, increases the obligations of the firm.

A priority is different for financial services provider and service receiver as both the individuals thinks from the different angle.  Delivering financial services should be of higher quality within a stipulated time period. Time factor will create competitive advantage in the external environment as these services require enough time to get it complete in satisfying the expectations of all the individuals. Client wants the solution before the time which comprises all financial advices and identifying all the current as well as future risks faced by an individual in the future.

Financial performance of the client measures by the representatives by analyzing the assets and liabilities of the client along with the overall income received by the client. Three to four alternatives presented in front of the client to be select by the client according to their own choice. Variety of alternatives is presented in front of the client to get the attention in return.

Various features should consider by an entity while selecting the best suitable option such as cost, benefits, technical feasibility, time period, risks, future advantage, and competition with the market. All these traits used by an individual in category the best suitable project out of the worst alternatives. It is essential to consider the best option as this will affect the client’s performance in the future.

Complain management system develops by the firm which will take care about the needs and expectations of all the clients. In this system, negative feedbacks of all the users as these executives use polite tone in treating all the customer’s issues. This system will help in resolving all the issues faced by the clients. This is complimentary services provided to the client at free of costs after 1 year of the application of the loan application.

Assess urgency of the request

Online support is open for the clients in resolving all queries and issues after and during the process. The client can contact the firm through telephone, online website, Email and SMS to notify the firm about their problems. For the financial service entity, they held responsible for meeting needs and expectations of all the individuals. A client is very important for the business as in a service industry meeting their need is important for the business enterprise.

Customers play an important role in a service industry as an entity always give higher priority to the needs of all the consumers. Respond quickly to the queries of all the buyers as they helps in convincing all the users in sustaining with the business concern for a long span of time. KYC forms filled by all the visitors of the financial services to get their user better.

An entity tries to portray the image of the company in front of its user to get their overall attention. An achievement of the firm is presented in front of all the customers to positively convince to purchase the services of the firm.

Grievance redressal system created by an entity to resolve all the problems of the clients. Reason behind the occurrence of the complaint explained to all the users that help in decreasing all the issues.

Online support is open for the clients in resolving all queries and issues after and during the process. The client can contact the firm through telephone, online website, Email and SMS to notify the firm about their problems. For the financial service entity, they held responsible for meeting needs and expectations of all the individuals. A client is very important for the business as in a service industry meeting their need is important for the business enterprise.

Analyzing the balance sheet of the business of monthly, quarterly and yearly to know the actual financial position of the business concern.

Without the feedback of customer, it is impossible for the business to proceed with the loan application as at each and every point their consent taken by the business.

Customers play an important role in a service industry as an entity always give higher priority to the needs of all the consumers. Respond quickly to the queries of all the buyers as they helps in convincing all the users in sustaining with the business concern for a long span of time. KYC forms filled by all the visitors of the financial services to get their user better.

Determine priorities for service delivery

Taking feedback of the customers helps in increasing customer experience by satisfying all their needs.

It is recommended to entity to provide assistance during and after the loan application to get their attention. Through digital brochures a client can feed their requirements into the portal to update their information.

• Credit activities provided by the firm helps in engaging with the client in three parameters such as efficiently, honestly and fair delivery of services.
• Internal dispute resolution policy followed by an entity by following all the ASIC rules and the regulations.
• Firm is a member of external dispute resolution scheme to offer quality oriented services o its prospective clients.

All-property mortgage- It is a mortgage that is applicable on all the property held by an individual in a particular financial years. The property should acquired by the firm under a secured contract.

All account mortgage- Motive of this mortgage is to cover the overall debt possess by a debtor to the credit provider. Borrowers are required to give consent in writing to qualify for this mortgage.

Third party mortgage- This facility of providing credit restricts a user in entering to secured mortgage facility unless the debtor allows to enter into the same.

• Contacting through Email
• Sending regular SMS
• Filling KYC forms
• Website of an entity
• Digital brochures

• Loan
• Mortgage
• Forex
• Derivatives

• Shifting to online medium by reducing the use of paper as this increase the pollution in the environment.
• Authenticity of documents gets increases by using digital signatures to verify all the documents online.
• Reducing carbon emission with the use papers and higher pollution
• Following sustainable workplace policies
• Choosing non-pollution ways to promote eco-friendly working practices.

1. Application form
2. Business activity statements
3. Information sheet
4. Bank Statement
5. Copies of financial statement
6. Copy of business license
7. Information of credit history
8. Previous credit statements
9. Identity card
10. Disclosure statements

Home loan product of bank of Melbourne has two differential interest rates such as variable interest rate and comparable interest rate.  Variable interest rate is 3.64% per annum and comparison rate of 3.65% per annum. Fixed rate is of 3.89% for 2 year fixed rate and comparison rate worth 5.40% per annum.

AMP superannuation fund assist an individual will secure the future for 160 years. This product has reputation in the market in meeting all the customer’s needs and

Borrowing capacity

Salaries $105000+$47000

Credit card $100000

Personal loan $25000

Total              $187000

Repayment      $600*12

= $7200

Interest           $187000*7%

= $13090

 Communication is a process of exchanging idea and opinions among two or more individuals using different modes. One of the professional skills require by an individual in communicating all their views and opinions in the corporate world. An interpersonal skill shows the status of a person who can convey their thoughts to their superior.

Synergy and team spirit are two critical success factors use by an entity in achieving the desired goals and the objectives within a given span of time. Motive of an entity is to create synergy in a team by building cooperation in a team in accomplishing all the aims and objectives within a stipulated time period.

Problems and conflicts play an integral role in an entity which will decrease the entire performance of the firm. It is essential to use analytical skills by a manager to make judgements on all the problems incurred in an entity. A manager will uses logical reasoning skills to resolve each and every problem easily by an entity.

An entity owner takes initiatives in a business just to accomplish all the goals and the objectives in the business concern. Financial initiatives use by the firm in improving the overall financial performance of the firm. Ratio analysis is used to compare the previous figure of the business with actual year facts.

Planning is a management function which is essential in searching about the latest trends and buying patterns of an entity. Role of planning categorises into financial as well as non-financial planning to discuss on various parameters of the business concern. Organizing refers to systematically arranging of all the project activities in a systematic order.

It denotes the centralization process of the business as overall control of an entity lies with an enterprise owner as they allocate responsibilities among all the employees but major control lies in the hands of the business owner. It shows leadership skills of the owner in regulating all the business activities to accomplish all the aims within a given span of time.

It is essential to learn new skills throughout the business duration as the motive of an entity is to consider all the key factors in a business. Entity owners sharpen their skills by upgrading their current skills by taking lessons through online or attending the lecturers from coaching centres.

It can change the business structure by adding the flavour of different technologies into a business as their motive is to transform the overall status of the business to avail all the advantages by the firm. It also focuses on completing a particular business project in a shorter span of time.