University Finance Report: FNS40815 Certificate IV in Mortgage Broking

This report provides a comprehensive analysis of the FNS40815 Certificate IV in Finance and Mortgage Broking, addressing key aspects of the finance industry. It begins by outlining crucial elements for effective customer communication, emphasizing active listening, clarifying needs, and using appropriate body language. The report then delves into behavioral competencies essential for delivering exceptional customer experiences, including managerial and individual competencies such as patience, attentiveness, and clear communication skills. It also examines continuous improvement strategies, including the collection of customer feedback through surveys and social media reviews. Furthermore, the report discusses the legal framework governing businesses in the finance sector, highlighting the importance of compliance with ASIC regulations and other relevant laws to ensure business growth, reduce legal risks, and foster positive customer and employee relations. The report also includes a guide that can be used as a sales training tool for both new and experienced brokers. The report concludes with recommendations for improving service delivery, focusing on enhancing customer service skills, improving customer interactions, and refining customer service strategies to build trust and maintain customer satisfaction. The report utilizes multiple sources of information like Training.gov.au, Comart.com.au, and Moneybuddy.com.au to support its findings.

Running head: FNS40815 CERTIFICATE IV IN FINANCE AND MORTGAGE BROKING
FNS40815 Certificate IV in finance and mortgage broking
Name of the student
Name of the university
Student ID
Author note

1FNS40815 CERTIFICATE IV IN FINANCE AND MORTGAGE BROKING
Table of Contents
Question 1..................................................................................................................................2
Answer 2....................................................................................................................................2
Answer 3....................................................................................................................................3
Answer 4....................................................................................................................................3
Answer 5....................................................................................................................................4
Answer 6....................................................................................................................................5
Reference....................................................................................................................................6

2FNS40815 CERTIFICATE IV IN FINANCE AND MORTGAGE BROKING
Question 1
Points those are important for assuring that the communication delivers on the
priorities, expectation and needs of the customers are as follows –
 Providing the opportunity to the customers for confirming their request
 Actively listen to the communication made by the customers
 Questioning the customers for confirming and clarifying their needs and requirements
 Asking feedback from customers for confirming understanding of the needs
 Using proper body language (Training.gov.au, 2018).
 Paraphrasing and summarising for checking understanding of the messages from
customers.
 Must be aware of limitations while addressing the needs of customers and must look
for the assistance from any designated individuals.
 Prompt service must be availed to the customers for satisfying the customer’s needs
and requirements.
Answer 2
Specific behavioural competencies required for delivering outstanding experience to
the customers are as follows –
 Managerial competencies – it involves the qualities brought out while any person in –
charge of any other person.
 Individual competencies – it involves the personal qualities including risk taking
approach, flexibilities, personal integrity and independence
 Patience – patience is not only important for the customers who comes for support, it
is equally important for the staffs while dealing with the customers.
 Attentiveness – ability to listen to the customers is crucial for delivering great service
to the customers. It is not sufficient to pay attention only but the staff shall also be
attentive and mindful to feedback received at large (Ostrom et al. 2015).
 Clear skill for communication – while serving the customers they must be sure that
they get their hand quickly regarding the customer’s problem as the customers are just
concerned about their issues and not interested in listening to the staff’s stories.

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 Knowledge of product or service – the staff must have sufficient knowledge regarding
the service or product offered to the customer. Without proper knowledge of the
service or goods the staff will not be able to help the customers while they face
problems.
 Ability to use the positive language – language plays important part of the persuasion
while dealing with the customers. Further it creates perceptions regarding the staff
and his company based on the language they use for communication (Boshyk 2016)
Answer 3
Continuous improvement includes incremental innovations and initiatives for
achieving the best practices. All the objectives and expectations shall be deployed to the
customers clearly. Information can be collected from distributing the feedback form and
collecting it after filling by the customers. It will assist in evaluating and improving the
organisation’s service delivery strategies. Further, information can also be collected from
customers review published in social media.
Answer 4
Different laws are there for regulating the businesses while services are provided to
the client. The service provider shall comply with the laws enforced and administered by
ASIC. If any name is used as business name the owner must comply with the legal
obligations applicable under the Business Names Act business must be complied with the
laws and regulation for the following reasons –
 Business growth – compliance to laws and regulations are important for protecting the
welfare, safety and health. It includes business license and payment of taxes.
Compliance is important as issues become complex with the business growth.
Responsibilities towards customers as well as employees increases with the growth in
business (Macaulay 2018).
 Reduction of legal problems – compliance with the regulations and laws reduces the
risk associated with penalties, fines, lawsuits, work stoppages and shut down of the
business. If any compliance is not met, the business may get warning for correcting
the issue however in some situations the business may get penalised (Donkor-
Hyiaman and Ghartey 2017).

4FNS40815 CERTIFICATE IV IN FINANCE AND MORTGAGE BROKING
 Improves relation with customers – when the business meets its legal obligations the
business may include it in their marketing materials and official website. An
organization that complies with the regulations and laws will be definitely preferred
by the customers while they make decisions regarding purchasing the product.
 Higher employee as well as customer retention – many organizations comply with the
laws and regulations for protecting their employees and customers. The reason behind
this is that the customers feel that they purchase the product from safe, professional
and fair environment which in turn will influence them to stay for long.
Answer 5
The guide can be used as the sales training tools for the experienced as well as new
brokers. As the mortgage broker the broker is considered as the trusted advisor having the
power of helping the client. The guide will include the following points –
 Customer’s expectations and need - it shall be identified accurately and clarified
through proper interpersonal skills
 Assessing the urgency of request and determining priorities - Needs of the customer
shall be assessed for urgency for determining priorities to deliver the services as per
the organizational requirements
 Informing regarding possible choices and assisting in selecting preferred option -
Customers shall be provided with the information regarding available choices to meet
their requirements and must assist in selecting the preferred options.
 Addressing the action in case no fulfilment of needs - Limitation in fulfilling the
customer’s requirements shall be identified and the suitable assistance shall be sought
from the designated individuals (Moneybuddy.com.au 2018).
 Providing prompt services - Services shall be provided to the customers promptly for
meeting the recognised needs as per the organizational requirements
 Establishing and maintaining the rapport with customer - Appropriate rapport shall be
established and maintained with the customers for assuring completion of quality
service delivery
 Action to be taken in case of complaint - In case of any complaint it must be handled
courteously and sensitively as per the organizational requirements.
 Assistance in case of special need - Customers with special assistance or needs shall
be responded as per the organizations needs

5FNS40815 CERTIFICATE IV IN FINANCE AND MORTGAGE BROKING
 Providing cross – selling opportunities - Cross-selling opportunities that may be
apparent shall be proposed to the customers
 Seeking customer feedback - Feedback from the customer shall be seek for
confirming the understanding of the needs
 Reviewing customer satisfaction - Procedural aspects regarding service delivery shall
be monitored for the effectiveness and to be useful for customer’s requirements
(Jaakkola and Alexander 2014).
 Using feedback for improving the customer service - Customer’s feedback shall be
sought regularly and it shall be used for improving the provisions of services and
provisions.
Answer 6
Following recommendations can be provided for improving the service delivery to the
perspective customers –
 Strengthening the customer service skills – the customer service team must have right
skill for managing the needs of the customers. The service provider must know how
to handle the customer’s temperaments and must have patience, consistency and
empathy to deal with. Further, as each customer and their needs are different the
service provider must be able to adapt the customer’s needs and shall be able to
communicate in clear manner.
 Improving the customer’s interactions – apart from necessary skills the service
provider must build trust and restore the confidence in customer’s minds. It will
further allow them in controlling the situation, focussing on customer’s attention and
resolving the issues (Comart.com.au 2018).
 Enhancing the strategies related to customer service – service provider must have
required know-how and skills to interact with the customers. Various strategies that
may improve relations with customers are – (i) providing more than just the
automated e-mail replies and replying back regarding their issues or needs (ii) apart
from online service providing the customers shall be met personally which in turn will
develop personal touch (iii) customer need shall be met to the extent possible.
Additional services may be provided to valuable customers to strengthen the
relationship (Reim, Parida and Örtqvist 2015).

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Reference
Boshyk, Y. ed., 2016. Business driven action learning: Global best practices. Springer.
Comart.com.au. (2018). [online] Available at:
http://www.comart.com.au/wp-content/uploads/2015/01/Deliver-and-monitor-a-service-to-
customers-Training-and-Assessment-Guide-sample.pdf [Accessed 7 Nov. 2018].
Donkor-Hyiaman, K.A. and Ghartey, K.N.O., 2017. Legal origins and mortgage finance
contradictions. International Journal of Housing Markets and Analysis, 10(1), pp.156-179.
Jaakkola, E. and Alexander, M., 2014. The role of customer engagement behavior in value
co-creation: a service system perspective. Journal of service research, 17(3), pp.247-261.
Jones, K. and Lawson, R., 2015. Financial System Inquiry Topical Analysis.
Macaulay, S., 2018. Non-contractual relations in business: A preliminary study. In The Law
and Society Canon (pp. 155-167). Routledge.
Moneybuddy.com.au. (2018). Guide To Mortgage Brokers. [online] Available at:
http://www.moneybuddy.com.au/home-loans/guide-mortgage-brokers.html [Accessed 7 Nov.
2018].
Ostrom, A.L., Parasuraman, A., Bowen, D.E., Patricio, L. and Voss, C.A., 2015. Service
research priorities in a rapidly changing context. Journal of Service Research, 18(2), pp.127-
159.
Reim, W., Parida, V. and Örtqvist, D., 2015. Product–Service Systems (PSS) business
models and tactics–a systematic literature review. Journal of Cleaner Production, 97, pp.61-
75.
Training.gov.au. (2018). [online] Available at:
https://training.gov.au/TrainingComponentFiles/BSB01/BSBCMN310A_R1.pdf [Accessed 7
Nov. 2018].

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