Unit of competency Outline
Date retreived
23/07/2026 8:04 AM AWST
23/07/2026 8:04 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Manage premium customer relationships
Manage premium customer relationships
Unit of competency
National Code
FNSCUS504A
FNSCUS504A
State Code
D4098
D4098
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
080501 - Sales
Original Release Date
31/07/2014
Nominal Hours
60
Description
This unit describes the performance outcomes, skills and knowledge required to build and maintain relationships with premium or high value customers including the tailoring of services to meet their specific needs.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Notes
Elements and Performance Criteria
1. Contribute to the identification of the customer segment
- 1.1. Criteria for the identification of customers in specialist premium customer segments are analysed and evaluated
- 1.2. Databases are accessed and updated to ensure the availability of consistent and accurate information to support quality customer relationship management
- 1.3. The attributes, service needs and wants of the premium customer segment are identified as a basis for tailoring communications and services
- 1.4. Contribution is made to the development of a service strategy for the premium customer segment
2. Manage customer relationships with premium or high value individuals
- 2.1. The portfolio of premium customers is administered using the business rules and processes of the financial services organisation
- 2.2. Characteristics, benefits and costs of the range of products and services relevant to the premium customer segment are identified and analysed and service is delivered to the standard specified for the customer segment
- 2.3. Reward and recognition strategies to build customer loyalty are developed and delivered to the premium customer segment
3. Provide high level and tailored service
- 3.1. Regular contact is established with customers in the portfolio to determine their ongoing needs and service expectations
- 3.2. Current usage patterns are analysed and effective service and product options are identified and documented
- 3.3. Optimum product and service solutions to meet customer needs are identified, modelled and sold
- 3.4. Service delivery to the premium customer by other departments or groups across the organisation are coordinated
- 3.5. Concerns or complaints about service or products are researched and addressed on behalf of the customer including the coordination of responses across all departments and groups
4. Evaluate and report outcomes
- 4.1. Reports against targets using standards, protocols and procedures are made with exception or feedback reports analysed and problems rectified
- 4.2. Product and service offering targeted to the premium customer segment is reviewed and solutions for improvement are made to management
- 4.3. The customer database is maintained to improvement the management of the premium customer segment
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.
The criteria for the development of premium or high value customer segments may include the following characteristics:
deposit or borrowing levels or history
lifecycle stage
number and range of products and/or services used
propensity to switch financial services institution
the individual customer's total net worth.
The service needs and wants of the premium customer segment may include:
service needs:
coordinated and single point of delivery
hotline service providing direct access to a known staff member
selection of appropriate and effective products including:
interest bearing accounts
cheque accounts
online and phone banking
credit and debit cards
personal loans
mortgages
financial planning
insurances
streamlining service delivery
reduced account management costs across a broad range of products
service wants:
to be valued as a special customer - rewards and recognition
to have unique needs met
privileged access to services.
Service strategy for premium customers may include:
effective account management
guaranteed service response times
membership of a special customer club
review of current products and services to optimise benefits and improve service
special offers
targeted mail-outs.
A portfolio of premium customers managed by an officer may be determined by:
geographic location
net value.
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.
The criteria for the development of premium or high value customer segments may include the following characteristics:
deposit or borrowing levels or history
lifecycle stage
number and range of products and/or services used
propensity to switch financial services institution
the individual customer's total net worth.
The service needs and wants of the premium customer segment may include:
service needs:
coordinated and single point of delivery
hotline service providing direct access to a known staff member
selection of appropriate and effective products including:
interest bearing accounts
cheque accounts
online and phone banking
credit and debit cards
personal loans
mortgages
financial planning
insurances
streamlining service delivery
reduced account management costs across a broad range of products
service wants:
to be valued as a special customer - rewards and recognition
to have unique needs met
privileged access to services.
Service strategy for premium customers may include:
effective account management
guaranteed service response times
membership of a special customer club
review of current products and services to optimise benefits and improve service
special offers
targeted mail-outs.
A portfolio of premium customers managed by an officer may be determined by:
geographic location
net value.
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:
conduct customer segmentation analysis and evaluation and accurately identify customer needs
maintain and apply a thorough knowledge of organisation products and services
develop reward and recognition strategies
construct and analyse feedback and exception reports
consider and adapt to any special needs of customers, including cultural, language, race, religion, ethnic origin, socio-economic status and demographic needs.
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 organisation policies and practises and the technology and systems used by the organisation to provide services to customers.
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
setting and reviewing business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
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:
conduct customer segmentation analysis and evaluation and accurately identify customer needs
maintain and apply a thorough knowledge of organisation products and services
develop reward and recognition strategies
construct and analyse feedback and exception reports
consider and adapt to any special needs of customers, including cultural, language, race, religion, ethnic origin, socio-economic status and demographic needs.
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 organisation policies and practises and the technology and systems used by the organisation to provide services to customers.
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
setting and reviewing business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9738 | FNSICCUS505B | Manage premium customer relationships | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUQ95 | FNSCUS504 | Manage premium customer relationships | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S725 | FNS50910 | Diploma of Banking Services Management | Qualification |
| D723 | FNS51511 | Diploma of Credit Management | Qualification |
| D727 | FNS60711 | Advanced Diploma of Financial Licensing Management | Qualification |
| D722 | FNS51011 | Diploma of Financial Markets | Qualification |
| D725 | FNS51811 | Diploma of Financial Services | Qualification |
| S727 | FNS51110 | Diploma of General Insurance | Qualification |