Five key points for effective communication and customer service

Attentive Listening:

Five points that should be kept in mind to ensure that the communication delivers on customer needs, expectations and priorities are as follows:

The first step in any kind of communication involves the listener to listen to needs of the customer carefully. When the receiver of the information pays enough attention on the words of the customer giving the message there is no room left for assumption and the receiver becomes capable enough to understand the needs of the customer clearly. Patient listening enables the receiver to understand the expectations of the customer from the engagement and also is able to prioritise the needs of the customer.

Proper knowledge of the context:

 If the entire communication with the customer is needed to be fruitful one of the prerequisites of it is that the person receiving the information from the customer has decent conceptual knowledge about the problem presented by the customer. The prior and requisite knowledge of the matter enables the receiver to perceive the actual needs of the customer in a better way and it also helps him to mitigate the queries of the customers efficiently (Pearson 2017). It also increases the belief of the customer on the firm that it is capable of delivering the kind of service the customer is expecting from it.

Continuity in communication:

The process of communication with the customer should be continuous in nature. It should be a one-time occurrence rather the receiver of the information must keep in touch with the customer throughout the period of delivering the service. 

Good comprehension skills:

The customer delivers all the information to the employee with the assumption that he is able to understand the situation presented by the customer to him. Hence the person communicating with the customer directly must have very good comprehension skills in order to understand the issues of the customer just the way the customer wants him to understand.

Feedback:

Both the parties involved in the communication process must obtain feedback of the other party to ensure that the message has been delivered and understood by the other party in the way it was intended.

The Specific behavioural competencies required to deliver outstanding customer experience at all times are as follows:

Ability to read customers:

It is not always possible for the customers to be physically present to express their needs and expectations to the firm, they may use written communication or telephonic communication to deliver their issue. In these scenarios the person receiving the message should have good knowledge of basic principles of communication psychology enabling him to read the customer’s emotional state at the time of delivery of message (Martin 2018). It enhances the personalisation process as you cannot provide personalised service experience if you don’t understand your customers judiciously.

Specific competencies required for quality customer experience

A calming presence:

It becomes utmost important that the staff dealing with the customers directly should be able to keep his clam in any hair hosting situation. The customer service representatives must have the quality to remain cool even with a heated customer and act like a rock for them as they might be facing some really bad time owing to their current financial issues.

Persuasion skills:

The customer service representatives often receive more queries about the product or service offered by them than complaints or apprehensions about the products or services provided by the firm. This is actually an opportunity to project the prospective customers with the kind of services that will suit their interest best. The firm however must exercise refrain from pushing the products not suited for the customer rather they must not lose the potential customers too (Jones and Lawson 2015). Hence the importance of persuasion skills becomes very important in creating value for the customers through the services offered by the firm.

Tenacity:

The customer service representatives must exhibit sheer interest and motivation in solving the issues of the customers. They must keep in mind that the customers are human too and the effort that they put into their work will give compounded results in the future. They must be ready to go beyond their ‘status quo’ if required to deliver the customer with the best quality of service possible.

Answer to question 3.

In order to improve the quality of the service provided by the firm to its customers, it must endeavour to improve relentlessly. This ensures the achievement of two objectives, firstly, ensuring the retention of the existing customers and secondly maintaining a competitive edge over the competitors. The business environment is very dynamic and the customers are faced with new issues every day. If the firm does not improve the quality of service it provides to its customers by making the necessary changes by taking steps like employee training, market surveys and research activities it won’t be able to cater to the needs of the customer satisfactorily (Davis 2015). This would result in company losing its present customers and at the same time will not be able to attract new ones.

The importance of regulations laid down by the laws with respect to the ways in which services are provided to the customers by the businesses is very significant. It is often found that the businesses are concerned with their own profits more than solving the issues of the customers resulting in businesses providing customers with such advices which prove to be detrimental to their interests in the long run. The customers approach the businesses for some professional advice and solution when they are in some financial problems (Lui 2016). The businesses must exercise professional ethics in providing the customers with the solutions that will help in mitigating their problems. In order to ensure that the businesses earn profit by creating value for the customers and not by manipulating them the regulations laid down by the laws have a very significant   importance in today’s business world.

Steps a mortgage broker can take to improve customer service

The guide that I will be using as a mortgage broker to provide quality service to my customers will include the following points:

Identification and clarification of customer needs and expectations:

In order to provide quality service with respect to solving the problems faced by the customers, proper understanding with respect to their needs and expectations must be developed. This will enable us to provide the requisite advice and suggest the service or product that is best suited according to the needs presented by the customers (Brown and Davis 2015).

Assess the urgency of the needs:

In order to ensure timely mitigation of the issues of the customers we must prioritise the needs of the customers according to their respective urgencies. The most urgent needs must be given more attention compared to the relatively less urgent ones. This enables the businesses to provide the customers with the services and products that cater to their needs in manner which is efficient and effective with respect to timeliness of the delivery of the product or service.

Determine priorities for service delivery:

The needs of the customers must not be generalised and they must be assessed individually. The priorities of the customers vary significantly depending upon their respective goals and objectives. In order to deliver the kind of service the customers expect from us we must make sure that the businesses must take into account the priorities of the individual customers (Bird et al. 2016). The customers always look for personalised experience especially in case of availing services of financial nature. In order to meet their expectation of a personalised experience we must make sure that we deliver the services in accordance with the priorities set by the customers with respect to their needs and goals. This will help the businesses to establish their name in the market as a customer oriented financial service provider. 

Inform the customer about the possible choices:

The customer seeks the help of a financial advisor or broker only when they are not familiar with the possible solution they have at their disposal with respect to their financial issues. It is the duty of the financial broker or advisor to provide the customer with the requisite knowledge regarding the choices he has for solving his current financial problem (Ali et al. 2014). This will make the customer feel as if he is making the choice himself instead of having to take the obvious and routine approach implemented by everyone else around him. This further re-establishes the trust between the broker and the customer as the customer is assured about the competence of the broker with respect to solving his problem in the future by making available various options to him.

Importance of personalized experience and continuous feedback

Assistance in the selection of the preferred option:

Even after providing the customer with all the options available to him the job or responsibility of the broker is far from finished. It is his duty to guide and assist the customer in making the choice which is most suited for him. There may be many technicalities involved in the choices presented before the customer which may be beyond his comprehension. In this kind of situation the role of a financial advisor or broker becomes all the more important because of the fact that in absence of requisite information the customer may end up making a poor choice which may not be able to give him the optimal solution he expected for. As a financial advisor the broker is in knowledge about the returns that various choices would provide to the customer hence, he must help the customers in making the most appropriate choice based upon his individual goals, needs and objectives.

Actions to be taken in case of inability to satisfy the needs of the customers:

The businesses must also have a guideline which specifically provides them with the steps that can be taken in case they are not able to cater to the needs of the customers. Some of the steps may include reimbursement of the part of the fees taken from the customer and taking up the case from the beginning. The businesses must make sure that steps must be structured or focused in bringing back the customer back to them even when they could not cater to his needs. In order to do that, they must reaffirm the trust of the customer on them.

Seek customer feedback:

It is important that the business ensure that the customer is asked for their feedback with respect to the quality of service that has been provided to them. This helps in two ways, firstly, the customers feel that their need is a priority for the broker and secondly, the broker will be able to learn from the present experience and frame his services and products accordingly. If the experience of the customer was not satisfactory, the broker will look into the reasons for which the service was unsatisfactory, work on improving them, and try to deliver an improved and satisfactory service or product next time.

Seeking appropriate assistance

In order to provide better customer services the mortgage broker will seek assistance from expert whenever it is necessary.

Structuring steps for addressing customer needs

Provide Prompt service to the customer

In order to increase the customer satisfaction it is important that the service is provided within a definite time limit. Therefore providing prompt service to the customer is important for providing better customer service.

Establishing and maintaining rapport with customer

In mortgage business it is key to develop networking with customer for the enhancing the business. The networking with customer is possible if good relationship and rapport is maintained.

Actions in case complaints

In case of any complaint, it is important to resolve the matter immediately. The complaint should be heard and then corrective measure should be taken so that there is no scope for future complaint.

Assistance in case of specific needs

In case of any specific needs of the customer, appropriate assistance should be provided so that the customer satisfaction could be maintained at all times.

Proposing cross-selling opportunity

The customer could be offered cross selling opportunity if needed. 

Reviewing customer satisfaction

 It is important that from time to time appropriate action is taken for reviewing the customer satisfaction. It is an important step for identifying any shortcomings so that the customer service can be improved.

Using feedback for improving customer service

The process should be developed for receiving feedback from the customer. The feedback could be used for improving the service with the customer.

In order to improve the service delivery to the customer the following recommendations are being made:

Understand the needs of the customer:

The foremost task is to understand the nature of the problem that the customer is facing or the kind of service he is expecting from the broker. Based on the understanding developed from the analysis of the communication with the customers requisite service will be framed and delivered.

Select the service as per the customer’s needs:

Only such product or service must be made available to the customer which will be able to mitigate the issues faced by the customer in the most effective and efficient manner.

Obtain feedback and work on the inputs received if negative:

It must be made a compulsory procedure to take the feedback from the customer after the service has been provided to them. In case the feedback is negative it must be ensured that necessary steps are taken to ensure non repetition of the issues that cropped up this time.

The three types of objections are:

1. Price objection: This is the most common objection faced by the brokers. The customers generally ask for the optimum service and at the same time expect that premium service will be provided at cheaper price.
2. Authentication objection: sometimes after explaining the service and its usefulness for the client. Then the client comes up with the objection that he is not authorised to take that decision (Lilianfels 2014).
3. Objection regarding the need:Many times the customers take all the information regarding a particular service and later on complain about its need or utility for them.    

The four types of personality that the brokers have to encounter are as follows:

• Interested customers: Customers who are having a positive image about the services and curious at the same time.
• Impulsive customers:These are the types of customers who make their decisions quite impulsively and without giving much time and thought.
• Price conscious:These are the kind of customers who are interested in the product offered but won’t buy it at its full price and require discounts.
• Loyal customers:These are old customers who have stayed loyal to the broker through thick and thin and have immense faith over him.

The five prescribed method for successfully establishing networking for mortgage broker business are:

• The networking should be about creating an authentic and genuine relationship of trust with the client;
• It is helpful to hold volunteer position for developing a strong business networking;
• It is important to have a proper follow up plan for the referrals for quick and efficient reply.
• Should become resourceful so that query could be solved immediately;
• The call should be made so that people could gain from the services provided; 

The four different sectors in the finance industry are as follows:

1. Banking sector
2. Insurance sector
3. Brokerage sector
4. Investment banking

All the four sectors are interlinked with each other and the existence of each one of these sectors within the financial sectors is crucial for the functioning of the entire industry. The banking sector helps in providing banking services like savings account and issuing credit via term loans to the general people as well as the businesses operating in this sector. The insurance sector provides risk coverage to banks, brokers and all the other sectors, thereby increasing their risk taking appetite and flow of economic resources within the industry. Brokerage firms helps in connecting the customers with the other sectors acting as a linkage and investment banking helps the sectors arrange and manage their funds which they have collected from the customers and the market (McGill 2014).

The five things that can make our businesses more environmentally sustainable are as follows:

• Minimal use of paper:This would decrease the requirement of number of trees to be cut down for the purpose of making paper pulp.
• Use of renewable sources of fuel like solar power for the purpose of electricity.
• Replacement of old appliances with more energy efficient appliances.
• Use LED lights for  the purpose of lightning within the organisation
• Avoid the use of air conditioners instead install natural cooling methods and improve the ventilation of the office.

The documents required for ACL Applications are:

• A5 business description;
• B1 organisational table;
• Proof for each nominated RM;
• The document should be attached evidencing “fit and proper people”;
• The statement of personal information;
• The document showing back ground check;
• The document showing bankruptcy check;

• Commonwealth bank:

Product name: Equipment loan (chattel mortgage)

Features:

1. a) The bank will take a mortgage on the equipment bought as a security for loan.
2. b) Ability to claim input tax credits, depreciation and interest included in the price of the asset.

     2)  Westpac:

          Product name: Business overdraft

          Features:

1. Unsecured bank overdraft up to $50k
2. Director’s guarantee required for corporate borrowers

   3 )  ANZ bank:

         Product name: Business Mortgage

         Features:

1. Minimum loan amount is of $25000.
2. It is a fully secured loan secured by residential property.

4) National Australia Bank:

     Product name: Invoice Finance

     Features:

1. Invoices have to be sold to the bank and 80% of the amount of invoices will be granted as loan.
2. Loan is reduced with the payments received from the debtors.

The calculation provided indicates that Mr X can borrow up to $1451000 with the monthly repayment of $8482.40.

• Communication:The way I communicate with the prospective customers is going to matter the most as through communication only, they will know about the value our product has to offer them.
• Teamwork:The ability to work as a team member is going to matter since we will be needing help and also will be lending help in order to complete the assignments in time and with efficiency.
• Problem solving:Having good problem solving skill is going to improve the way I address the problems of the client.
• Initiative and enterprise:Sometimes we might need to perform beyond our ‘status quo’ to create value for the customers.
• Planning and organising:Proper planning and organisation will bridge the gap between goals and achievement of targets.
• Self-Management:Our own interests and opinions should at all times be sub ordinate to the needs of the customers.
• Learning:Updating the knowledge is important in order to maintain the competitive edge and retain the existing customers.
• Technology: Profound use of technology will improve the efficiency and effectiveness of service delivery. 

References

Ali, P., Bourova, E. and Ramsay, I., 2014. Financial Hardship: The Legal Frameworks.

Bird, H.L., Gilligan, G., Godwin, A., Hedges, J. and Ramsay, I., 2016. An Empirical Analysis of the Use of Enforceable Undertakings by the Australian Securities and Investments Commission between 1 July 1998 and 31 December 2015.

Brown, C.A. and Davis, K.T., 2015. The sub-prime crisis down under.

Davis, J., 2015. Regulating for the First Time the Decision to Grant Consumer Credit: A Look at the First Steps Taken by the United States and Australia. U. Fla. JL & Pub. Pol’y, 26, p.131.

Jones, K. and Lawson, R., 2015. Financial System Inquiry Topical Analysis.

Lilianfels, K., 2014. Principal interests of financial planners.

Lui, A., 2016. Financial Stability and Prudential Regulation: A Comparative Approach to the UK, US, Canada, Australia and Germany. Taylor & Francis.

Martin, C., 2018. Clever Odysseus: narratives and strategies of rental property investor subjectivity in Australia. Housing Studies, pp.1-25.

McGill, D., 2014. Asset lending, unconscionable conduct and intermediaries. Australian Business Law Review, 42(3), pp.146-186.

Pearson, G., 2017. Commission culture: A critical analysis of commission regulation in financial services. U. Queensland LJ, 36, p.155.