Legal, finance and accounting
Consumer financial services professional - Financial services relationship manager
Provide financial support and expertise to a range of clients
Summary
This occupation is found in a broad range of organisations that manage, or consult around managing, financial products and services. These include banks and building societies offering retail, corporate and commercial services both in the UK and globally.
The broad purpose of the consumer financial services professional (CFSP) is to provide financial support and expertise to a range of clients or stakeholders. These can range from individuals with arrangements that are straightforward to those with highly complex multi-national needs. They may deal with businesses ranging from the self-employed to large corporate entities. Each context requires a specialist approach to ensure that the range of financial solutions proposed is relevant.
The CFSP supports clients or stakeholders in their day-to-day financial transactions. This can include assessing financial and business risk and benefits.
They may guide clients or stakeholders to enable an informed selection and use of specific financial products to optimise their financial position. They provide services to help resolve financial challenges and problems in the short and longer term. This work is reliant on the use of digital tools. It requires the CFSP to lead and guide clients or stakeholders through new digital approaches to improve their customer journey. The ability to convey complex ideas and options for action clearly to non-technical and technical clients or stakeholders is essential. CFSPs work on both routine day-to-day financial tasks and longer-term far-reaching projects to deliver positive financial outcomes for the organisation. They provide an ethical and professional service to ensure that the reputation of their organisation is protected. CFSPs work in three main areas of financial services.
- Retail or commercial financial services professionals provide financial services directly to consumers. This can be to individuals in a retail context, or businesses or institutions known as commercial. In personal financial services, they may offer a range of products and services designed to meet the financial needs of individuals. Where the focus is on commercial financial services they will build and manage relations with a range of commercial clients or stakeholders. They may engage with the very smallest businesses to multi-national corporations. They provide financial solutions, including loans, credit, and treasury services. They advise clients or stakeholders on financial strategies and risk management.
- Financial services relationship managers provide a bespoke service for the day-to-day needs of retail and commercial customers. They are a primary point of contact for these specialised clients or stakeholders, and they develop and maintain relations with them. They identify financial needs and offer suitable financial products and services. They engage across teams to ensure customer satisfaction.
- Financial operations managers manage the operational aspects of transactions for the bank or building society, ensuring efficient and compliant processes are used. They may oversee back-office functions such as transaction processing and record-keeping. In their daily work, they interact with stakeholders within their team. They also work with related areas such as front-line customer support, managers and senior leaders.
A CFSP will be responsible for their own performance metrics and managing their time and workloads. Where they are line managers, they will manage their teams attainment of Key Performance Indicators and mitigate any shortfalls.
Typical job titles include
- Associate relationship director | Capital management associate | Commercial banker | Corporate banker | Customer care manager | Customer financial products manager | Customer service business manager | Financial operations manager | Operations analyst | Operations leader | Operations manager | Product analyst | Relationship director | Relationship manager | Retail banker | Transaction banker
Knowledge, skills and behaviours (KSBs)
K1:
The structure of the financial services industry, including the role of their sector and organisation, and the types of internal organisational roles and structures within financial services.
K2:
The features and principles of organisational standards in financial services, and how these are applied within specific contexts, including the features and principles of legal and regulatory frameworks, ethics, impacts, and measurement through Key Performance Indicators (KPIs).
K3:
External factors and the wider landscape, such as government budget announcements and economic changes, including approaches to assessing their impact on financial service delivery using contemporary frameworks and approaches such as PESTEL.
K4:
Risk and governance frameworks, how these impact their role, approaches to facilitate compliance, and the implications of non-compliance for their organisation.
K5:
The role that sustainability policies and practices play in financial services, including approaches to assess positive and negative impacts on environmental sustainability within the context of the role.
K6:
Approaches to identifying customer segments, their needs, and service channels relative to their role, including the principles of excellent customer service and stakeholder relationship management.
K7:
Fair customer outcomes, including regulatory principles, and organisational standards and values.
K8:
Productivity systems, tools, and techniques, such as project management, time management, and prioritisation.
K9:
Principles of digital software and tools to support the delivery of financial services, such as data analysis, data visualisation, collaborative working, and communication channels.
K10:
Principles of cybersecurity, including risks to financial services from cyber fraud and steps for mitigation.
K11:
Principles of safe and secure data access, handling, and storage.
K12:
Principles of equity, diversity, and inclusion (EDI) within financial services delivery for stakeholders and within teams.
K16:
Principles of relationship management and maximising stakeholder value.
K17:
Approaches to client portfolio sales, management, and growth.
K18:
Approaches to Know Your Customer (KYC) activity, including understanding the macro and micro-environment of each customer, their challenges and motivations, and the internal and external factors that impact their financial decisions.
Technical Educational Products
- ST1464: Consumer financial services professional - Financial services relationship manager (Level 6) Development stage
- Reference:
- OCC1464B
- Status:
Occupational standard in development
- SOC 2020 code:
- 0
- SOC 2020 sub unit groups:
S1:
Build and maintain working relationships with customers and stakeholders, including contracting and managing stakeholder expectations.
S2:
Work with stakeholders to identify their relevant financial services requirements and assess associated risks and opportunities.
S3:
Implement and maintain finance-related administrative procedures and guidance that enable effective team delivery.
S4:
Identify and communicate risks to the relevant management or compliance personnel within the organisation, understanding and following the appropriate processes to address them.
S5:
Select and use project management techniques appropriate to the circumstances to enable the delivery of projects or project components.
S6:
Contribute to the development of strategic and operational plans for their area.
S7:
Report on progress and operational plans to stakeholders, such as senior leaders and team members, using digital tools.
S8:
Review, analyse, and evaluate information from different sources to inform decisions when reviewing proposed solutions for clients, customers, or stakeholders.
S9:
Communicate financial services concepts to colleagues, customers, and non-technical stakeholders, selecting appropriate communication methods for the audience, such as verbal, written, digital, data visualisations, and presentations.
S10:
Lead others within a team or as part of projects to achieve organisational objectives.
S11:
Identify opportunities to drive higher performance for self and others, and improve services or processes, for example through the use of digital technologies.
S12:
Handle data safely and securely, and share information in compliance with data protection legislation and organisational policy.
S13:
Undertake data or financial analysis using digital tools.
S14:
Keep up to date with developments in digital technology in financial services relevant to their role, including the associated risks and benefits.
S17:
Identify and provide relevant client market and product information to deliver client-focused, accessible, and ethical information that meets client needs.
S18:
Undertake due diligence and risk assessment activities based on a detailed understanding of individual client needs, risk appetite, and exposure to risk.
S19:
Support stakeholder account planning and growth activities.
S20:
Undertake sales and marketing activities to generate positive commercial outcomes.
Technical Educational Products
- ST1464: Consumer financial services professional - Financial services relationship manager (Level 6) Development stage
- Reference:
- OCC1464B
- Status:
Occupational standard in development
- SOC 2020 code:
- 0
- SOC 2020 sub unit groups:
B1:
Shows integrity by doing the right thing in adherence to the code of conduct and by demonstrating the organisation’s values.
B2:
Maintains confidentiality and acts with due care and diligence.
B3:
Demonstrates resilience in challenging or changing environments, adapts positively to shifting work priorities and patterns, and remains flexible to the needs of the organisation.
B4:
Is creative, innovative, and enterprising when seeking solutions to business needs, while understanding relevant boundaries.
B5:
Is accountable for the quality of work and takes responsibility for decisions and procedures implemented.
B6:
Is empathetic towards others and contributes to a diverse and inclusive culture.
B7:
Takes ownership of self-development and continuous improvement and supports others in their development.
Technical Educational Products
- ST1464: Consumer financial services professional - Financial services relationship manager (Level 6) Development stage
- Reference:
- OCC1464B
- Status:
- Occupational standard in development
- SOC 2020 code:
- 0
- SOC 2020 sub unit groups:
