Relationship Management in Financial Industry

Introduction

            In the present assignment a brief description about the legislations and related regulations of Australia that is prevalent for the effective relationship management in the financial service industry is being included. In addition to this, the current assignment is being able to take into account different interpersonal skills, capability of negotiation as well as communication principles that are exclusive required for better engagement in the workplaces. Apart from that, the following assignment is able to enlighten the relevant conferences and associations along with other opportunities that are suitable for effective relationship building at the workplaces.

Legislations and regulations required for the relationship management in the financial industry

            The relationship management is an integral part for free flowing of the services associated with the financial industry and this is extremely true for the financial industry of Australia. In this regard it is worthy of being mentioned that the relationship managers in this industry go through different crucial roles that are explicitly important for better management of the workforces in the financial industry of Australia such as the banking industry (Zineldin & Vasicheva, 2015). As for example, customer’s complaint handling is a critical course of work that has to be dealt by the relationship management with utmost accuracy. In this regard it is noteworthy that the bank employees in Australia is liable to abide by some professional code of conducts legislated by the Australian Financial Planning Association (fpa.com.au., 2018). As per these guidelines

  • A professional banker has to prioritize the interest of the customers rather entertaining the personal advantage or gain
  • Professional services has to be provided with proper integrity
  • Intellectual honesty as well as impartiality has to be maintained through the whole process of financial planning
  • A professional banker should be reasonable and fair during the maintenance of the relationship management
  • A banking employee is obliged to maintain the core professionalism
  • The professional services should be provided with accurate skills, abilities and essential knowledge (com.au., 2018)
  • All the information associated with the clients and customers of the banks has to be preserved so that the confidentiality of the information is not leaked at all. In this regard the Privacy Act 1988 has to be considered by the bankers for protecting the confidentiality of the information at the time of dealing with the clients such as third party clients along with other professionals (com.au., 2018)
  • The personal services has to be served with diligence

All these concrete activities would serve the purpose of the bankers to educate the clients and general consumers about the operational processes of the financial organizations such as banking institutions. As a whole, abiding by this code of conducts would help the employees of the banks and other financial institutions to rule out the possibilities of conflicts with the clients which, in turn, are helpful for implementing the right decision at the right places (Fraser, Bhaumik & Wright, 2015).

Workplace interpersonal skills

Workplaces dealing with the financial services have to engage with different type of people. All the stakeholders are similarly important for the financial workplaces. In addition to this, workmates are as important as other stakeholders for a financial situation and an employee has to handle a diversified situation with the coworkers in a financial workplace (Fogel, 2017). Thus, interpersonal skills such as negotiation capability as well as the communication ability are the parts and parcel for the workplace activities. In this regard it is worthy of being mentioned that the verbal communication process is explicitly important for better management of the workforces as well as better understanding of the internal relationship in a complex workplace. The relationship management is also facilitated rapidly with efficient skill of verbal communication. However, nonverbal communication skills such as body languages are as important as the verbal mode of communication under critical circumstances of workplace activities. In this regard a negotiating mindset is of course beneficial for the employees. Responsibilities can be assigned perfectly with negotiating mindset (Martin & Nakayama, 2015).

Moreover, better understandability of the workplace activities can be achieved with negotiation ability. Additionally, a win-win situation can be created with such mindset. Respect can be better managed with proper negotiation skills as well as bottom line can be better improved in the workplaces with such interpersonal skill. Another aspect that is integrally attached with the workplace interpersonal skills is the problem solving capability of the employees. This skill would rule out any potential conflicts from emergence. Nevertheless, in the due course of this problem solving, assertiveness regarding a specific viewpoint has to be reinforced (Conrad, 2014).

Other opportunities in building relationship

The relationship manager has a huge number of roles and responsibilities and these roles can be better managed with the cooperation of some specific institutions actively working in Australia. These institutions can be enlisted herein.

  • Financial Management Association of Australia
  • Financial Planning Association of Australia
  • Australian Bankers’ Association Inc
  • Australian Finance Review Summit
  • Workshops related to Banking and Finance Ethics

Conclusion

            Thus, it can be concluded that the financial institutions has to deal with a lot of complex situations and amongst them relationship management is a core responsibility. This relationship management has to be accomplished with the help of the rules and regulations implemented by the higher governing bodies. In this context it is worthy of being mentioned that the workplace activities attached with the financial industry can be better managed with the assimilation of some interpersonal skills such as effective communication skills and negotiation capability.

Reference List

Journals

Conrad, D. (2014). Workplace communication problems: Inquiries by employees and applicable solutions. Journal of business studies quarterly, 5(4), 105.

Fogel, A. (2017). Two principles of communication: Co-regulation and framing. In New perspectives in early communicative development, 9-22.

Fraser, S., Bhaumik, S. K., & Wright, M. (2015). What do we know about entrepreneurial finance and its relationship with growth?. International Small Business Journal, 33(1), 70-88.

Martin, J. N., & Nakayama, T. K. (2015). Reconsidering intercultural (communication) competence in the workplace: A dialectical approach. Language and Intercultural Communication, 15(1), 13-28.

Zineldin, M., & Vasicheva, V. (2015). Banking and financial sector in the cloud: knowledge, quality and innovation management. In Cloud Systems in Supply Chains, 178-194.

Websites

fpa.com.au. (2018). FPA Code of Professional Practice. Available from: https://fpa.com.au/professionalism/fpa-code-of-professional-practice/ [accessed on: 02/03/2018]

nab.com.au. (2018). Code of Banking Practice. Available from: https://www.nab.com.au/about-us/corporate-governance/code-of-banking-practice [accessed on: 02/03/2018]