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Seeking Out a Career in Retail Banking

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Banking has a number of branches and retail banking is one of them. Retail banking is related to direct dealing with consumers and includes services like savings accounts, personal loans, credit cards, debit cards, and mortgages. With the popularity of internet banking, this field has come across many challenges, but is retaining its strong position. The retail banking sector has modernized tremendously and competitive personnel are in great demand.

The retail banking sector has a number of opportunities for the people who are looking for a career in banking. Earlier there used to be some conventional roles like that of a clerk or a manager. The scene is altogether different today and the responsibilities and job profiles have increased enormously. If you wish to enter the retail banking industry, you can opt for the marketing of banking products like credit cards or personal loans. If you are a sales executive, then you will be responsible for making sales and meeting targets. However, if you are at a senior level in retail bank marketing, your responsibility would be that of planning and devising new sales and marketing strategies that can help you promote banking and other financial products. As a marketing manager in a retail bank, you will be responsible for reaching the people and identifying the gaps in the market.

You can also choose risk assessment as a career in the retail banking sector. In this job you will be trained to look after the loan or credit requests. You can also be in a position where you will be responsible for loan approval. Another field that is becoming popular is that of the operations management. Here, what you need to do is to research and develop new methods of working for the retail bank. You will also have to suggest the areas where the bank can flourish its business. Apart from these fields, you can enter into human resource management in the retail banking sector. Your responsibilities would involve employing personnel and training and managing them. In all these careers, you would need good qualification skills.

If you are a Bank Manager you should know how to put the business plan of the bank into execution. Strategy making is a part of the job profile and the candidate should know how to make plans that will add up to the growth of the bank both in the local area and the region. He should have a vision to see the future market growth and trends. You should have the skill to find out the growth areas for the company and the regions where it can open up its branches. The higher authoritative jobs require the person to make sure that the procedures and policies that the bank follows match with the laws and regulations. You will be expected to involve other sections of the bank and give rise to cross selling.

If you wish to enter this industry, you need to get a degree in accounts, economics, business studies, or any other related degree in finance. With the right qualification, you can enter the industry and make a place for yourself. These degrees will ensure that you have basic knowledge about banking, the economy, and financial instruments. Retail banking graduate training schemes are also available for people who wish to enter the industry. However, a degree is a must for entering the industry. If you have some experience in customer service departments or have GCSEs, Alevels, or NVQs, you can find a place for yourself in the retail banking sector.

If you wish to gain entry to a retail banking career, you may specialize in that particular field and get a degree or diploma in one of these: banking, credit risk analysis, building society management, and independent financial advisory services. A degree in any of these will work for you. If you have an economic, banking, or computing background, you can enjoy some advantages.

Required Skills:
  • Good communication and interpersonal skills
  • Knowledge of Computers
  • Telephone etiquette
  • How to deal with irate customers
  • Listening skills
  • Knowledge of banking products, rules, and regulations
  • Selling skills if in marketing of banking products
  • Planning, strategizing, and analytical abilities, if at a senior position
Some banking institutions also offer in-house training to fresh graduates looking to enter the industry. This is done in order to make sure that they come to know the working style of the particular banking institutions. The areas covered in the training process are products training, customer service, soft skills, and other key aspects.

Banks may ask you to have some experience in the field. Many of the financial institutions welcome new and fresh talent. The banking sector is on its way to modernization and the new talent is the best way to bring in fresh ideas into the industry. If you have experience in the customer service field, there is probably a place for you in the retail banking sector.

The banking industry is growing and so are the jobs in the banking sector. There is a great need of fresh and innovative ideas that can be brought in with the help of fresh talent. Along with fresh talent, the field also requires experienced people who have been working in the field for some time and know the industry well.

The salary and perks in this job are also good and the starting packages range from $38,000 to $48,000 annually. The banks may even fund your studies and let you work with them. As you gain more experience, your salary would increase and you will get more perks as well. Your income can go up to $190,000 if you rise to a senior level after a few years of experience. This will also mean that you have added responsibilities.

The retail banking sector is ever-growing as people need banks for saving money and investing it. There is no dearth of employment opportunities for people holding finance and economics degrees. If you have the skill to manage the operations of a bank and contribute to its growth, you can occupy these different job profiles.
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Popular tags:

 consumers  trends  knowledge  marketing strategies  marketing managers  loans  operations managers  customer service departments  reaching  financial products

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