Education programmes of job
Banking and Insurance MSc Banking
Monetary and Financial Economics MSc
Nature of work
A retail banker’s job is to help with the financial requirements of individuals and businesses and provide advice and financial services.The duties of a junior banker include dealing with customers’ queries face to face, over the telephone or in writing, as well as serving customers at the counter. Junior bankers must understand customer needs, recommend suitable products and make sales. They may also process paperwork from sales, change of customer details, closure of accounts and so on. Of course, they need to learn about new products, services and processes.
As a junior moves gradually to the manager position, their responsibilities become wider. They manage, recruit, and coach teams of people. They also handle customer complaints that could not be solved by the front line staff. Another task is to implement the new products, services and processes devised by the head office. They will be the representatives of their banks within the wider community and will build relevant contacts. Opening and closing the branch daily and ensuring that the premises are fit for business is the retail bankers’ responsibility. They should also ensure that sales targets and managing budgets are met.
Environment of work
It is possible in this job to work part-time, work flexible hours and have career breaks. A retail banker will often be working in a branch; meeting customers face to face, and directing operations from the offices out of the way of the public. Increasingly though, he will offer banking services over the phone and via the internet where he will be working in open plan offices, and/or in call centers. Whichever is the case, he should be ready to spend a lot of time on the phone, or in meetings. If he chooses to work in phone or internet banking, he may be expected to work shift patterns to provide 24-hour banking that customers’ demand.Relocating might enhance his opportunities of getting a promotion. When he become a manager, he may be required to attend local business and charitable functions, as well as regular area and regional meetings. He may also cover a number of branches, so will need to travel between them.
If a retail banker is thinking of self-employment, he is in the wrong domain. Freelance can never be an option in this occupation.
If he is working in a branch, then he is likely to be provided with a uniform, other roles tend to require smart business dress.
Professional life
On a successful completion of the graduate management scheme, a retail banker will usually go into management role. His progression will be gradual, starting from progressing to a senior branch manager of a large branch or group of small branches. Then he goes on to become a regional manager where he support a number of regional branch managers.If a retail banker is not part of a graduate management scheme, his career could take the route of (usually with experience and professional qualifications) team leader, assistant manager of a department or branch, branch manager role and regional manager.
If a retail banker wishes to make a change in his career, it is possible to move out of branch management and into a central office role, such as marketing, project management, product development or risk management.
As mentioned earlier, he may has to move banks in order to increase his chances of progression or might move into other financial roles, such as insurance. If a retail banker still not satisfied, he can go on to work in other retail areas, such as supermarket management or general management of perhaps a call center or large store.
The salary of retail banker ranges between 30000 and 45000 SYP.
Getting the job
Employment priority is given to those who graduate from management programs. In fact, candidates do not need to have a finance related degree. This occupation does not require a specific subject; however, some degrees can be particularly helpful. For example, it would be a good idea to study Management, Business Studies, Mathematics, Economics, or Marketing.If candidates do not have a degree, there is still hope. they may be able to join a bank in an entry-level customer service role and work their way up to management level through an in-house management course, some of which are fast-track programs.
Increasingly banks are looking to recruit people from their competitors, or even retailers from other industries.
A pre-entry postgraduate qualification is not usually required but Masters-level students may apply for graduate-entry training programs.
In order to increase opportunities of getting this job, it is always a good idea to gain pre-entry work experience. This may include vacation work, sandwich placements, internships and temporary or permanent work experience in a financial or customer-led environment.
Skills
The degree and experience are not always enough. They should be reinforced by cultivating certain skills. A retail banker needs to show evidence of customer service focus, sales orientation, verbal and written communication skills (as he will be dealing with customers all the time), as well as flexibility and ability to adapt to changes in the short and long term. He also needs to be able to lead, manage, and coach a group of people. Last but not least, he needs to have commercial awareness and business acumen. Sources and references
If you need any further information on what is included in this file, you can visit the following websites: www.retailbankerinternational.com, retail banker sources
www.americanbanker.com, American banker website
Arab Standard Classification of Occupations, 2008, Ed. Arab Labor Organization.
Summary
Retail bankers work in banks and building societies. On the other hand, opportunities to work for online banks and supermarkets offering a banking service are now increasing.They mainly help with the financial requirements of individuals and businesses and provide advice and financial services. This includes authorizing loans/overdraft facilities, setting up saving accounts/bonds, and assisting in the movement of money via payment mechanisms.