Make a career as a Retail Banker

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Retail banking is an exciting career option, an excellent fit for people with goof innovating skills having managerial aspirations. Retail banking roles deal with personal finances. Here is rundown on how to make a successful career in one of the fastest growing sectors.

Retail Banking

Something about retail banking

Also known as personal finance service, Retail banking manages the banking needs of small business and individuals. A professional working in the role of retail banker can be found applying their strategic and marketing skills either in a bank or a finance company. Although one might generalise as all banks having the same function and purpose, the truth is there is a difference in the type of banks.  Retail banks are typically involved in short-term unsecured loans, money management facilities, personal loans, mortgages and savings accounts. They can be differentiated in two categories, i.e building societies and mortgage banks.

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The former among the two can be considered as the simplest of banks founded to take deposits and then provide loans on interest. These building societies were earlier limited to being mutually owned by individuals who saved their money and those who took it as mortgage. However, soon enough they transformed to become commercial stock listed banks. The range of services offered by these banks is far greater than the building societies that include current accounts, credit cards, loans and other payment services.

 What makes   these banks an exciting career prospects is the huge scope. Basically, if you want to make a living out of banking, then they are the best place to look and find just about any job, from entry level to managerial position. With opportunities at all levels you can join any of the retail banks and be assured of a stable and growing career.    

Roles in Retail Banking

Despite the transformation that commercial banking has experienced in making and maintaining new customers, it still boils down to creating an amiable relationship with existing and new customers to maintain a competitive edge over the competition. Graduates mostly deal with project and staff management. Most of the roles in retail banking are sales driven with staff having a target to achieve.  The most popular role in retail banking remains that of a branch manager. Most candidates aspire to become a branch manager owing to the respect, power and remuneration that the role demands and gets.

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Since there are every limited job opportunities as Branch Manager, candidates can also opt for a career in strategy and marketing. Here they will be involved in developing promotional campaigns for their respective banks and the services that it offers. Their work responsibilities will also include researching the market, and identifying their potential customer base. Credit and risk is another field in retail banking which mainly deals with identifying risks factors in approving loans for customers, and approving and denying the loans on the basis of those risk factors. Those with a love for human resource can pursue their career as a HR in banks, engaging in staff recruitments, training and development.

Retail Banking

Different roles in Retail Banking

Getting a job in Retail Banking:

The banking scene is very competitive and therefore getting a job out there is not the easiest task, however talented one might be. It is only after hard work combined with good marketing of your skills that the banks will start to take notice. Moreover, to be able to effectively market the banks and its services in front of prospective customers you first need to convince the bank about your potential, which is nothing but marketing.

Education and Certifications: 

To strengthen your resume certifications are an apt option. Not only will it give you an edge during the screening process, but it will also end up showing that how sure and focussed you are with your career and choices that you make.  The different certifications that one can pursue in this regards include the Indian Institute of Banking and Finance which is an entry-level diploma. Candidates pursuing this mainly focus on public sector banks. The other prominent certification is of Institute of Banking, Finance and Insurance, which is more suited for private banks as they provide an entry level diploma in operations and relationship management. Their average duration is six months.  Outside the country, many large retail banks such as Barclays, HSBC and RBS conduct their own graduate programmes. The eligibility to most entry level diplomas is 10+2.

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To better your chances of getting a job in retail banks it is advised to remain up-to-date on the recruitment information. Regularly visit individual bank’s website. These sites have recruitment brochures, online application forms and schedule information about the academic and job activities they are conducting. 

Author Bio:

Saurabh Tyagi is an expert writer having interest in diverse topics like Career as a Banker, Financial Education, technology, career and Web 2.0. He is a social media enthusiast and a self-confessed gadget-freak, who loves to follow the latest happenings in the tech world.

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