The banking Industry has a huge worldwide presence. Although some retail banks have been negatively impacted by the recent economic recession, they still employ hundreds of thousands of people across the United Kingdom.
As the sector is so large, there are many different job roles that are classified as retail banking jobs.
Salaries and entry requirements for different jobs can vary significantly. Retail banking covers the banks that offer services to individuals, although many retail banks also have business and corporate clients. This article will look at two popular retail banking jobs within the banking sector, a banking customer service adviser and a bank manager.
Banking customer service advisers are sometimes known as cashiers if they work in a branch dealing with customers’ queries and complaints. However, you may work in a call centre where you are dealing with customers’ queries and complaints over the phone or through email. You could be processing payments, selling financial services offered by the bank, working with foreign currency exchange or giving customers’ advice and assistance with applications for mortgages or loans. There are many other roles that you may perform as part of your job, but these are some of the most common.
You will usually work 9am to 5pm hours Monday to Friday but this will depend on where you work. Hours may be quite different in a call centre, and may involve you working on a weekend. Additionally, many branches of retail banks are now open on Saturdays, but banks are always closed on a Sunday.
As a banking customer service adviser, you will usually start on around £14,000 a year but this can rise to £20,000 with experience and increased responsibility. There are often few entry requirements although some banks will expect you to have a certain number of GCSE’s and/or take an entry test.
Much of the learning will be in-house but you may be able to get a qualification such as the NVQ Level 2 and 3 in providing financial services. Further qualifications include the Professional Certificate in Banking and the Applied Diploma in Retailing Financial Services.
Bank managers run and manage banks or building societies that are open to the public.
This is a complex role involving managing staff, improving customer satisfaction, ensuring the branch is running correctly and attracting new customers.
There are also many other aspects to the job. Hours as a bank manager are usually 9am to 5pm Monday to Friday including Saturdays in some branches.
Trainee managers usually earn around £20,000 a year or more, rising to £25,000 to £50,000 for a bank manager that has completed training. People in senior management positions can earn up to £100,000. There are two routes into bank management.
Trainee schemes will usually require you to be a graduate with a 2:2 honours degree or above, normally in a finance-related subject such as Economics or Business. Entry requirements will vary in different parts of the sector.
Certain retail banks offer in-house management programmes that require work experience rather than qualifications. Other qualifications include the Professional Certificate in Banking and the Professional Diploma in Banking and Practice Management.
Bank managers usually train for two years, and most if not all of the training will be in-house. You may have to study for an honours degree in Banking and Practice Management, and you can do a Masters (MSc) in the same subject. A good retail banking manager will have many prospects, and they need good management and interpersonal skills, a sound understanding of IT, sales and marketing and a strong business focus and many other skills.