A retail banker helps with the financial requirements of individuals and businesses and provides advice and financial services. This can include:
- Authorising loans and overdraft facilities;
- Setting up saving accounts and bonds;
- Assisting in the movement of money via payment mechanisms.
Private banking is a sub-section of retail banking which typically deals with high net-worth individuals, often defined as those with more than 1 Cr to invest.
A manager of a retail bank will need to increase sales of financial products and services, attract new customers and manage a team of staff.
- Dealing with customers queries face to face, over the telephone or in writing;
- Serving customers at the counter;
- Understanding customer needs, recommending suitable products and making sales;
- Processing paperwork from sales, change of customer details, closure of accounts and so on;
- Learning about new products, services and processes.
Retail bank branch management is similar to other management opportunities, in that the managers are responsible for:
- Managing, recruiting, and coaching teams of people;
- Dealing with customer complaints that can't be solved by the front line staff;
- Implementing the new products, services and processes devised by head office;
- Representing the bank within the wider community and building relevant contacts;
- Opening and closing the branch daily and ensuring that the premises are fit for business;
- Meeting sales targets and managing budgets.