Before digging into ways to navigate your career in the retail banking industry, it is crucial to understand the dynamics of retail banking.
Retail banking refers to the banking services provided to individuals and small businesses by different financial institutions, including banks and credit unions.
Retail banking is a significant part of the financial system and acts as a crucial link between the financial services sector and the economy and the financial services industry. Retail banking is rapidly changing with the ever-evolving technologies in the financial world.
The increasing popularity of online banking, mobile banking, and other technologies reduces the need for face-to-face interaction between customers and their financial institutions. And with various choices in hand, customer service and experience have become more important than ever. Customer service-related roles in retail banking have tremendous potential.
To get started with a career in retail banking, you need an accredited degree in finance, business, economics, accounting, banking, IT, international business, or corporate/business law, depending on the role you take in retail banking. An internship experience in a similar sector would give you an edge over others.
The following certifications will give you an edge:
• Chartered Financial Analyst
• Chartered Investment Banking Analyst
• Certified Financial Modeling & Valuation Analyst
• Financial Risk Management
Retail banking jobs are hierarchical yet vary in nature. However, climbing the ladder requires you to acquire new skills, a grip on modern technologies, and the ability to adapt to the ever-changing landscape. You can start with customer service advisors and help small businesses and individuals with day-to-day bank-related queries.
You may also work as a financial advisor for clients, helping them make smarter choices for personal and business finances. You will help connect the clients to relevant programs and services of the retail bank you are working for. As your progress, you may take on the role of a brand manager and look after the day-to-day operations of one or more branches along with marketing, sales, and HR-related matters of the bank.
Also, apprenticeships are getting popular in retail banking. We recommend looking for apprenticeships for advanced roles. You need to understand and remember that retail banking can be admin-intensive. You have to work on acquiring management experience and having a mentor will go a long way for you.
Retail banking requires a combination of hard and soft skills. With a hands-on experience in hard skills, you need good written and verbal communication skills. You will be interacting with different businesses and individuals, and having strong communication will take you a long way.
With technology becoming an integral part of day-to-day operations in banks, you will need a grip on digital banking systems and various banking-related software. You need to be good at analytics and math with an eye for detail. You will have tremendous responsibilities on your shoulders, so you need to have high emotional intelligence.
Also, it is important to personalize the experience for your customers. People are more aware now than ever and demand a better customer experience which requires doing more than the bare minimum. And with a goldmine of customer data in your hand, you will require excellent customer service skills for a remarkable end-to-end experience.
Retail banking has a promising future. Stay tuned to the platform for insightful webinars and resources on retail banking and more.
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