Tellers, personal bankers, auditors, loan officers, and managers all work in retail banking. Various educational levels may be required depending on the desired job. In general, those with a bachelor’s degree, particularly in finance or economics, and some cash handling or customer service experience can find work in retail banking. People who want to work in retail banking usually get along well with others and are adaptable enough to respond to changing circumstances and requests.
The teller position is the one that deals with the most people out of all the retail banking jobs. Daily tasks such as processing deposits and withdrawals, as well as checking account balances, are part of these jobs. Tellers may also cash checks drawn on that bank if they are brought in by customers. A high school diploma and some cash-handling experience are usually all that is required for a teller position, but each banking institution sets its own requirements.
When it comes to opening a new account, a personal banker is frequently the first point of contact for a banking customer. These people can assist with the opening of a checking or savings account as well as the application for a loan. Personal bankers may also be in charge of recommending savings products like certificates of deposit or arranging for a customer to meet with a financial planner. A few years of customer service experience or a college degree are usually required for this position.
The retail banking industry’s watchdogs are auditors. This is probably the most behind-the-scenes and out-of-the-public-eye retail banking job of them all. Auditors are in charge of making sure the books are in order and that all deposits, withdrawals, and other transactions are completed properly. The auditor may also be tasked with assisting in the resolution of any disputes that arise. A bachelor’s degree in accounting or a related field is usually required for this position.
Managers are in charge of supervising the entire retail banking operation. Every physical location typically has at least one manager, also known as a branch manager or president. This individual most likely holds a bachelor’s degree and has worked in various aspects of the retail banking industry for many years. A bachelor’s degree or even a master’s degree is frequently required.
Other retail banking positions, such as loan officers and mortgage risk analysts, that used to be performed at each physical location are now frequently performed elsewhere. Many locations may not have enough foot traffic to fill these positions completely. As a result, these services could be provided from a single corporate location. Smaller branches may send work or applications to be reviewed by these individuals.