Guide To A Successful Retail Banker Career Path
The waves of the pandemic have numerous effects on the Malaysian job market. Some jobs found opportunities to rise above others. With the increasing dependence on online activities such as shopping and paying bills online, a retail banker career path has become highly in-demand for jobseekers.
Retail banking is all about the customer and their finances. If you enjoy working with others and helping people feel empowered about their finances, then a career in retail banking might be an excellent choice for you.
JobStreet has compiled the basics on pursuing a retail banker career path. Read on and get the information you need before applying.
What does a retail banker do?
Retail banking, also known as personal banking, provides financial services to individuals rather than businesses. It is a way for people to manage their money, gain access to credit, and secure their finances. Retail banking includes services people use in their everyday lives like managing a savings or checking account, personal loans, credit cards, and mobile banking.
Retail bankers are responsible for assisting and advising customers on how to manage their finances. The role is very much a sales position. You will be required to promote various financial products or services the bank offers. Thus, effectively communicating with customers is necessary to provide exceptional customer service.
The role also provides a lot of opportunities as you progress in it. For example, You can go for a business manager role, where you will work more on the bank's financial products or services offered. Or, you can also become a bank manager, where you will oversee the bank's general operations and processes.
To ensure success in a retail banker career path, you should always have a cool head and extensive knowledge of banking and financial procedures. Ultimately, you will need to assist customers with their banking needs, cross-sell financial products, and resolve complaints, all while maintaining the integrity of your employer.
Responsibilities of a Retail Banker
Retail bankers juggle multiple responsibilities, depending on the offered products and services. Everyday retail banking responsibilities include:
- Processing customers requests like deposits, withdrawals and loan applications
- Generating new business by selling bank’s products and services to prospective and existing customers
- Collaborating with other banking and finance professionals to ensure high-quality customer service
- Understanding customer needs to recommend suitable products for them; thus, ensuring business growth
- Cross-selling products and services to improve business success
- Handling documentation of budgets, customer’s information, and other finance requirements
- Creating and presenting reports on business outlook and metrics
Salary Range
The average retail banker's gross salary in Malaysia is RM190,00 or an equivalent hourly rate of RM91. In addition, they earn an average bonus of RM18,577.
An entry-level position earns an average salary of RM130,623 annually. On the other hand, a senior level earns an average salary of RM236,550 a year.
According to PayScale, the salary potential in this role may increase in a couple of years, with a 33% projection.
What is the career path of a retail banker?
Careers in retail banking can be advantageous as you climb up the ladder. Possible positions you may want to pursue are the following:
Junior Level (1-3 years experience)
Mid Level (4-8 years experience)
Senior level (8 years or more)
What requirements do you need to become a retail banker?
Required skills
Communication and People Skills
Forging and maintaining strong relationships is key in being a retail banker. Your main goal is to help your customers understand certain products and services. You have to make the customer comfortable enough to want to purchase your services.
Strong Numeracy
Before you get a job as a retail banker, it is critical to be good with numbers. You will be handling finances — the hard-earned money of your customers. Having strong knowledge in Math and Statistics is key to building a foundation for your retail banker career path.
Analytical Skills
To move up the ladder, you will need problem-solving skills and decision-making skills to help your customers arrive at a sound decision about their finances. You need to help them find mutually beneficial solutions while bringing in profitable business.
Attention to Detail
You will need to evaluate a customer's finances and determine which products and services might be a good fit. You need to understand the mechanics of loans and when it makes sense for a business to take on debt.
Organisational Skills
As you start in retail banking, you will be assisting customers with their needs. This includes opening and closing accounts, completing transactions, and handling databases with sensitive information. You need to have strong organisational skills to meet deadlines and fill customer's documents accordingly to avoid delays.
Educational background
If you are interested in becoming a retail banker, one of the first things to consider is your educational background. Most retail bankers majored in Accounting, Business Administration, Economics or Finance.
Some employers may require a Master's degree, depending on the level you are applying for. For instance, if you want to specialise in areas such as management and marketing, or information systems and operations management, you may need to pursue higher education.
Required certification and training
Licensure Examinations
Certified Public Accountant (CPA) or Certified Financial Planner (CFP) certifications are optional. Still, they may improve your career opportunities and help to certify your skills in assisting people as they solve their financial problems and meet their financial goals. These certifications will also add opportunities for you to enter investment banking or wealth management, which require a different license altogether.
If you want to specialise in a banking function to advance your career, you will need specific certifications to practice. For example, as a credit professional in retail banking, you will need to get accreditation from the Asian Institute of Chartered Banker (AICB). As a financial practitioner, you will need a certification from the Financial Planning Association of Malaysia (FPAM).
Opportunities for Continuous Education
Most banks and financial institutions offer training to new employees as an induction process. These training programs help employees become familiar with the products and services that a company offers.
Further, most Banking and Finance employers carry out regular training to keep staff members up to date with any changes in the banking and finance industry. They also allow employees to participate in events, conferences and workshops.
Cultivate your skills in customer service, communication, decision-making, and time management by getting involved in community affairs and ensuring you understand regulations regarding financial reporting.
You can also upskill through various courses online. It is especially easier to progress in a retail banker career path today, with the continued rise of digitisation in the finance industry. It is also a good idea to get a Master's degree in business management or finance so you could take on a new and enhanced role within the industry.
Online courses for retail bankers
How to write a retail banker resume?
Mohamed Tan (Contact Details) Career SummaryFive years of experience as an accomplished Retail Banker with a long track record of success in administering excellent customer service. Adept at matching banking products with customer needs selling any program the bank offers, and assisting clients in consolidating finances through bank products.Work ExperienceRetail BankerKLMNOP Company (July 2019 - present)
|
Download the Retail Banker free resume template here
Ready to take a plunge into the retail banker career path? Head on to JobStreet and update your profile for #JobsThatMatter to you. For more expert advice on your career path, visit JobStreet's Jobs and Resources Hub.
