Have you ever wondered what it takes to become a retail banker? This comprehensive guide will walk you through the steps and requirements to start a rewarding career in retail banking.
As a retail banker, you get the chance to directly assist customers with their daily financial needs. It’s a fulfilling role where you can really make a positive difference in people’s lives. But it does take dedication and preparation to get your foot in the door.
In this article, I’ll cover everything you need to know, including:
- What a Retail Banker Does
- Retail Banker Job Description
- Skills and Qualifications Needed
- Education and Training Requirements
- Building Your Resume
- Finding Job Opportunities
- Potential Salary and Job Growth
What is a Retail Banker?
A retail banker works directly with customers at bank branches to help fulfill their banking needs. As a retail banker, your main duties include
- Opening new accounts for customers
- Processing account transactions like deposits, withdrawals, and transfers
- Selling bank products like credit cards, loans, and investments
- Providing financial advice and recommendations
- Resolving any customer issues or complaints
Essentially, you’ll be the face of the bank for consumers You need to provide excellent customer service while also meeting sales goals and representing your bank positively It’s a fast-paced job where no two days are ever the same. But it can be extremely rewarding to guide customers and make a real difference through your work.
Retail Banker Job Description
As a retail banker, you’ll spend your workdays interacting directly with walk-in customers as well as assisting them over the phone. Your bank branch will likely have established daily, weekly, and monthly sales quotas that you’ll need to meet. Exact responsibilities vary by bank but often include:
- Greeting customers when they enter the branch
- Answering questions and informing customers about bank products/services
- Processing transactions like withdrawals, deposits, check cashing, and account transfers
- Opening new accounts for customers like checking, savings, CDs
- Helping customers apply for loans and credit cards
- Advising customers on investments and wealth management
- Educating customers on online/mobile banking tools
- Resolving any customer complaints or account issues
- Making outbound sales calls to generate new business
- Participating in community outreach and networking events
- Complying with all banking regulations and security protocols
It’s a true customer-facing role where your people skills will be put to the test daily. You’ll interact with customers from all walks of life and need to develop trusting relationships. It’s also fast-paced and you’ll often have to balance multiple tasks simultaneously while delivering excellent service.
Skills and Qualifications For Retail Bankers
Retail banking requires a certain skillset to thrive in the role. Here are some of the most important skills and qualifications banks look for:
Customer Service Skills: This is by far the most critical skill. You’ll need patience, empathy, and communication skills to interact with customers. Being able to remain calm under pressure is also crucial.
Sales Abilities: Banking is a sales-driven business so you need to be comfortable making outbound calls, networking, building relationships, and closing deals.
Math and Analytical Skills: You’ll need strong math, accounting, and analytical abilities to understand banking transactions and products. Financial literacy is a must.
Tech Savvy: Fluency with computers and banking software programs is required. You’ll utilize various digital tools daily.
Multitasking and Organization: The job requires handling many different tasks and customers simultaneously. You need top-notch prioritization and organizational skills.
Teamwork Skills: You’ll collaborate with other bankers and branch staff daily. Being a team player is essential.
Communication Skills: From writing emails to making sales calls to resolving complaints, strong communication skills are required. You’ll need to adapt your style to each customer.
Problem-Solving Abilities: When customer issues inevitably arise, you’ll need to think critically to develop solutions. Being resourceful is crucial.
Ethical Values: Banking requires high integrity when dealing with sensitive customer information and money. Your ethics need to be rock solid.
Possessing these types of abilities will set you up for success as a banker. If you don’t yet have experience in some areas, highlight other transferable skills from past roles on your resume when applying.
Education Requirements to Become a Retail Banker
At minimum, you’ll need a high school diploma or GED to qualify for most retail banking roles. However, many banks prefer candidates with some college education.
Here are the most common educational backgrounds among retail bankers today:
- 45.6% have a high school diploma
- 15.45% hold a banking/finance certificate
- 38.95% have an associate’s degree in business, finance, or another related field
Earning a certificate or associate’s degree can give you a nice competitive edge. It shows your commitment to the industry.
Some banks may require a bachelor’s degree for branch manager roles or to advance beyond an entry-level position. But in most cases, you can get started as a retail banker without a four-year degree.
Ideally, you’ll want to study business, finance, accounting, economics or another banking-related major. Coursework in areas like ethics, communications, and computer science can also be valuable.
Participating in an internship program through your school is highly recommended. It provides relevant experience you can add to your resume.
Banking Licenses and Certifications
While optional, earning a banking certification demonstrates your knowledge and can further boost your resume.
Here are some of the most recognized financial certifications:
- Certified Bank Teller (CBT)
- Certified Bank Customer Service Representative (CBCSSR)
- Certified Bank Customer Service Manager (CBCSSM)
- Accredited Financial Counselor (AFC)
- Certified Financial Marketing Professional (CFMP)
Major banks like Wells Fargo and Bank of America also offer their own internal training programs and certifications for bankers.
Completing courses related to compliance, sales, banking software, and customer service can make you a top candidate for retail banking positions.
Important Training Programs and Requirements
All new retail bankers receive extensive on-the-job training at their bank to learn the ropes. This takes place over the first 3-6 months on the job.
Some key areas the training will cover include:
- The bank’s products, services, and operations
- Compliance policies and banking regulations
- Security protocols and loss prevention
- Sales techniques and customer service standards
- The bank’s computer software systems
You’ll likely need to pass various compliance exams during the training period as well. These ensure you understand critical regulations like Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.
The training equips you with all the knowledge needed to handle transactions and assist customers confidently. Be prepared to absorb large amounts of information. Asking questions and taking notes is encouraged.
How to Get a Retail Banker Job
When you’re ready to start applying for retail banking roles, follow these tips:
Write a Strong Banking Resume: Given all the customer service, sales, analytical, and computer skills needed, you’ll want to highlight those throughout your resume. Emphasize any related experience from past retail, customer service, or sales roles. Just make sure your resume is neatly formatted without any typos.
Search Online Job Boards: Major job sites like Indeed, LinkedIn, and Glassdoor routinely have retail banking job openings. But don’t forget to check the career sites of your target banks too.
** tap Your Network:** Talk to everyone you know and let them know you’re looking. Sometimes finding jobs is all about who you know.
Apply for Bank Internships: Consider applying for summer internships at banks while still in school. They often lead to full-time job offers.
Highlight Your Reliability: Bankers need to be dependable and trustworthy. Emphasize how you’re organized, hardworking, and ethical during interviews.
Get Licensed and Certified: Earning relevant banking licenses and certs can make you stand out from the competition.
Exude Enthusiasm for Banking: Hiring managers want to see you have a real passion for the industry. Let your excitement shine through.
With the right strategy, you can land that coveted retail banking interview and position.
Potential Salary and Job Outlook for Retail Bankers
According to the Bureau of Labor Statistics, the average annual salary for a retail banker is approximately $35,000. Salaries typically range between $26,000 – $47,000 based on experience and geographic location. You can expect to earn on the higher end at major national banks located in major metro areas.
In addition to the base salary, many retail bankers earn bonuses by meeting sales goals for new accounts and loans. So there is nice commission potential on top of your normal earnings.
The job outlook for retail bankers is somewhat declining with a projected -3% growth rate
How To Become a Personal or Retail Banker
The requirements for finding work as a personal or retail banker depend on the type of role you aspire to work in. For example, an entry-level position in retail banking would be working as a teller. To become a teller, you only need a high school diploma and some experience working with money. The experience doesn’t necessarily have to be in banking. Experience operating a cash register for a restaurant or retail store may be enough to qualify you for open bank teller roles.
For other positions, a bachelor’s degree is preferred. For example, most banks prefer loan officers and underwriters to hold bachelor’s degrees in business, finance, accounting, or a related field. Additionally, most loan officers and underwriters need to have professional banking industry experience. Some aspiring personal and retail bankers choose to work part-time as tellers while pursuing relevant bachelor’s degrees in order to earn the required experience and education concurrently.
For management or leadership roles like branch manager, a bachelor’s degree is almost always required, as well as a significant amount of professional banking experience. Bank branch managers deal with a lot of numbers, finances, and government regulations—as well as managing employees—so a bachelor’s degree in finance or business administration helps them learn the skills they’ll need to run a profitable branch as well as manage a large team of bank employees.
What is a Personal or Retail Banker?
The following job responsibilities are common for individuals in personal or retail banker roles:
- Assist customers with opening new checking or savings accounts
- Handle bank account transactions, such as deposits, transfers, and withdraws
- Process applications for auto, home, and education loans, credit cards, and other lines of credit
- Exchange currencies, prepare traveler’s checks, and create money orders or cashier’s checks
- Market bank services in the community to increase visibility and profitability
Become a Certified Retail Banker
How do I become a retail banker?
While a college degree isn’t required to work as a retail banker for all institutions, earning a degree can give you a competitive edge over other applicants and set you up for potential promotions. Consider earning a degree in business, statistics or a related field. 3. Hone your skills
What skills do you need to be a retail banker?
Retail bankers require a certain set of skills and abilities to perform their jobs well. While in school or after graduation, spend time developing your customer service abilities, basic math skills and team working abilities. 4.
Why should you become a retail banker?
Improve your soft skills A retail banker benefits from a variety of soft skills while working, from better numeracy skills to an understanding of economics. Although these are not essential for the job, they make it easier to advance your career.
Can I become a retail banker if I don’t have a degree?
If you don’t hold an undergraduate degree, you can still become a retail banker. You can achieve this by starting from an entry-level banking position such as greeter or customer assistant. From here, work your way through the ranks until you become eligible for a management course that can fast-track you to becoming a retail banker.
