Get a Career in Retail Banking

In recent years many of the Retail Banks are now involving themselves more and more with Investment Banking activities, which are making careers within Retail Banking an increasingly attractive option.

A banker is responsible for establishing and maintaining positive customer relationships, planning and delivering effective sales strategies and monitoring the progress of new and existing financial products. Bankers may work as managers in high street branches providing operational support on a day-to-day basis, or in more specialised posts in corporate or commercial departments at area, regional or head offices.

Banks operate in a fiercely competitive marketplace where change is common. Products and services offered have to develop to satisfy the expectations and demands of customers and working with staff and customers to achieve targets has become a very major part of the role.

Responsibilities and work activities may vary between retail and corporate and commercial banking. Most retail bankers work in high street branches, dealing with both private and corporate customers, while some work in regional or head offices. Bankers who work with commercial or corporate customers may be based in branches or may work from specialised area or regional offices.

Bankers who have area and regional responsibilities adopt a strategic role and, whilst retaining overall accountability for service and product delivery, usually delegate supervision of day-to-day operations to staff in branch outlets.

Responsibilities for both retail and corporate and commercial bankers may include:

implementing the delivery of sales strategies and targets and motivating employees to meet these; establishing and maintaining effective relationships with new and existing customers, establishing their needs and advising on the suitability of services;

visiting business customers and attending meetings and conferences with them and other professionals; managing and supporting staff and facilitating appropriate continuing professional development (CPD);
communicating, implementing and monitoring compliance with corporate standards and procedures; processing data to produce accurate facts, figures and reports;

evaluating new and renewal lending proposals, negotiating terms with customers and, where appropriate, submitting proposals to the credit department for approval;

checking accounts and initiating action if they are overdrawn without arrangement or are in excess of agreed arrangements;  assuming overall accountability for products and services, such as consumer lending, current account transactions, unsecured loans, overdrafts, credit cards and personal loans;  networking with appropriate professionals; representing the bank within the wider community.

As a customer service adviser or cashier, you would be the first point of contact for a bank or building society’s customers.
You could work in retail branches serving customers face to face, or in contact centres dealing with customers over the telephone or by e-mail. Your job could include: processing payments and withdrawals; handling cash and cheques;dealing with enquiries; selling financial products and services to customers; using a computerised system to update account details  doing administrative tasks such as opening post and sending letters to customers issuing foreign currency; helping customers with loan and mortgage applications. With experience, you would handle more complex enquiries and may also supervise a team.

Entry requirements can vary between employers. Some banks may ask for four or more GCSEs (A-C) including English and maths, others may not ask for any qualifications but will ask you to pass their own entry tests when you apply.

You will usually need experience of customer service or cash handling, so previous experience in sales or retail work can be an advantage. You also need basic computer skills, so previous office experience will also be useful.

You may be able to get into this job through an Apprenticeship scheme. The range of Apprenticeships available in your area will depend on the local jobs market and the types of skills employers need from their workers. To find out more about Apprenticeships, visit www.apprenticeships.org.uk.

You will usually be trained on the job through an employer's detailed in-house training scheme.

Your training may include the chance to work towards a nationally-recognised qualification such as:

• NVQ levels 2 and 3 in Retail Financial Services
• NVQ levels 1 and 2 in Contact Centre Operations or levels 3, 4 and 5 in Contact Centre Professionals (if you work in a call centre)
• NVQ levels 2 and 3 in Customer Service
• School of Finance Customer Service Professional (CSP) award.

With experience, you can take qualifications to develop your career into other areas, such as mortgage advice, financial advice or accountancy. If you are aiming for supervisory management jobs, you may help your career by taking further ifs School of Finance qualifications such as:

• Professional Diploma in Financial Services Management (Professional DFSM)
• Applied Diploma in Corporate Banking
• Applied Diploma in Retailing Financial Services.

See the ifs School of Finance website for more details about their qualifications.
www.ifslearning.ac.uk