Any bank that offers consumer services including checking and savings accounts, loans, certificates of deposit, and other basic financial services is an example of a commercial bank. If you are interested in dealing with money and people, commercial banking might surely be a wonderful career path to explore. There will always be a need for bank accounts and loans, hence commercial banks are likely to always exist. Investigate a few of the most frequent career options in commercial banking so that you can decide if it’s a good fit with your interests and skills set.
Jobs in Commercial Banks of Different Sorts
There are several sorts of jobs in commercial banks. There are certain jobs in commercial banks that necessitate a bachelor’s degree or certification in banking or finance, while others require simply a high school diploma, excellent customer service skills, and a willingness to work with cash.
Bank Teller Bank tellers assist customers who visit the branch to execute banking transactions. Deposits and withdrawals, check cashing, loan payments, and other information about the bank’s services are all done by these employees of the bank. They are also responsible for employing arithmetic abilities to correctly keep and balance cash drawers, and for resolving discrepancies. The median compensation for bank tellers is roughly $32,000 per year.
Financial Services Representative
Financial services representatives (FSRs) that work in banks are responsible for opening and cancelling accounts for consumers, and for marketing other financial services products that the bank offers. When a customer opens a savings account, an FSR may suggest creating a certificate of deposit (CD) with a portion of the money they’ll be depositing. The average wage for financial services representatives who work in commercial banking is roughly $42,000 per year.
Loan officers who are hired by commercial banks engage with consumers who are wanting to borrow money from the bank for different purchases, such as financing a vehicle or other big purchase, or to consolidate debt. Some of them work with people who are looking for home equity lines. Those who work with mortgages must obtain National Mortgage Licensing System (NMLS) certification. The average yearly remuneration for loan officers is about $64,000.
They are in charge of the day-to-day operations of the bank branches they are responsible for. They are in charge of overseeing the personnel, ensuring that they are properly trained, attending to the demands of clients, setting sales targets, and expanding the branch’s income and customer base. A degree is normally necessary for branch manager jobs. The average remuneration for bank branch managers is roughly $68,000 per year.
Assistant Bank Manager
Some banks employ assistant managers who work directly under the branch manager. This is especially frequent in large banks when there is a need for more than one on-site employee to appropriately manage the personnel and guarantee that the demands of clients are addressed. An essential part of this role is collaborating with the branch manager and other staff to keep jobs running properly. The average wage for assistant bank managers is roughly $49,000 per year.
Loan applications are reviewed by analysts that work for commercial banks against lending criteria and determine whether or not each loan may be accepted and under what circumstances. In order to make well-informed judgments, they look at things like the score, payment history, debt ratio, and the value of any collateral attached to the loan, among other things. The average wage for commercial bank analysts is roughly $53,000 per year.
Providing Help to the Public
Most banks operate a customer care call centre that consumers may contact to ask inquiries or receive basic account information without having to go to a bank location. These call centres are staffed by bank call centre professionals. Banks hire some to work in their contact centres, while others outsource their customer support operations to third-bank call centres. Bank call centre agents make an annual salary of $32,000 on average.