Retail Banking

As a retail banking professional you will be providing financial services related to credit, deposit, and money management to general public including individuals and families.

What do retail banking professionals do?

Professionals working in retail banks deal with matters related to deposits made by customers in savings accounts and fixed deposits and offering of credit to customers in the form of loans, mortgages and credit cards. They are also involved in providing money management facilities to customers through checking accounts, debit cards and online banking.

What does a typical day at work involve?

  • Checked Provide advice to clients on the basis of their financial requirements
  • Checked Meet with clients and make recommendations about potential investments.
  • Checked Assessment and review of financial situations
  • Checked Processing of payments and withdrawals
  • Checked Maintenance of Financial and Statistical records
  • Checked Development of business networks with the use of contacts
  • Checked Evaluation and Authorisation of loans and overdrafts
  • Checked Dealing with complaints of customers and resolving them

Job roles in Retail Banking

A teller or clerk in a retail bank has a customer facing role and is responsible for receiving and handing out cash, handling foreign exchange, issuing demand drafts and managing remittances.
Known by various designations, this is also a customer facing role. Being allocated a group of customers, these officers handle all the queries and issues customers may have, manage their needs and requirements and sell them either deposit products (Current Accounts & Savings Accounts, Fixed deposits) or loans such as auto loans, personal loans, home loans, etc.
These officers look after specialised roles in the bank related to HR, IT administration, Credit management, Marketing and Legal matters.

How to become a retail banking professional

Step 1
Take any Stream at +2 level

You can take any stream at +2 level for choosing a career in banking. However choosing the commerce stream may give you a better insight into the career area.

Step 2
Take a bachelor’s degree in any Discipline

A bachelor’s degree of duration 3 to 4 yrs, in any discipline is the eligibility requirement for appearing in the banking service recruitment examinations. Taking BCom/BBA or BMS may make it easier for you to take up higher studies in the field.


Note:

  • After graduation you can appear for any of the common recruitment examinations conducted by IBPS for various levels of employment like clerks, probationary officers and special officers in public sector banks.
  • Retail banking certificate courses are available which will equip graduates to gain practical knowledge for cracking retail banking interviews.
Step 3
Take an MBA( Finance & Banking)

For taking up higher career positions in retail banking it is advisable to take a Master’s degree in management with specialisation in Banking & Finance. This is generally of 1 to 2 yrs duration.


Note :

Some Private banks have tie ups with management institutes to enrol candidates who qualify in their recruitment tests, for a full time MBA (Banking and Finance program)

Retail Banking Colleges

Name State District Type Website Course

Requirements for masters in retail banking

Requirements for admission into a PG course in one of the top institutions to help you get an overall picture

India (For admission into MBA (Banking & Finance )Symbiosis School Of Banking And Finance (The course Includes retail banking as a subject)

  • Graduation from any stream.
  • A minimum of 50% marks or equivalent grade
  • A valid SNAP (Symbiosis National Aptitude Online Test )Score.

Foreign(for admission into MSc Banking & Finance at King’s College London. United Kingdom)

  • Undergraduate degree in management, economics, finance or other relevant subject).
  • A 2:1 honours (overall average of at least 65% across all years of study)
  • English Language Proficiency : 7.0 overall with a minimum of 6.5 in each skill In IELTS or 100 overall with a minimum of 25 in writing, 23 in reading and 20 in each of the other skills TOEFL
  • Two references are required with at least one being academic.

To see the entrance exams, scholarships and UG admission details, click here

Skills Required

Adaptability

Retail managers need to be flexible to adapt to changes quickly in short and long terms with respect to the changes in rules and possibilities.

Business Acumen

It's Important for retail managers to have commercial awareness based on different business situations to effectively utilize their expertise.

Verbal and written communication skills

Verbal and written communication skills are pretty vital for retail bankers as they have to deal with a number of customers on a daily basis for service.

Analytical Skills

As Retail bankers need to convey the needs of analysing information, identifying problems and making decisions on different schemes and policies to the customers analytical skills will come in handy.

Numerical Skills

Numbers will be a significant part in the daily life of banker.The ability to grasp and handle numerical concepts and applying them is essential to execute functions in their job.

Industries

  • Checked Government State banks
  • Checked Public sector banks
  • Checked Private banks

Top companies

  • Checked Axis Bank
  • Checked HDFC
  • Checked Federal Bank
  • Checked Barclays
  • Checked Lloyd