Banking takes all sorts

Whether you have a background in business and finance, or one in communications, science and technology, you're wanted to fill the wide variety of roles that make up the financial institution.

Working for a bank may seem glamorous to some but beneath the facade of immaculately polished floors and gleaming doors, a great career awaits you. Most commercial banks have 2 major divisions: consumer banking (also called personal banking) and corporate banking (also known as wholesale banking).

a) Consumer banking

Within the consumer banking portfolio, you'll find products and services such as credit cards, personal loans (such as car and home loans), savings, fixed deposits and current accounts. Commercial banks offer many of these services from their bank branches and these areas need people with different knowledge and skills to maintain and deliver the daily banking business activities directly to customers. From front-line workers like tellers to bank officers, managers and customer services personnel, each branch has ample opportunities for people interested in front-line banking operations.

Most banks also offer premier or priority banking to high net-worth clients. Besides the usual banking services, customers are helped in managing their entire financial situation from protection or growth of current assets to retirement financial plans and the passing on of wealth to future generations. Those working in this section have to be able to manage finances creatively, build personal relationships with clients as well as be confidential and discreet.

Besides premier or priority banking, some financial institutions also offer private banking to selected high net-worth clients. This is the platform where clients are given the opportunity to look into offshore funds and accounts among others. The products and services within private banking are targeted at a very niche market and are based on client needs and requirements.

b) Corporate banking

Corporate banking refers to all the products and services offered to organisations for the daily running of their businesses. These range from loans and credit facilities to management of finances for specific projects, for example, how to finance the building of a new factory. Opportunities within this division of banking include client management, credit analysis, treasury or cash management, project finance, leasing, and import and export finance.

Each of these areas requires different skill sets and personalities. The people in charge of managing client accounts, sometimes called relationship managers, establish and maintain relationships with specific corporate clients. Your responsibility as a relationship manager is to help companies raise and manage funds through the tools and services available in your bank. In order to handle these accounts, you need to have in-depth knowledge of financial products offered by your bank in order to offer the best possible solutions to your clients. Most relationship managers will find their niche in particular industries, specialising in clients from pharmaceuticals or telecommunications and the like. You also need excellent communication and interpersonal skills

c) Marketing, sales and other support services

Like any other business, banks have other essential work departments to keep the business going. Both consumer and corporate banking divisions have the following in place besides the job roles mentioned above:

• Contact centre - to answer enquiries and to promote existing and new products and services
• Product - looks into the design of new products and monitors the progress of the products that have been launched together with the promotional activities to drive the sales
• Marketing - supports the activities organised by the branches and to initiate events/contests/opportunities to boost the overall sales for the bank
• Sales - seeks out new business opportunities and to grow the revenue for the bank. This is probably the largest team in most banks and provides the most opportunities for fresh graduates to start their career with a bank
• Customer service - assists branches and various divisions regarding issues with customers and to help resolve them

Other departments within the bank include human resources, corporate communications (also known as public affairs), administration and information technology. These departments ensure the smooth running of the day-to-day operations of the bank.

Entering the job

For finance-related positions, you need to demonstrate analytical and problem-solving skills besides having excellent academic results and good communication skills. Aptitude and personality tests as well as face-to-face interviews are usually part of the assessment process. New recruits also receive a comprehensive induction or training programme to prepare them for the challenges of working in the bank. However, most learning takes place on the job.

All commercial banks offer plenty of opportunities for fresh graduates and many people can find a niche for themselves in the banking sector regardless of their skills, experience and training.

© GTI Specialist Publishers. Reproduced with permission.