Banks have found that retail banking offers steady revenues and mitigates the risk of volatility in their other businesses. Therefore, the focus on retail banking, which depends in part on the performance of non-retail and other banking activities, has increased. Retail banking competes with e-banking and the personal finance sector in terms of services and products offered, technology used, and customer acquisition.
Careers in retail banking are flourishing, as can be seen from the rising trends in personal loans, automobile loans, and mortgage loans. Individual clients and small businesses are served by the retail banking sector. With the increasing competition and changes in the commercial banking industry, customer relationship management and acquisition of new clients is very critical. These areas are high priority to banks today, and therefore the number of retail banking jobs is on the rise, with more project management and staff management positions available.
The services offered by retail banking operations include telephone banking, internet banking, mobile banking, online banking, credit card services, debit card services, online bill payment services, personal loans, automobile loans, mortgage loans, investment services, etc. The jobs available in these areas of operations include:
- Strategy development jobs: Developing promotional campaigns for banking products and services and identifying gaps in the market through market research
- Marketing jobs: Maintaining customer relationships and acquiring new individual and small business clients
- Credit evaluation and risk assessment jobs: Evaluating the credit-worthiness of clients, assessing risk factors on loan applications, and approving or disapproving them accordingly
- Human resource jobs: Recruiting, training and development of staff
- Operations management jobs: Assessing the operations of the bank and its activities and researching and developing methods and processes to improve efficiency and customer service
- Co-ordination and supervisory jobs: Coordinating and supervising the work of all divisions to ensure smooth operations and delivery to customers
