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Careers in Retail Banking are Here to Stay

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The recent ''return to retail'' by the U.S. banking industry seems set to persist for some time. Accordingly, job seekers can look forward to a growth in the number of retail banking jobs. The change has been driven by very large U.S. banks that have established branch networks to cover large geographical areas and other retail banking infrastructure.

Banking deregulation in the 1990s gave large banks the opportunity to establish branches and compete with local banking institutions in areas that had previously been off-limits. This proliferation of branches, coupled with technological innovations that have increased economies of scale, has given a significant boost to retail banking activities.

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
With the latest technology assisting in the development of e-banking infrastructure, the retail banking industry may undergo changes resulting in a decrease in the number of brick-and-mortar branches. However, this change will hardly have any negative effect on retail-banking jobs. On the contrary, with fewer and fewer geographical barriers to contend with, careers in retail banking will no longer be restricted to financial centers.
On the net:The Role of Retail Banking in the U.S. Banking Industry: Risk, Return, and Industry Structure
www.newyorkfed.org/research/epr/forthcoming/0703hirt.html

Retail banking
www.get.hobsons.co.uk/advice/finance_retail If this article has helped you in some way, will you say thanks by sharing it through a share, like, a link, or an email to someone you think would appreciate the reference.

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 careers  mergers  United States  telephone banking  banking institutions  retail banking  credit cards  branches  small businesses  mobile banking


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