All job seekers would probably agree with one career advice - there is no career as stable and growing as a banking career. Typical Bank work profile includes money saving and money lending, which has been going on for decades in rather traditional manner. With time, requirements increased and people started expecting more from the banking service. Today banks have gone beyond their basic functions and cater to different financial needs of account holders. With a dedicated bank regulation authority and improved regulations, banks are safe and profitable. As more and more people approach banks for assistance, it has created several opportunities for enthusiasts to make a career in banking.
Let us have a look at the career scope and prospects bank work offers to its pursuers along with other career details.
Bank Work Profile and Responsibilities
There are several professionals who contribute towards smooth functioning of the bank. We have listed here few common designations and a crisp job description of the same for your reference.
Bank Manager
A bank manager is responsible to lead, guide and supervise different banking functions. He ensures the bank follows the financial, banking and economics regulations and extends efficient banking services to customers
Counter Coordinators
Counter coordinators deal with customers directly. They represent the bank and help account holders deposit cash/checks, withdraw money and update passbooks.
Back Office Processing These officials compile, verify and process documents collected from customers to open/close accounts, issue check book, statements or credit/debit cards, approve and disburse loans and make investments.
Investment Experts/Financial Counselors
These Finance experts develop financial plan and provide advice to clients on investments and assets management. They guide clients on purchasing and selling securities at right amount.
Qualifications and Skills Requirements
To secure a job in the banking field, job seekers are required to hold a degree in banking and finance. They have the alternative of opting for certificate or diploma programs in bank laws, investments management, accounts and book keeping, economics, etc.
The important skills required for performing banking functions are:
Bank Regulatory Body
In United States, banking regulations function at both federal and state levels. In most nations, the central bank regulates the other commercial banks of the country. Besides they may have independent regulatory body or set of banking laws to set guidelines for banking functions.
Work Environment
A bank personnel works within the comforts of his office. His job includes typical desk job where he work with computers and files. The counter coordinators have to tackle the rush of customers which may get tedious at times. They have typical work hours and holidays. However, the chief accountants and the manager may have to put in additional work hours during the monthly, quarterly and yearly accounts closure. No major health disorders or safety hazards are associated with this profession.
Bank Industry Trends
The major turning point in banking industry was the need to provide service beyond savings and loans. This gave rise to banks providing asset and investments management services and development of financial plans. Banks started laying emphasis on use of paper money in form of checks, credit or debit cards. As technology improved, the emphasis shifted to performing online transactions. These days' banks portray better resistance to financial crisis.
Work Prospects
Whether rich or poor, literate or illiterate, young or old, all avail the banking facilities. It has existed since centuries and will continue to do so in future. Banking has changed with times and adapted its profile with the changing client requirements. No organization can ever function without a dedicated financial institute. Hence, as the banking field experiences constant growth, it is considered one of the most stable careers.
We hope this bank work description has given you complete information about the work profile. We hope these details prove valuable to choose the right career path.