Banks are more than just another business organization. Banks drive the economy, finance corporations, provide loans to the needful, and also safeguard our hard earned money while paying interest on that as well. Apart from these operations, a bank provides various other services to it's clients. Keeping these operations running at a smooth pace with ensured client satisfaction is the primary responsibility of a bank branch manager.
The branch manager of a bank is a vital source of knowledge and support for all the staff. He is actively involved in business development, customer service, product planning, promotions, media relations, CSR activities, etc. Being the manager, he provides innovative and productive inputs to enhance the efficiency of the branch and widen the scope of the business to increase revenues as well.
A bank branch manager is required to define the monthly, quarterly, and annual targets. Additionally, he has to help the staff in reaching out in the market and put in their efforts to achieve the targets so defined. He may associate with external agencies to promote the bank and its operations. He may also develop customized solutions for corporate entities.
The branch manager of a bank is responsible for maintaining transparency in the operations and verifying the accuracy of reports pertaining to financial transactions. He is also required to present these reports to the board members during meetings.
All the responsibilities of the branch manager of a bank are explained under different headings below.
Planning Organizational Goals
The branch manager sets the goals for a given period of time. He has to keep various factors in mind such as previous performance of the branch, number of employees in each department, and the market predictions before setting the goals.
Monitoring
The branch manager of a bank monitors the operations. He ensures that the staff comes and leaves on time, and there is no delay whatsoever in the schedules tasks unless there is an unavoidable situation.
He takes disciplinary action against employees who are negligent or do not follow the code of conduct during work hours.
Customer Service and Retention
The branch manager has to oversee the customer service department and take initiative to resolve customer complains. He has to put in efforts to retain customers that want to discontinue using the services of the bank.
Recruitment and Training
The branch manager is involved in the hiring process and also interviews candidates applying for managerial positions. After recruitment, the manager may take part or conduct the induction and the training session.
Sales Management
The branch manager may himself meet prospective clients and discuss business opportunities with them.
Coordinating with External Agencies
The branch manager meets representatives from external agencies when required.
A branch manager of a bank should:
To become the branch manager of a banking institute, you need at least a bachelor's degree in banking operations, finance, economics, or a closely related course. You can also apply for this job if you possess relevant experience and a professional diploma in financial services management or a similar diploma or certificate course.
A bank branch manager can earn an average salary of $35,000. Besides the basic salary, the branch managers are eligible for paid holidays, 401k insurance, and various other allowances and benefits.
The responsibilities of a bank branch manager provided above highlight the most important features of this profession.