Banks serve as a primary source of finance for the society. The money deposited in the banks is not kept idle. It is instead circulated as loan. A large portion of this loan is distributed to businessmen and corporations. The process of receiving loan applications and approving the same is the primary responsibility of a business banker, also referred to as a loan officer.
A business banker serves as a business development and customer service officer at the same time. He searches for businessmen and corporations who require loan for the business operations. He meets them and presents various offers for short term and long term loans. If the current offers are not able to suffice their requirements, the business banker can also provide customized solutions to make it easy for the clients to avail the loan.
Another important duty of a business banker is to collect the financial statements from the clients and verify their credit worthiness before sanctioning the loan amount. He may do so either independently or by seeking assistance from other staff in the department. He is required to work towards the development of new financial products depending on the market requirements and the offers provided by other banks.
Have a look at the description of business banker responsibilities given below. It divides this job into different categories of tasks.
1. Business Development
A business banker is required to act as a salesperson for the bank and search for new clients for business expansion. He is required to contact prospective clients, arrange meetings, deliver presentations, and also develop customized loan offers if the existing offers fail to fulfill the clients' requirements.
2. Verify Clients' Credibility
Before sanctioning the loan, it is important for the loan officer to verify clients' credibility by reviewing the financial statements and reputation of the company. This is necessary to minimize the chances of fraud and avoid losses to the bank.
3. Maintain Documents
A business banker is responsible for preparing and maintaining all the documents. He has to file the loan applications, approval documents, all other process papers, and the copies of financial statements received from the clients.
4. Develop New Schemes
A business banker devises and modifies loan schemes depending on the market requirements. He studies about the schemes offered by competitors and accordingly develops new schemes for the clients.
5. Recruit and Train Staff
A business banker participates in the staffing and training activities. He explains the new schemes and products to the department staff.
To perform well in this profession, a person should:
Getting into this profession becomes easy if you complete your education with a bachelor's or master's degree in finance or business management related course. You can also opt for a certificate course in banking services management that are offered by various institutes across the country.
Previous experience of working in a sales or customer service position will also help you to get noticed as you apply for this job.
Average salary for a business banker is $105,000. Employing banks offer various benefits including performance incentives, bonuses, paid holidays, etc., that differ with each bank.
After reading the business banker responsibilities, you must have realized that this job offers challenges and rewards to those who are passionate to work in this stream.