Retail Banker Job Profile
Our Job Profile series explores what it's like to be a retail banker.
Retail bankers – also known as consumer bankers – help individuals manage their money, providing expert advice, financial services, and products. Their daily tasks include facilitating the movement of funds via payment mechanisms, setting up savings accounts and bonds, and organising loans and overdraft facilities.
If you’re thinking about becoming a retail banker, we’ll tell you everything you need to know about the role and how it fits into a wider career in banking and finance.
What is a retail banker?
Working in a hybrid finance/customer service role, retail bankers help individuals manage their money and provide advice. As a retail bank manager, you’ll also oversee the strategic management of a bank branch. The role requires a flair for sales (financial products and services), as well as the ability to attract new customers and manage a team of staff.
Responsibilities
Your responsibilities as a retail banker will vary depending on where you’re employed and what level of experience you have. Despite this, most experienced retail bankers will have a broad role that involves some or all of the following responsibilities:
Managing, recruiting, and coaching staff
Implementing new products, services, and processes
Dealing with complex customer queries and requests, which may include reviewing their financial circumstances
Representing the bank in the broader community and building relevant contacts
Opening and closing the branch daily and ensuring that the premises are fit for business
Meeting sales targets and managing budgets
Writing reports and keeping financial and statistical records.
Junior level retail bankers are typically responsible for:
Dealing with customer queries face to face, over the telephone, or in writing
Processing payments and withdrawals
Recommending suitable products and making sales
Processing paperwork, including change of customer details and closure of accounts
Keeping abreast of the latest products, services, and processes.
Retail banker qualifications
Graduate management training programmes are widely available in retail banking. Fortunately, they are open to all graduates, so you don't need to have a finance-related degree to be considered.
Retail banks typically require candidate to have a 2:2-degree classification or above, while some require at least a 2:1.
While a specific subject is not required, undergraduate degrees in the following subjects are useful when applying for a retail banking position:
Business management/business studies
Economics
Mathematics
Is a degree compulsory for a retail banker?
If you don't have a degree, you may be able to join a bank in an entry-level customer service role. Here, you can work your way up to management level through in-house management courses, some of which are fast-track programmes.
Apprenticeships
Apprenticeships are another valuable option to consider to gain entry to retail banking, as they combine paid work with part-time study and are available at a range of levels, including degree-level. BPP offers apprenticeships in career-specific disciplines including financial services, leadership and management, and accountancy and tax.
Skills
There are a range of skills, both technical and soft, that are beneficial for retail bankers. They include:
Communication skills
As a retail banker, you will need good written and verbal communication skills for both drafting client reports and interacting with people – both customers and colleagues – who may not have expertise in your area. Therefore, the ability to convey complex information in a clear, engaging manner is crucial.
Customer service
Customer service encompasses communication and problem-solving skills, as well as the ability to empathise and listen. Good retail bankers understand their customers and what makes them happy, and demonstrate the capacity to win new, and retain existing business.
Numeracy
Numeracy skills involve working with numerical and graphical information, drawing conclusions, and explaining your findings. Retail bankers should have an aptitude for numbers as they are required to manage clients’ money and provide expert advice on various financial services and products.
Emotional intelligence
All financial organisations, be it actuarial, regulatory, or consumer banking, rely on strong relationships. Much of a retail banker’s time will be spent discussing potentially sensitive information with clients, so effective listening skills and empathy are imperative.
Teamwork and leadership
Retail banking has a significant team-focused element – you might be working alongside other professionals whose expertise lay elsewhere, so strong teamwork abilities are a significant advantage. The management strand of the role requires strong negotiation skills, as well as the ability to influence others when making a sale or retaining an account.
Salary and benefits
On a graduate management trainee programme, you could earn in the region of £18,000 to £25,000. Some companies also offer bonuses for joining and other training incentives. After training, your salary could rise to anywhere from £21,000 to £40,000, with bonuses for your first retail branch management role.
Senior managers may earn in the region of £40,000 to £60,000, with those in regional offices and specialist management roles earning more than £80,000. In addition to bonuses, many employers offer a range of benefits, including a contributory pension, private healthcare, share schemes and life insurance.
Career path
Work experience
When seeking a retail banking role, demonstrable work experience in a financial environment is desirable. This may include:
Part-time work
Sandwich placements
Internships and temporary or permanent work experience.
Several major banks provide summer internships for penultimate year students. If students impress, they are often considered for the organisation's graduate training scheme.
For those without work experience in a financial setting, experience in sales, marketing, and customer service will strengthen your application. Moreover, if you are considering a job placement to boost your application, consider one that focuses on communication and customer service skills, as well as meeting financial targets.
Continuing professional development
Banks often introduce their products and services to new employees through an induction process, which also involves customer relations and risk management modules. Once qualified, employees will receive regular training sessions to ensure that they are up to date with the bank's products.
Those undertaking a graduate management scheme will follow a structured training programme. This typically involves spending some time in the branch to gain an understanding of the team member's roles - particularly those you will be managing. You will also become an expert in your bank's products and services, such as loans, credit cards, and in some cases, small business banking.
Find out more about our leadership and management programmes here.
