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What are the Retail Banker Functions?

Functions of The Head of Retail Banking

To grow Retail Banking business by providing effective leadership to the Business Unit’s staff and management of the department’s operations to optimize the acquisition of new customers; selling of Bank products; quality of customer management and maintenance of a portfolio of existing customers; increasing usage of the Bank’s products by cross-selling; and support retention and longevity of all customers through the delivery of quality after-sales service.

Duties and Responsibilities

•   Structuring the appropriate Personal Banking Team and their support to meet capacity requirements to deliver business targets and competitive quality standards.
•   Establishing appropriate quality and productivity benchmarks for business development (customer acquisition and sales) and portfolio maintenance.
•   Maintaining a quality product portfolio (range) that creates a competitive advantage for Bank and is in line with evolving market needs and addressing current and anticipated needs of the target market.
•   Formulate and implement effective business management infrastructure and systems (policies, processes, procedures, and tools) for optimal resource utilization to deliver business targets and competitive quality standards.
•   Continuously align the bank’s service offering to customers’ expectations and needs through a research process, service quality surveys, and multiple channels of feedback.
•   Establishing and maintaining operational risk management systems to ensure compliance standards are consistently met within the department.
•   Initiating, sponsoring, and championing development/ repackaging and release of products and services for Retail Banking.
•   Establishing and maintaining systems to nurture entrenchment of the Bank’s core values and positive presentation of the Bank’s brand image at all customer (internal & external) contact points.

Skills

•   Ability to translate the bank’s corporate strategy into a departmental business plan and operationalize the same.
•   Ability to provide leadership that motivates staff to maximize their productivity and retention.
•   Ability to present, communicate, and implement essential changes to position Retail and SME Banking for sustainable success in competitive markets.
•   Ability to effectively promote the bank and establish business networks at high levels within the target markets.

Retail bankers perform various functions aimed at serving individual customers or small businesses. Some of the primary functions include:

Customer Service: Providing assistance and support to customers with their banking needs, including account management, inquiries, and issue resolution.
Account Opening and Maintenance: Assisting customers in opening new accounts, such as savings accounts, checking accounts, and certificates of deposit (CDs). They also help in maintaining these accounts by processing transactions, updating customer information, and addressing account-related queries.
Loans and Mortgages: Assisting customers in applying for personal loans, car loans, mortgages, and other credit products. This involves evaluating creditworthiness, explaining loan terms, and facilitating the application process.
Financial Advice: Providing basic financial advice to customers, such as budgeting, saving strategies, and investment options. They may also refer customers to financial advisors for more complex financial planning needs.
Cash Handling: Handling cash is a transactions, including deposits, withdrawals, and currency exchanges. Retail bankers ensure accuracy in cash handling and maintain proper cash balances in the branch.
Cross-Selling: Identifying opportunities to cross-sell banking products and services to customers based on their financial needs and preferences. This may include suggesting credit cards, insurance products, investment accounts, or other financial services.
Compliance and Regulations: Ensuring compliance with banking regulations and internal policies to safeguard customer information, prevent fraud, and maintain the security of banking transactions.
Educational Outreach: Conducting educational seminars or workshops for customers to increase financial literacy and promote awareness of banking products and services.
Technology Assistance: Assisting customers with online banking, mobile banking, and other digital banking services. They may provide guidance on using banking apps, setting up online bill payments, and troubleshooting technical issues.
Problem Resolution: Resolving customer complaints, disputes, or issues related to their accounts or banking services. This may involve investigating the problem, communicating with other departments, and finding a satisfactory resolution for the customer.

Overall, retail bankers play a crucial role in providing personalized financial services to individual customers and small businesses, helping them achieve their financial goals and manage their finances effectively.

BANKING ARTICLES

What are the Retail Banker Functions?

A retail banker is a professional who works in a bank’s retail banking division, also known as consumer banking or personal banking. Their primary focus is on providing financial services and products to individual customers, as opposed to corporate clients or institutional investors.

Retail bankers typically work in bank branches or retail banking centers, where they interact directly with customers. They handle a wide range of tasks, including opening and managing accounts, processing transactions, offering financial advice, and selling banking products such as loans, mortgages, credit cards, and investment accounts.

These professionals serve as the primary point of contact for customers seeking banking services and assistance. They play a crucial role in building and maintaining customer relationships, addressing inquiries and concerns, and helping individuals meet their financial needs and goals.

In essence, a retail banker acts as a trusted advisor and service provider to individual customers, helping them navigate the various aspects of personal finance and banking.