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Retail Banking

Summary

The Retail Banking job family is responsible for providing a full range of banking services to retail customers. This includes everything from opening new accounts and processing transactions to providing loans and advising on financial products. 

Job holders develop new business through building relationships with potential and current customers and to cross-sell the bank’s products and services. They also manage and grow a book of business, provide customer service, process transactions,  and adhere to all bank policies and regulations. This includes account management, deposits and withdrawals, loans, credit cards, and other financial products. 

Typical activities

  • Analyzes customers' needs and recommending the most suitable financial products and services.
  • Manages all aspects of retail banking operations, including teller services, customer service, product development, and compliance.
  • Collaborates with marketing team to develop and execute targeted marketing campaigns to grow retail banking business.
  • Sells banking products and services to retail customers.

Synonyms or related job titles

Bank Teller, Banking Clerk, Money Changer

Summary

The Retail Banking - Product Development job family is responsible for the development and evaluation of new retail banking / consumer finance products and services. This includes the design and delivery of new products and services, as well as the continual improvement of existing products and services. 

Job holders use their research skills to create products that are profitable for the business, and they lead, plan and track all phases of the product development cycle.

Typical activities

  • Develops and evaluates new consumer finance products.
  • Translates research into usable and marketable products.
  • Appraises and assesses the potential of new finance product ideas.
  • Establishes product specifications that meet customer requirements.

Summary

The Retail Banking - Sales and Service job family is responsible for meeting specified sales targets through the sale of standard retail banking products such as checking and savings accounts, as well as credit cards. 

Job holders are responsible for selling financial products and services to customers and a wide range of tasks, including processing transactions, handling customer inquiries and complaints, and providing information on products and services.

Typical activities

  • Sells standard retail banking products.
  • Acquires new customers and expands relationships with existing customers through proactive sales and service activities.
  • Develops and maintains strong relationships with customers in order to identify their banking needs and provide solutions that meet their needs.
  • Achieves defined sales targets.
  • Analyses profitability and risk of credit commitments.
  • May perform various administrative and bank teller duties.

Synonyms or related job titles

Teller, Personal Banker, Branch Manager

Summary

The Retail Banking - Product Consulting job family is responsible for providing strategic and technical guidance to clients on the use and implementation of retail banking products such as checking and savings accounts, credit cards, money market accounts, personal loans. This includes providing advice on product selection, implementation, and use. 

Job holders work closely with clients to understand their needs and objectives, and help them to select and implement the best retail banking products for their personal finances or their business. They may also provide insights on client needs to the product development team to support product development, product management, product marketing, and product strategy.

Typical activities

  • Provides specialist advice on complex retail banking products.
  • Provides technical advice to sales force regarding regulatory requirements.
  • Stays up to date with legislative changes.
  • Develops and maintains strong relationships with key client decision-makers, serving as a trusted advisor.

Synonyms or related job titles

Estate Planner, Financial Planner, Investment Advisor