Types Of Jobs In The Banking Sector (With Salary Information)

Updated 15 September 2023

Finance professionals often plan to make a career in banking. This can be explained by the prestige of banking jobs, high paying salaries, job security, financial benefits and social status. Knowledge of the various types of jobs in the banking industry can help you understand the opportunities available. In this article, we discuss the different jobs in the banking sector and discover the skills necessary to excel in this field.

Different types of jobs in the banking sector

The different types of jobs in the banking sector are as follows:

1. Bank clerk

National average salary: ₹17,944 per month

Primary duties: The primary responsibility of a bank clerk is to manage all cash deposits and cash withdrawals at a bank branch. They address customer queries at the branch and ensure that customers opening new accounts comply with the Know Your Customer (KYC) requirements. Bank clerks process large amounts of data and take care of filing all documents correctly. This is an entry-level position and comes with a lot of responsibility and accountability.

2. Banking associate

National average salary: ₹16,329 per month

Primary duties: A banking associate sells a bank's schemes and plans to existing and new customers. They are responsible for scheduling meetings with customers, explaining the product features, helping new customers open their bank accounts, processing account closing applications and assisting customers with their needs. An investment banking associate is responsible for selling investment products and packages to investors. This is a customer-facing role and requires banking associates to have customer support skills, the ability to network and build communities.

4. Personal banker

National average salary: ₹16,919 per month

Primary duties: Personal bankers work with retail bank customers and help them open, close or manage savings and checking accounts. They understand customer requirements and suggest banking products that address these needs. Personal bankers also help customers with retirement planning, loan applications, commercial banking products, money markets and investments. Having a degree in business administration in finance or economics is a further benefit to becoming a personal banker.

5. Loan officer

National average salary:₹15,121 per month

Primary duties: Loan officers are responsible for evaluating loan applications and approving or denying them. They explain the features of different available loans to customers based on their needs. They act as a liaison between the banking institution and the loan applicant. Before approving loans, loan officers check the credit history of loan applicants, interview them and explain the terms and conditions of the loans. To be successful in this role, the loan officer needs to have a complete understanding of the types of available loans at their bank and the eligibility criteria for each.

6. Relationship manager

National average salary: ₹22,085 per month

Primary duties: Relationship managers are responsible for managing customer relationships and retaining existing customers. This requires them to have good communication skills and the ability to network. Often, they act as a point of contact between the customer and the bank. They identify customer needs and create a roadmap to help them. Having a sound knowledge of the financial products that banks offer can help relationship managers explain the products to customers easily. For enterprise customers, relationship managers identify key staff and work on establishing a relationship with them.

7. Investment banker

National average salary: ₹43,608 per month

Primary duties: Investment bankers work in investment banks that raise money by selling stocks, debt and equity. These are not conventional banks, but a kind of financial institution. The primary aim of investment bankers is to raise capital for their clients by issuing different types of securities. It is also important to research market conditions and existing financial deals to create financial models. Often investment bankers help their clients create short-term and long-term financial plans.

8. Treasury analyst

National average salary: ₹52,005 per month

Primary duties: Treasury analysts oversee, manage and analyse financial transactions of the organisation. They gather and analyse detailed information about every transaction, investment, debt or asset of the organisation. They predict future cash flow and also ensure that the organisation meets all the necessary compliances. Treasury analysts often advise decision-makers on mergers and acquisitions and recommend financial investments that are good for the organisation.

9. Probation officer

National average salary: ₹22,481 per month

Primary duties: The primary duty of a probation officer in a bank is to process customer transactions. They also help different departments with activities like accounting, marketing, passing cheques and billing among others. This is an entry-level position and involves a wide range of activities. Often, probation officers are responsible for overseeing the work done by bank clerks.

Skills needed for a successful banking career

There are several soft skills that can help bankers establish a successful career in the banking sector. These skills include:

Customer relationship management

Client interaction is a major component of almost all jobs in the banking sector. In order to do this, customer relationship management skills are important, as they help you interact with customers and respond to customer inquiries competently. With this, you can gain the trust of potential customers, solve customer issues to their satisfaction and help your bank retain its existing customers. Banking professionals who possess these competencies are an asset to banks.

Communication

Bankers who have good communication skills find it easy to fulfill their day-to-day responsibilities. As a banking professional, interaction with clients, stakeholders, providers, managers and colleagues in other departments is necessary. It is essential to understand the bank's long-term plans, key strategies and communicate them effectively to the in-house team. Recruiters search for excellent communication skills while hiring in the banking industry. For regional banks, the ability to converse in the regional language can make you a favourable candidate for the job role.

Problem-solving and analytical skills

Depending on your role with the bank, problem-solving and analytical skills can be important if you manage transactions, loans and investments. These skills allow you to analyse available information, market conditions, investment options and determine whether a particular investment is good or whether an individual is eligible for a loan. Because bankers process money and extensive customer data, problem-solving skills can help you solve problems quickly when they occur. These skills are important to banking professionals in client-facing positions.

Attention to detail

As a banker, you work with an enormous amount of customer data and sensitive customer information. Your job role would include filling up cheques, processing loan applications and monitoring transactions. Attention to detail is important for such tasks as there are a lot of minute details that are entered manually. Minor mistakes while performing these tasks can cause rejection of cheques and applications, leading to inconvenience for customers.

Good with numbers

Most jobs in the banking industry require employees to be good with the figures, as there is a lot of numerical data and calculations involved. Being good at mental mathematics is very useful to make calculations quickly, without using a calculator, thereby saving you a lot of time. Most banking institutions prefer applicants with a background in finance and mathematics.

Determination

Working in a bank is a demanding job and often requires you to work for long hours, even beyond the stipulated time. Determination and discipline can help you do well in such fast-paced environments. In this job role, there can be projects with stringent deadlines. Having a determined attitude helps you tackle high-pressure situations like these. Professionals avail good financial rewards with every promotion by committing to extra hours and being motivated in their jobs.

Patience

While working in the banking industry, dealing with different people, tackling a multitude of issues and situations can be quite normal. Circumstances can often become challenging. In some cases, you must coordinate with other departments or rely on the approval of seniors and other departments to carry out your duties. In such situations, being patient can help you achieve your objectives and get good performance reviews from senior management.

Salary figures reflect data listed on Indeed Salaries at the time of writing. Salaries may vary depending on the hiring organisation and a candidate's experience, academic background and location.