Key employers: Barclays, Lloyds, RBS, HSBC and Santander.
What is retail banking?
Retail Banking is the face of mass-market financing: on the high street, on the phone and online. With millions of customers, the UK’s largest retail banks are at the forefront of this ever-changing sector. They are involved in transforming the consumer experience, delivering both innovative digital systems and valuable customer advice via video, mobile, telephone, social media or face-to-face in branches.
Retail banks aim to give customers an excellent service every single time patrons are in contact with continuous investment in novel products and technology. The products offered range from current accounts, personal loans and mortgages to savings, investments, insurance and wealth management. Retail banks are also involved as payment providers, in credit and debit card, Apple pay services and other online businesses, who operate on all sides of the transaction in the payment chain: retailers, service providers and customers.
What can you do in a retail bank?
You have the potential to work in a regional office, in the branch networks, or in a wealth team, delivering private banking and wealth management solutions to more affluent customers. You could also work in one of the operational functions, perhaps providing a significant project change for customers.
Retail banking is about relationship management, that is, building and maintaining long-lasting relationships with customers/clients. Success in this industry is about understanding customer needs and providing solutions which deliver the full capabilities of the bank’s products and services. For example: a busy customer may want a current account that helps them manage their day-to-day finances while they are on the move, a young couple needs a flexible mortgage for their first home, another customer wants advice on how to maximise their income after retirement and a wealthy individual may require specific investment products to grow their savings.
There are many career opportunities in Retail Banking and Wealth Management: from customer service, relationship management jobs in branches, product development, sales, strategy, asset management and insurance. General, specialist and managerial roles are available at all levels. Positions include daily on-site customer assistance operators, to managers working in detail with a client to establish the tools to secure financial aspirations. It requires cogs from a diverse array of sectors to work in parallel.
Retail banking supports start-ups and mid-range companies, encouraging the growth of creativity and mass consumer supply through the financing of entrepreneurs as well as comparatively larger brands/mid-market clients (earn between a quarter thousandth to a three-fourths of a billion) which are not as suitable to the personalised touch of retail banking as small/medium organisations (earn between a thousandth to a quarter thousandth of a billion).
- Branch Staff: The employees who work in the network of branches and contact centres are the face of the bank. In person, assistance is vital to maintaining an incoming flux of clients through an impeccable, uniform response.
- Products and Propositions: in charge of innovating the services on offer, designating price based on market supply and demand indications, co-ordinate clientele assistance, consumer criticism, and advertising.
- Wealth Management: Maintenance of wealth is a complex task. This sector is significant towards advising on all matters of preserving capital, outlining the blueprint for future security, summaries of the market’s status, expenditure and international transactions. A deep relationship is built with a user to gain holistic insight into the client’s needs.
- Planning: Optimises the performance of the unit of the bank by measuring productivity predictions versus outputs, analysis of weaknesses, innovating and reworking approaches towards profitability of a product and interpreting data to search for potential competitive advantages.