Personal or Retail Banker

What is a Personal or Retail Banker?

The following job responsibilities are common for individuals in personal or retail banker roles:

• Assist customers with opening new checking or savings accounts
• Handle bank account transactions, such as deposits, transfers, and withdraws
• Process applications for auto, home, and education loans, credit cards, and other lines of credit
• Exchange currencies, prepare traveler’s checks, and create money orders or cashier’s checks
• Market bank services in the community to increase visibility and profitability

A Day in the Life

There are three major types of banks in the U.S.: personal or retail banks, commercial banks, and investment banks. Commercial banks deal mostly with mid-sized or large businesses, and investment banks deal with retirement funds and other long-term savings transactions. Personal or retail banks, on the other hand, handle individual consumer banking needs, and personal or retail bankers take on responsibilities for these types of banks. They deal primarily in one-on-one transactions with customers.

Part of the role of a personal or retail banker is to handle routine transactions for customers. They deposit, transfer, and withdraw money from accounts on behalf of customers; answer questions about accounts; and prepare money orders, traveler’s checks, or cashier’s checks for customers. They also count money and change for deposits and perform currency exchanges. They may deal with customers either in-person, or they may oversee and approve transactions made online or through a banking app.

In addition to handling routine transactions, personal and retail bankers help improve bank profitability by extending the number of customers served. They encourage customers and community members to open checking and savings accounts and to use their branch for lending opportunities. They may help customers apply for home, auto, or education loans, credit cards, or other lines of credit. They also help promote different types of bank products and services when working with customers in person.

Typical Work Schedule

Certain older generations remember the phrase “banker’s hours.” That’s because they were often forced to rush to deposit paychecks during lunch hour or early after work before the tellers closed. In the olden days, banking was usually done between the hours of 10am and 4pm.

But those days are long gone. Today, personal or retail bankers are typically open during regular business hours of 9am to 5pm. But many banks stay open later and on weekends to accommodate customers.

In fact, according to a recent survey by J.D. Power and Associates, when bank customers were asked what hours their primary bank branch keeps, 70% said their bank stays open longer than 9 to 5 on weekdays, and 75% said their primary branch is open on Saturdays.

Today we also find a lot of bank branches that have opened inside grocery stores. These branches tend to have even more flexible hours so people can bank when it’s convenient for them.

Projected Job Growth

The banking landscape is going through a lot of change. Between new regulations, technology disruption, changing customer expectations and demographics, the need to pivot and adapt has become very clear.

Part of getting ahead of these challenges and strategizing to win customer loyalty is offering extended hours and new products and services. This will of course require banks to hire more staff to handle the ongoing efforts to transcend the status quo and win bigger shares of the market.

Personal and retail bankers, particularly those who bring other skills to the table such as technological skills (think blockchain), will be in high demand over the coming years.

Typical Employers

Personal and retail bankers are hired to work for consumer banks and credit unions—for both large chains and small local banks. The household name banks you are most likely familiar with are probably retail banks. These banks are some of the biggest employers of personal or retail bankers in this country and include some of the largest banking chains such as Chase, Bank of America, Wells Fargo, and Citigroup.

Personal or retail bankers will never be out of work and will always be able to find job opportunities nationwide. If you are good with numbers, willing to relocate, and have excellent customer service skills, you will always have plenty of employment options at your disposal.