Banker core value: Banking as a career, one of the most sort after job in today’s world. Financial institutions are intermediaries between the owners and users of fund.
Financial institutions are categorized as banks and non banks. The financial intermediaton role invloved in banking business makes it imperative that there should be clear understanding of what a bank is, and the duties and responsibilities of a banker.
A bank is a financial house established for the purpose of accepting deposit and lending out funds in addition to other services.
The banking decree of 1969, defined a bank as any person who carries on banking business and this includes the commercial bank, acceptance house, discount house, and any other financial institution.
In this definition banking business means the business of receiving money from outside sources as deposits, and the granting of money loans, acceptance of credits or the purchasing of bills and cheques etc.
What is a Banker
A banker is an individual who advises their clients with regard to financial matters. Duties concerning savings, loans, taxes, investments, and securities are all within the job ream of a banker.
The banker will provide financial assistance to the client in accordance with their required needs.
Ordinarily, people see a person who works in a bank as a banker, this is certainly not the case. A banker is a person usually a corporate body who has been licensed to do banking business.
J. W Gilbert said that a banker is a dealer in capital, or more properly, a dealer in money. He/she is an intermediate party between the borrower, and the lender. He borrows one party and lend to another.
Positive Traits Which Bankers Should Possess
There are number of of positive traits all good bankers should possess, they include the following.
1. Ability to do their job efficiently
Positive trait bankers should have in order to do their job to the best of their ability is preciseness.
Since bankers work with many figures and various financial accounts, it is crucial that all figures and tabulation formulated by the bankers are precise in nature. This will ensure that all all of the calculations reached by the banker are as accurate as can be.
2. Have a good mathematical mind
A banker should possess a good mathematical mind. Being good with mathematics will help as the individual deals with finance and numbers each day, and needs to be able to adequately understand them.
A banker who has a good mathematical mind will find that that the job is that much easier to complete.
3. Determinant in Nature
One who shows determination in his profession as a banker will do everything in his ability to obtain the best financial outcome for a customer.
The banker who is determined will review all possible financial options and only settle when they have found one which best suits the client.
Professionalism is an additional positive attribute which bankers should possess.
Since they will not only be dealing with customers but individuals from other financial entities and organizations as well, it is important that the banker exhibit a great deal of professionalism.
This will make all the dealings between the banker and others go as smoothly as possible.
Duties of a Banker
The role of a banker is one filled with multiple duties and responsibilities. Bankers come in many different ways and each one is unique in their own specific way.
Some of the Banker work for large corporate conglomerates, while others work for a small town financial institutions.
The roles and duties of each banker will vary amongst the individuals, and each one has their own set agenda in their role as a banker.
1. Assisting Clients with financial Needs
The overall duty of a banker is to help clients with their financial questions and needs. In order to do so, the banker must correspond with the client and determine what type of banking help they are looking for. The banker can meet with the bank patrons in person or speak with them over the phone..
The Bank will mostly likely have numerous meetings with the client to fulfill their desired requests.
2. Review Client Financial History
The banker must review a client financial history and current standing to determine if their desired financial needs can be met. The banker will also inform them the best way to meet their financial goals through banking institution.
4. Ability to deal with various types of financial transactions
One specific duty of a banker may entail arranging student loan for clients.
Many financial institutions offer student loans as a way for clients to pay for their college education or that of their children.
The banker will present the loans which they offer to students, review the individual’s credit and help the client with their student loan needs.
5. Safe Keeping of Financial Institution Record
The daily duties of a banker will also entail keeping complete and accurate records of the financial institution’s transactions which they carry out on daily basis.
Items such as loan applications, bank statements and other accompanying documents must be reviewed and properly filed by the banker to ensure that they can be easily be recalled.
6. Selling of Financial Instruments
Some bankers may also sell financial instruments such as stocks and bonds from time to time. This will depend on the type of financial institution that a banker works at, and whether it is within their job description and ability to do so.
7. Fund Disbursement
Bankers must also disburse funds time to time to the client and associated parties. This is done in the instance of bank accounts and loan disbursement.
The types of disbursement will vary from customer to customer.
Skill Required by a Banker
Becoming a banker is more than studying banking and finance as a course and scoring good grades.
Managers and owners of bank recruit multi talented persons with both analytical and interpersonal skills. The skills and talents discussed below are commonly required of an intending professional banker.
1. People’s Skills
Bankers should be good with people, he or she must be a team manager. Being able to pull together persons to make a presentation for a client is a challenge.
He or she must be able to relate and correspond with individuals on a daily or regular basis.
2. Analytical/Mathematical Skill
A banker must need to be extremely dedicated, have good spreadsheet skills and be analytically fluent.
Besides anytical and accounting skills, math ability is a plus. Some jobs in banking call for strong mathematical proficiency.
3. Communication Skills
Lacking people’s skills always slow down banking business, the banker must be in a position to read people as surely as a balance sheet.
He or she must be able to able to communicate any idea, build deep networks, and must be persuasive and passionate about the work to do it well. Bankers usually, communicate with external parties such as clients, accountants, consultants, lawyers etc.
Furthermore, many client representatives tends to be extremely scrutinizing, well respected and often short tempered, and you’ll need to know how to deal with them in order to get deals or transactions concluded.
4. Creative Ability
A banker must possess creative skills, he or she must be self confident
A banker must need self esteem to assess and understand the client needs and the creativity to find the right solution in order to exceed expectations.
5. Business Understanding/Sales Skills
All bankers must be sales people and as such must be in a good position to negotiate with clients and close deals.
In addition, professionals wishing to move beyond mid level positions should understand political changes, macroeconomic variables, and market trends as they all effect deal outcomes.
6. Computer Skills
Bankers must be computer literate, and this includes the following tasks;
- Opening, saving and printing files
- Reading and sending email messages
- Using the internet to find information
- Formating simple document using Microsoft Word or other word processing software
- Creating tables and databases using software such as Microsoft Word or Microsoft for access or excel
- Editing digital photographs
- Building basic web pages
- Proficiency in banking software relating to the industry
7. Entrepreneurial Skills
Starting off as an investment banker, a jobber or a broker in security or insurance business, finance consultant, or any other related business requires entrepreneurial skills of initiative, creativity, and risk management.
I once asked my jobless graduate friend, If i give you $500, can you make out $5000 from it withing six months?
He laughs and responded back, do you know what you talking about?. He went further to say, what is $500. If anybody wants to give me money, the person should talk about $50, 000 so that i can do a reasonable business.
I asked him, how much do you have on your own? He kept quiet. My intention was to test his entrepreneurial ability which is not mainly on cash, but creativity and ability to turn things around even in extreme difficulty.
Other skills, knowledge and personal qualities required of a banker or a bank worker include;
- Knowledge of the products and services offered by the bank
- Ability to use specialized banking computer software
- Cash lending skills
- Mathematical ability
- Good at customer service
- Able to work independently
- Friendly, polite, approachable and helpful
- Honest and reliable
- Quick and methodical
- Accurate, with an eye for detail
- Neat, smart and welcoming
- Soft, confident and courageous
- Security consciousness
- Intelligent and goal getter
Bankers Core Value
A banker has numerous duties and responsibilities. A bank officer must eloquently, politely and courteously explain contract terms, bank services and products to customers or clients. Because of this, a bank officer must possess and exhibit some or all core values of a banker and they include the following;
The banker must be considerate, and rational in his or her actions
Bankers must put themselves in the shoes of the customer to be able to understand the feelings, difficulties and delimma of the customer. Empathy means showing concern and sympathetic to the customer problems and desire.
The banker must make sure that his or her yes is “Yes” and no is “No”. Never promise what you cannot fulfill.
Your words must be like a central bank cheque that does not bounce Your words must be your bond. Do not commit your institution unless you know he/she can uphold the commitment to a consummate position.
A banker must always stand for what is right, that is the truth.
He or she must be trustworthy as the integrity of the bank workers influences the image and reputation of the bank. A good reputation is not only a moral responsibility but future to build.
As an employee seeking a professional career in banking, one must sustain a good reputation based on integrity.
HHumility is a virtue which every professional banker must possess.
It is a fact that bankers deals with lots of persons, low tempered or high tempered, rich or poor persons, literate or illiterate persons etc, as such the banker must be humble to assure the customer that he or she is important to the success of the bank.
Humility is not stupidity or cowardice, but a virtue of service and a a necessity for success.
A professional banker must be very accommodating.
He or she must be sociable and have a high degree of interpersonal skills. The professional banker must be eloquent in communication and be a team player.
Banking is about service and services effectiveness and efficiency depends on the accommodating nature of the player.
A banker must be persistent and consistent. Bankers never quit until they consummate a deal or contract.
Bankers are patient, resilient and exquisite in their dealings with customers. They never say die or quit but rather remain persistent and humble in their actions.
Bankers keep customers accounts and maintain the secrecy of those accounts.
A bank employee is not expected to release any information about a customer’s account or his or her dealings with the bank, except through a court order.
Corporate secrets must remain secret. It is this confidence that customers have that courage that makes them to enter into various account contract with the bank.
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Before going into banking as a career, you must have all the good attributes mentioned to be successful banker in banking as a profession.