If you are someone who has a fascination for numbers, money, and people then this is the career for you. Commercial banking as a job profile brings good salaries, job satisfaction, and stability along with it because of which it is among one of the most highly opted careers. No need to worry if you prefer a front-end or a back-end job as there are numerous career opportunities in this field.
As the frequency of establishment of newer banks is increasing, the demand for commercial bankers, loan officers, and other professionals in this field is also increasing. Moreover, it has an amazing future scope including early promotions and job security. Therefore, opting for a career in commercial banks is definitely a good choice.
In this blog, we’ll are going to look at the scope and career opportunities in commercial banking in 2022 so as to help you gain a fair idea of what a career in commercial banking would look like. So, stick with us till the end and analyze which job profile in this field would suit you the best. Let’s begin with knowing the basic skills that one should possess to build a career in this industry.
A commercial banker must possess the following skills and abilities-
- Excel skills
- Good written and verbal communication skills
- Customer service skills
- Detail orientation
- Problem-solving skills
Roles and Responsibilities
The major responsibilities of a commercial banker are to-
- Connect the clients with lenders.
- Deliver specialized services for some industries, like investment real estate lending, aircraft lending, or auto dealer services.
- Provide treasury management services, like disbursement, fund collection and fraud prevention.
- Develop, negotiate and close commercial loans.
- Offer financial advice tailored to the specific requirements of clients.
- Supply credit products, like term loans, syndicated facilities, cash management services and revolving lines of credit.
- Issue deposit products, like saving and checking accounts.
- Manage corporate, institutional or government accounts.
- Market bank for attracting new clients.
- Provide business development services, like financial planning, brand development, product development and marketing.
- Provide lending services, including commercial equipment financing, real estate lending and working capital for businesses.
Future of Commercial Banking
The future scope for commercial banking has risen manyfold in the year 2022 with the recent digital transformation efforts. Yet the sector faces threats like finding technology investments to contest with megabanks, together with fintech attacks on the sector and others disturbances.
Commercial Banking Digital Innovation
Some of the innovations that powers the digital innovation trends are –
- Enhancements to CRM tools
- Proactive use of data, AI and open banking techniques to improve the efficiency of trade finance
- Increasing sophistication of customer portals
- Embedding of banking and other financial services on big technology platforms with the objective to meet as wide a spectrum of customer needs as per requirement.
Commercial Banking Job Opportunities
Commercial bankers, loan officers, and other bank professionals are essential to the smooth working in banks as they deliver financial advice and solutions tailored to the requirements of the clients like growing their business, funding working capital, buying new equipment and day-to-day banking. Therefore, commercial banking as a career has been and will continue to be in high demand which makes it one of the most desirable career options in 2022 and the coming future. So, let’s have a look at some of the highest-paying job profiles in the field of banking-
1. Credit Analysts
Credit analysts are the people employed by a company for analyzing the creditworthiness of customers and potential customers as well as to assist in the modelling of credit risk and ongoing management.
Average salary: Rs.18,00,000
2. Customer relations managers
Customer relationship managers are typically responsible for maintaining customer relationships once the sale or service process is complete. Alongside, they continue to work with consumers in order to keep them up to date about the products and services so as to maintain that relationship and increase sales.
Average salary: ₹6,72,865
3. Branch managers
Branch managers are the employees who oversee the operations of a branch of a bank. Their responsibilities include management of resources and staff, development and attainment of sales goals, delivery of customer service, and growth of the location’s revenues.
Average salary: ₹9,00,000
4. Real estate loan officers
Real estate loan officers help one make significant financial decisions and obtain a mortgage loan. While comparing loan products from different lenders, they guide you to ensure that you are getting the best rates and fair fees.
Average salary: ₹2,50,000
5. Bank managers
Bank managers are responsible for operating, administrating, marketing, training, and security of a local branch of a bank. Moreover, they supervise their team of product specialists, tellers, and other bank officers so as to provide excellent services to the clients.
Average salary: ₹7,87,500
6. Commercial bankers
Commercial bankers are the professionals who provide clients with information about credit products and banking solutions. They also advise customers on different loan options and cash management services, critically analyze the credit conditions and manage accounts accordingly.
Average salary: ₹6,10,419
7. Operations Managers
Operations managers are generally responsible for overseeing the activities related to organizations, non-profit groups, government agencies, and other different organizations. These managers hire, supervise, and train employees, manage the quality assurance programs, and strategize process enhancements, at both large and small organizations.
Average salary: ₹9,00,000
With job safety and job stability offered by the banking sector, candidates aspiring to opt for banking as a career are definitely going in the right direction. Not only does this sector offer stability in the job but also helps one get internally promoted through internal exams and on the basis of seniority. Once you are all set to enter this industry, you need to follow an appropriate path to climb the ladder of success as a banker. So, let’s see what is to be done in order to kick start your career as a commercial banker.
How to become a Commercial Banker?
As a beginner, you should take up accounting, finance, mathematics, and other related fields for your bachelor’s degree. Specifically, for higher-level jobs, an MBA or a master’s degree in some other subject would also turn out to be fruitful. After this, you may gain some work experience to better understand the industry and the type of work that you’ll be supposed to handle. Also, it is a highly-skilled job that needs enough exposure to the financial markets as well as the ability to communicate.
So, what will land you a good job is the skills that you possess, and the best way to gain these is through certification programs and internships in the field. Hence, you can refer to the following tutorial to understand in detail the certification programs on equity research offered by Vskills that not only provide you with the necessary skill-set but also awards government certification as proof of your knowledge. Alongside, you can try out the practice tests in order to test your level of preparation and analyze your performance at each step.