Difference between job and career
Career: A career is the pursuit of a lifelong ambition or the general course of progression towards lifelong goals. A career is a series of connected employment opportunities where a person builds up skills at earlier employment opportunities to move him into higher paying and higher prestige employment opportunities later on.
Job: Job is an activity through which an individual can earn money. It is a regular activity in exchange of payment. If there is promotion of position based on performance, then it is career. Any type of work is job. All careers are job, but all jobs are not a career.
Some key characteristics (qualities) that a banker needs to possess for a successful career
Currently, the banking sector is a very dynamic space to work in. The digital revolution has dramatically changed the banking industry. Banks no longer just take deposits and offer loans and mortgages; they have turned into financial institutions that offer a plethora of financial products and services ranging from credit cards to business loans to the customers. The face of the banking industry has also evolved. The traditional jack-of-all-trades banker has been replaced by numerous specialist management positions such as mortgage loan officer, auto loan officer, commercial loan manager, controller, risk manager and various other financial managers. Here are some essential characteristics that put a banker on the path of a successful banker:
Exhibiting Professionalism: Banking is an exceptionally knowledge driven and competitive business. Customers come with all their savings and wealth to the bank. A successful banker must be professional in his/her approach to ensure that the customers build confidence in the bank and entrust them with all their finances.
Relationship Building: This skill is perhaps the most intangible but considered to be one of utmost importance, particularly as private bankers climb the career ladder. Social and relationship building skills (such as being able to deal with difficult people in extreme situations) having a high energy and positive attitude that exudes power but also an ―I understand your needs attitude and developing and maintaining client relationships are characteristics that bankers must possess in order to be successful.
Relationship Management: A successful banker is one who has a precise understanding of the client segment‘s profitability and performance. Based on this understanding, the solution provided by the banker should be customized according to the client‘s requirement. The product offering would then be differentiated from the service provided by other bankers. This will allow the banker to command a premium for the solution provided. Clients satisfied with the banker‘s products and services will refer potential leads — which will lead to bringing more business to the bank.
Personal Integrity and Morality: Personal integrity is an invaluable quality and effective operational principle for those working in the banking sector. It may seem that careers in banking sector mostly centre around technical skills such as math, economics and the ability to speculate on market trends. Although these abilities are crucial, banking career also require personal strengths and characteristics. A bank needs a strong base of integrity in its employees. Successful operation of a bank depends on the moral compass of those involved.
Customer-oriented Attitude: The most important aspect in the service industry is the customer satisfaction. A successful banker has to always remember to put the customer interests first and commit to deliver superior customer service to him/her. To do this always, a banker needs to be a problem solver, empathetic to the customer, and positively oriented.
Ability to Anticipate Client‟s Needs: Based on the understanding of the client, a banker should be able to anticipate the client‘s future requirement and be ready with the solution. This will not just give an opportunity of cross sell but will also go a long way to instill confidence and trust in the client.
Good Negotiation Skills: A successful banker is one who is able to engage and network with internal and external customers for the desired results. S/he is the one who has the negotiation skills to be able to comprehend and find solutions to difficult conflict situations and resolve all customer queries.
Confidentiality and Privacy about the Client‟s Data: Confidentiality is one of the most important key selling propositions for a banker. Clients will tend to feel threatened if inadequate privacy is maintained by banks with regard to their data. If the confidential information within a bank is leaked out to competitors, it may result in the bank losing its competitive advantage or a major deal/client.
Risk Management: A banker needs to be cautious while managing all the risks involved in the transactions s/he carries out on behalf of his/her customer. S/he should be able to practice due diligence at all points of time.
Sound Judgement in the Use of Advanced Technology: A banker has to be vigilant to be able to avert frauds. The industry has become highly prone to fraudulent activities in spite of several processes in place. Even with advanced technology, the online hackers and fraudsters can still breach the system. So, a banker should be compliant, process driven, and totally dedicated to carrying the task to 100% completion.
Salesmanship: A good banker should possess the trait of salesmanship (The ability to persuade others to accept his/her advice).
Patience: A successful career in finance is no longer all about making the most amount of money in the shortest amount of time. It requires patience. The onset of tough regulation and long vesting periods requires patience, strategic skillfulness and most of all a calm, disciplined nature.
Good Communication Skills: A banker should firstly listen and then talk to the customers or bank officials. Understanding the issue & adapting to the situation to give the right solution is the key to good communication skills.
Being Responsible: Since the bank is a financial institution based on trust, a successful banker should be extremely responsible and ethical. S/he should own the work and the customer he/she handles.
Qualities of a Loan Officer: Loan officers represent a significant number of the low- and mid level management.
In addition, some other factors like dressing properly, punctuality and good behaviour are the basic requirements that a good banker needs to maintain. A banker needs to have a strong motivation level and social skills. The rest of the qualities can be developed through formal learning and in day to day work. A combination of these qualities would go a long way in making one a successful banker.