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Banking Banks are a valuable asset to companies and individuals and when you are working in the banking industry, it is your job to protect the money and valuables of the fortunate and provide assistance to the less fortunate such as providing loans and credit. You also have the authority to provide payment services like checks and money orders. It is all about protecting the money that is invested into your business and, at the same time, finding a way to make it bigger for you and your investors.
Types of banksCommercial banks are the most common and most dominant in the industry. They offer several services for all. They can also vary in size—global, regional or community—depending on the location and the number of people they are catering to. Global banks deal with international lending and trading with other countries. Regional banks are the ones that have several branches and automated teller machines, also known as ATMs in its general area. Community banks are those local banks that offer personal attention to their customers.
Savings banks come next in size of the industry. They were initially used as community-based institutions to assist people in buying a home, but now they mostly encourage saving or lending money.
Credit union banking deals with catering to people with something in common—most of the time the customers work for the same company. But with Federal Reserve banking, the Government is the key client. The priority of Federal Reserve banks is to implement the Nation’s capital.
Banking Occupations and EarningsThere are several occupations that account under the banking industry. The majority of the employees that work in banks fall under bank tellers who provide the normal financial services like deposits, withdrawals, and exchanges. New accounts or customer service representatives are those in charge of providing answers to customers’ queries and help open or close accounts for them. Loan and credit clerks assist in the preparation, process of and completion of the documents for loan or credit requests. Bill and account collectors are those who are in charge of collecting payments on loans that have been overdue. Bookkeeping, accounting and auditing clerks are the banking employees that are given the task to keep all paperwork in order and record them properly. Many other occupations are available under the banking industry such as office and administrative support and supervisors or managerial positions.
Like any other job, compensation will depend on the position you hold in the firm along with your experience. The higher up the corporate ladder you are and the more that you know, the more you earn.
Requirements for banking occupationsThe least educational requirement would be to have a high school diploma or something equivalent. However, most banks would prefer to employ someone with great communication skills and basic math skills. They seek someone who likes to deal with people and is comfortable dealing with enormous amounts of money. However, if they feel a potential has applied for a position in their company yet lacks a preference of theirs, they are able to undergo a form of training on the job to help ease them into the position.
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