Bank account manager

Bank account managers advise prospective clients on the type of banking accounts suitable for their needs. They work with clients to set up the bank account and remain their primary point of contact in the bank, assisting with all necessary documentation. Bank account managers may recommend their clients to contact other departments in the bank for other specific needs.

Below are some duties of bank account managers:

• Serve as the lead point of contact for all customer account management matters
• Build and maintain strong, long-lasting client relationships
• Negotiate contracts and close agreements to maximize profits
• Develop trusted advisor relationships with key accounts, customer stakeholders and executive sponsors
• Ensure the timely and successful delivery of our solutions according to customer needs and objectives
• Clearly communicate the progress of monthly/quarterly initiatives to internal and external stakeholders
• Develop new business with existing clients and/or identify areas of improvement to meet sales quotas
• Forecast and track key account metrics (e.g. quarterly sales results and annual forecasts)
• Prepare reports on account status
• Collaborate with sales team to identify and grow opportunities within territory
• Assist with challenging client requests or issue escalations as needed

Bank account managers usually work in an air-conditioned, moderately quiet bank environment. Their work schedule is a regular 40-hour week schedule. Their job entails interacting with people.

The following job titles also refer to bank account manager:

bank operations manager
bank accounts managers
account manager corporate clients
banking accounts manager
consumer banker
banking officer
account managers SME
account manager SME
account managers
commercial bank manager
account manager retail clients
retail personal banker
bank relationship manager
bank accounts manager

A bachelor’s degree with emphasis in business or finance is generally preferred to work as bank account manager. However, smaller banks may accept candidates with a two-year degree. In that case, the candidate should possess at least two years of experience in the banking industry.

ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:

• the nature of the work performed in an occupation in relation to the characteristic tasks and duties
• the level of formal education required for competent performance of the tasks and duties involved and
• the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.

Bank account manager is a Skill level 3 occupation.

These occupations, although different, require a lot of knowledge and skills similar to bank account manager.

financial broker
securities broker
asset manager
financial trader
securities underwriter

These occupations require some skills and knowledge of bank account manager. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of bank account manager with a significant experience and/or extensive training.

bank treasurer
banking products manager
relationship banking manager
insurance product manager
investment manager

This knowledge should be acquired through learning to fulfill the role of bank account manager.

• Banking activities: The broad and continuously growing banking activities and financial products managed by banks ranging from personal banking, corporate banking, investment banking, private banking, up to insurance, foreign exchange trading, commodity trading, trading in equities, futures and options trading.
• Financial statements: The set of financial records disclosing the financial position of a company at the end of a set period or of the accounting year. The financial statements consisting of five parts which are the statement of financial position, the statement of comprehensive income, the statement of changes in equity (SOCE), the statement of cash flows and notes.
• Financial management: The field of finance that concerns the practical process analysis and tools for designating financial resources. It encompasses the structure of businesses, the investment sources, and the value increase of corporations due to managerial decision-making.
• Corporate social responsibility: The handling or managing of business processes in a responsible and ethical manner considering the economic responsibility towards shareholders as equally important as the responsibility towards environmental and social stakeholders.
• Financial analysis: The process of assessing the financial possibilities, means, and status of an organisation or individual by analysing financial statements and reports in order to make well informed business or financial decisions.
• Ethics: The philosophical study that deals with solving questions of human morality; it defines and systemises concepts such as right, wrong, and crime.
• Electronic communication: Data communication performed through digital means such as computers, telephone or e-mail.

These skills are necessary for the role of bank account manager.

• Enforce financial policies: Read, understand, and enforce the abidance of the financial policies of the company in regards with all the fiscal and accounting proceedings of the organisation.
• Protect client interests: Protect the interests and needs of a client by taking necessary actions, and researching all possibilities, to ensure that the client obtains their favoured outcome.
• Solve bank account problems: Solve bank account problems and issues of customers in the banking sector such as deblocking a bank card.
• Create banking accounts: Opens new banking accounts such as a deposit account, a credit card account or a different type of account offered by a financial institution.
• Create a financial plan: Develop a financial plan according to financial and client regulations, including an investor profile, financial advice, and negotiation and transaction plans.
• Provide support in financial calculation: Provide colleagues, clients or other parties with financial support for complex files or calculations.
• Advise on financial matters: Consult, advise, and propose solutions with regards to financial management such as acquiring new assets, incurring in investments, and tax efficiency methods.
• Analyse financial performance of a company: Analyse the performance of the company in financial matters in order to identify improvement actions that could increase profit, based on accounts, records, financial statements and external information of the market.
• Apply technical communication skills: Explain technical details to non-technical customers, stakeholders, or any other interested parties in a clear and concise manner.
• Offer financial services: Provide a broad range of financial services to clients such as assistance with financial products, financial planning, insurances, money and investment management.
• Provide financial product information: Give the customer or client information about financial products, the financial market, insurances, loans or other types of financial data.
• Liaise with managers: Liaise with managers of other departments ensuring effective service and communication, i.e. sales, planning, purchasing, trading, distribution and technical.
• Follow company standards: Lead and manage according to the organisation’s code of conduct.
• Advise on bank account: Inform clients on the different types of bank accounts offered by the financial institution or commercial bank. Recommend or provide advice on the type of bank account that would be the most beneficial for the client.

This knowledge is sometimes, but not always, required for the role of bank account manager. However, mastering this knowledge allows you to have more opportunities for career development.

• Financial products: The different types of instruments that apply to the management of cash flow that are available on the market, such as shares, bonds, options or funds.
• Customer service: Processes and principles related to the customer, client, service user and to personal services; these may include procedures to evaluate customer’s or service user’s satisfaction.
• Securities: The financial instruments traded in financial markets representing both the right of property over the owner and at the same time, the obligation of payment over the issuer. The aim of securities which is raising capital and hedging risk in financial markets.
• Economics: Economic principles and practices, financial and commodity markets, banking and the analysis of financial data.

These skills and competences are sometimes, but not always, required for the role of bank account manager. However, mastering these skills and competences allows you to have more opportunities for career development.

• Trace financial transactions: Observe, track and analyse financial transactions made in companies or in banks. Determine the validity of the transaction and check for suspicious or high-risk transactions in order to avoid mismanagement.
• Produce statistical financial records: Review and analyse individual and company financial data in order to produce statistical reports or records.
• Analyse market financial trends: Monitor and forecast the tendencies of a financial market to move in a particular direction over time.
• Strive for company growth: Develop strategies and plans aiming at achieving a sustained company growth, be the company self-owned or somebody else’s. Strive with actions to increase revenues and positive cash flows.
• Maintain records of financial transactions: Collate all the financial transactions done in the daily operations of a business and record them in their respective accounts.
• Communicate with banking professionals: Communicate with professionals in the field of banking in order to obtain information on a specific financial case or project for personal or business purposes, or on behalf of a client.
• Obtain financial information: Gather information on securities, market conditions, governmental regulations and the financial situation, goals and needs of clients or companies.
• Promote financial products: Inform existing or potential customers about the various financial goods and services that are offered by the company.
• Plan health and safety procedures: Set up procedures for maintaining and improving health and safety in the workplace.
• Handle financial transactions: Administer currencies, financial exchange activities, deposits as well as company and voucher payments. Prepare and manage guest accounts and take payments by cash, credit card and debit card.

3312 – Credit and loans officers

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References

1. ESCO
2. U.S. Bureau of Labor Statistics
3. Account Manager job description template | Workable
4. Bank Account Manager Job Description – Great Sample Resume
5. Featured image: Photo by Christina @ wocintechchat.com on Unsplash