A Personal Banker's Risk and Opportunity

A personal banker must juggle new business opportunity while minimizing risk challenges. With a new paradigm of regulation and growing schemes of fraud along with high demand to cross-sell the customer, the new accounts desk presents a blurry line of both risk and opportunity.   A personal banker spends their day completing an entire menu of tasks such as onboarding new customers, changing addresses for existing customers while weaving through the maze of procedures, best practices, policies, disclosures, and product knowledge.

Some banks shy away from calling the personal banker a sales representative.   However many community banks take the position of Texas Bank & Trust, Longview, a $1.9 billion dollar community bank with 19 locations in east Texas.  Connie Milligan, Senior Vice President, Director of Human Resources explains her bank’s approach, “Our lobby representatives are expected to act as trusted advisors and identify what our customers need.   They assist in matching the right bank products with the right customer.  They are all cross-trained to assist as a teller when needed.  They achieve incentives based on a variety of criteria, including cross-selling.”

Milligan stated her bank hires those with a strong customer service mindset. When they find the right candidate they guide them on a course towards success.  They start down a learning path the bank has in place.  The new hire or an employee that moves into this position is expected to be basically up and running after 4-6 weeks.  A mentor provides intensive, position-targeted training on the various legal and key issues.  Then the employee is given a desk and charged to work independently relying on the mentor for guidance.

“No question the proper documentation and procedures present the greatest challenges in this position because of all the variations that come with complex, volatile new account issues”, said Milligan.

The personal banker is typically the go-to person for answering questions, ordering checks or replacing debit cards and must excel at friendliness.  Always on the lookout for potential fraud, personal bankers spend time evaluating every aspect of a transaction for risk while respecting a laundry list of regulations.  The master-level personal banker knows that scrutiny is required in every situation. 

 

Still learning,

Honey

www.interaction-training.com

The Job of a Personal Banker

Job titles and job descriptions vary from one financial institution to another but whatever the title given to the person responsible for being the face and selling point of your bank is commonly referred to as that of the personal banker.  All banks, regardless of size, want to fill this position with a problem-solving, quick to smile, highly trained person that adheres to banking regulations while watching the front door for their next customer.  Personal bankers meet all day long with new and existing customers.   The impression they make on customers will often become the impression the customer has of your bank!

The role of the personal banker may include a long list of expectations including assuming the functions of the teller as well as opening, maintaining, and closing bank accounts.  Some banks include brokerage and consumer lending responsibilities for this position.  Size of the bank, market demand, and lobby traffic seem to be major considerations when determining what all is expected of this position.

“The personal banker must acquire discernment for fraud, be highly conversant on a multitude of banking regulations, and, always mindful that they represent the bank as they execute and disclose legal contracts,” says Deborah Crawford, president of Gettechnical, Inc.  Crawford’s specialty is the deposit side of the bank and teaches seminars on regulations, documentation, insurance, and Individual Retirement Accounts.  Crawford is very familiar with the price and liability a bank can incur when procedures are violated or documentation is not handled according to the rules.

She is quick to acknowledge that consumer accounts are often more straight-forward than commercial accounts but both have serious risk factors.  Minor accounts, custodial accounts, corporations, and retirement type of accounts all require different considerations.  Plus, criminals prowl for opportunities to victimize a bank using fraudulent ID or bogus checks.

 

Still learning,

Honey

www.interaction-training.com