The banking industry requires correlative skills needed for a bank job and some expertise that goes far beyond just calculating money. Truly, a bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans.
Banking means the business of receiving money on current or deposit account, paying and collecting cheques drawn by or paid in by customers, the making of advances to customers, and includes such other business as the Authority may prescribe for the purposes of this Act.
Since the advent of EFTPOS (Electronic Funds Transfer at Point Of Sale), direct credit, direct debit and internet banking, the cheque has lost its primacy in most banking systems as a payment instrument.
This has led legal theorists to suggest that the cheque based definition should be broadened to include financial institutions that conduct current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect cheques.
Skills Needed for a Bank Job
Given the complexity of the banking industry, both the traditional and the neobanking systems, there are some special skills needed for a bank job:
Customer or client service encompasses communication and problem-solving skills, as well as the ability to empathize and listen.
It will also help you during the recruitment process if you have examples of when you have understood and dealt with the needs of others. Part-time jobs that involved customer service and sales (for example, retail, hospitality or telesales) are good examples of this, but you can use non-work examples too. If you’ve given advice in a voluntary capacity, such as in your student union or as part of a student helpline service, it will impress recruiters.
Teamwork is all about being able to operate smoothly and efficiently within a group. This includes encouraging others, being able to compromise and put your own interests aside, and being able to communicate with, negotiate, influence and advise your team.
Your ability to work in a team will typically be put to the test during the group exercise at the assessment center. To make a good and lasting impression on assessors, contribute constructively to discussions and activities while listening to colleagues and encouraging them to do the same.
If a tree represented a financial firm, robust internal and external relationships would be its roots. Without good roots, the tree wouldn’t experience optimum growth and produce good fruit (results and profit). And emotional intelligence is essential to robust relationships.
All financial organizations, whether they operate within the actuarial, insurance, retail banking, risk or regulatory arena, are still hugely based on relationships. And long will they be, as this essential and personal aspect can’t be substituted with technology.
Organization and Time Management
Organizational skills and time management go hand in hand; having good organizational skills is about making the best use of your time to reach a specific goal. Consider how you’ve managed projects while studying and identify ways you can improve that skill to prepare you for your graduate job.
If you have to balance your academic work with a part-time job, or extracurricular activities such as societies or volunteering, this would be a good option to talk about and explain how you organize your time and commitments. Alternatively, you could describe how you have used these skills within a working day, for example, during a busy period in places such as shops, cafes, or restaurants.
Numeracy skills involve being able to understand and work with numerical and graphical information, draw conclusions, and explain your findings. Some employers, particularly those in the actuarial profession, will require you to have a numerate degree such as mathematics, statistics or economics, as well as a math A level. ‘If you want to become an actuary then it is essential that you have good numeracy skills,’ says Carla. Other finance employers won’t require this, but numerical ability or aptitude for numbers is often essential. Expect your numeracy skills to be put to the test; many finance recruiters hold numerical tests as part of the recruitment process.
Problem solving can be demonstrated at interview in the way an individual takes personal responsibility for addressing situations. Individuals should demonstrate their understanding of the challenge, what the priorities are and how they engage others to meet deadlines successfully.
It’s a good idea to talk through your thought processes when answering questions as this will give the interviewers an insight into how you think.
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