India being the world's fastest growing economy is seeing tremendous growth in its financial and banking sector. RBI or Reserve Bank of India is the central bank of India that controls functioning of banks across the country. The teeming job opportunities in this sector can fetch you a financially and socially sound career. Banking industry offers various job profiles in corporate banking, retail banking, investment banking and commercial banking. Service is the backbone of banking sector. This article discusses the types of jobs available in different types of banking services.
Corporate Banking
Defined as:
Corporate or Wholesale Banking involves selling of banking products and services to government agencies, enterprises, corporate houses and other institutions.
Services provided:
Corporate banks offer comprehensive financial solution related to business accounts and investments. It extends assistance in financing, cash management and other banking services in a customized manner.
Jobs available:
Jobs in corporate banks for relationship managers and operation managers are open to individuals with excellent communication skills as they need to deal with clients directly.
Retail Banking
Defined as:
Retail Banking involves mass market banking and is meant to serve the needs of individual customers not institutions. According to the definition given by Investopedia, 'Retail banking aims to be the one-stop shop for as many financial services as possible on behalf of retail clients'.
Services provided:
Retail banks offer core banking services like savings accounts, insurance schemes, personal credit cards, mortgage to individual customers, etc as well as investment services such as wealth management, brokerage accounts, private banking and retirement planning.
Jobs available:
Jobs in retail banking include branch managers, ATM managers, bank tellers, loan managers and support staff. It requires candidates with good communication skills as well as front desk operations management.
Investment Banking
Defined as:
Investment Banking aims at creation of capital for large holdings, entrepreneurs and organizations to help them achieve their financial goals.
Services provided:
These banks specialize in offering investment solutions and thus require expertise in finance and investment. They are involved in underwriting new debt and equity securities, facilitating mergers and acquisitions, guidance on issue and placement of stock and other such functions.
Jobs available:
Investment bank job profiles include those of Investment banker, Account manager, Commodity broker, corporate financer, manager, Investment analyst, Investment fund manager and Operational investment banker.
Commercial Banking
Defined as:
Commercial Banks have wide customer base as they serve one and all i.e. both individuals and corporations.
Services provided:
They are large holdings that provide related to banking, lending, investment. credit cards and insurance. Since they offer comprehensive finance solutions, jobs in almost all categories are open in commercial banks.
Jobs available:
Profiles of financial managers, bill and account collectors, book keeping and auditing clerks, financial service representatives, loan officers, bank tellers, etc. are available in this kind of banking.
Banking jobs in India have been growing manifold in spite of the global economic meltdown. Experts believe that jobs in banking are set to increase in next two years, they anticipate the need of almost 50, 000 more employees in this sector.
Analytical skills, communication excellence, understanding client's needs, operations management, etc. are some of the qualities required to begin a career in banking.
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