Modern times have seen data being applied to all fields and industrial verticals. Banking has been tardy in its application of data analytics for a long time. But with the spurt of fintech, blockchain technology and the emergence of cryptocurrencies they have pulled up their socks and are attempting to reinvent themselves with New Age Banking Training. This is an excellent move and suddenly there is a spurt of demand for relationship management professionals in banking.
Who are the Relationship Managers?
Long-term customers who have high net-worth get the benefit of having a relationship manager to them who is assigned to meet their banking needs. This seems to be the one area where customer service professionals would excel at and should be satisfied. Customers are not really happy because this domain has the highest attrition rates. By the time they do return to seek advice from the Relationship Manager, he has moved! The Relationship Manager is in very high demand and gets very well-paid too.
The types of RMS:
Large banks and firms hire RMs to foster better customer relationships with HNW clients for all their banking needs. The smaller firms also hire RMs who cater to both client and business relationship building. Thus the various types of RMs are:
CRM- Client Relationship Managers
The goal of the CRM lies in his title. They build a trust-culture based on values, trust, and better pricing to cater to new-age banking business from HNI clients. They work as an interface between the bank and its management in sales, technical, financial, and executive arms. They may also cater directly to the clients by providing the services directly. The CRMs thus bring in even the smallest of businesses from such clients to ensure they do not miss out any opportunities.
A CRM uses data analytics to spot new business, monitor trends, find customer preferences, brief about product development, analyze competition, identify resources to meet targets, revenue generation and more. At the client end, they offer the best products and services, simplify banking channels, and make the customer journey a unique experience.
BRM- Business Relationship Managers
BRMs overlook business units within the corporate structure. They deal with activities like internal communication of Bus, liaising and monitoring teams that handle suppliers, third-party vendors and such outside service entities. Their job is to monitor purchases, cost factors, budgets, etc. to provide insights to the company management to ensure resources are used efficiently and company standards are met.
The BRM job role includes looking for trends, analyzing communications, handling problems, and negotiating contracts. They are of great value in refining company policies and practices and reputation management.
The banking field’s crucial skills are:
- A graduate degree for Associate roles.
- Adept at Microsoft PowerPoint presentations and Excel manipulation techniques, and MS Office and Word suites.
- Extremely long working hours of 80 hours with hardly any holidays.
- Being a team player and effective learner from feedback.
- An eye for details and data organization.
- Conceptual knowledge of accounting and financial issues and solutions.
- A strong practically oriented finance/ banking course.
- New Age Banking Training for practical skill upgradation.
- Financial and business modeling knowledge.
The ladder to climb:
Here is the figurative AM/ IB ladder of career progression. Starting as an intern and working your way up to the licensing in the US is very popular.
- 2 to 3 years as an Intern Financial Analyst in both fields when you have an undergraduate degree.
- AM/IB Associate if you are a graduate.
- VP- Investment Banking/ Asset Management.
- IB/AM Director.
- MD, CFO, etc.
Scope for jobs:
The RMS job is highly prestigious and has great scope for the unending demand of aspirants seeking bank- job prospects. The US Labor Department predicts a decade of growth of 12% starting from 2014. This is so as the financial instruments too, are evolving fast based on market requirements and both the technology and concept applications get complex and new-age. RM in comparison with IB is growing the fastest. RM with New Age Banking Training aspirants do not face a shortage of demand in terms of job-roles or scope as the investor base has grown tremendously with digital transactions, availability of online products, and ease of investment has increased too.
Are you interested in a banking career or being a Relationship Manager? Do your New Age Banking Training course from Imarticus Learning where banking career aspirants are honed to be job-ready from day one. Their assured placements, soft skill development modules and resume building exercises ensure you develop skills like communicating with clients, making presentations and more.
Hurry! This prestigious course could have limited admissions. For more details regarding this and for further career counseling, you can also search for – Imarticus Learning and can drop your query by filling up a simple form through the site or can contact us through the Live Chat Support system or can even visit one of our training centers based in – Mumbai, Thane, Pune, Chennai, Banglore, Hyderabad, Delhi, Gurgoan, and Ahmedabad.