Relationship Banker Salary
Job Description for Relationship Banker
A relationship banker is an employee of a bank or other lending institution that is responsible for dealing with customers on a one-on-one basis. This may mean being assigned specific clients or patrons and subsequently handling all transactions and assistance for them, or it may simply mean that the banker works in the front of the bank, dealing with most personal interactions that require expert help that tellers cannot provide. This is a position that has become more crucial for banks as more financial transactions have shifted to computers and technology. Customers often want to be able to speak with a person about urgent/important matters, and a relationship banker fills that role by listening to complaints or problems and offering effective solutions to resolve the situation to the satisfaction of the customer.Read More...
Relationship bankers are usually required to hold a bachelor's degree, and some banks and institutions may require a degree specifically in a field such as communications or business administration. While banking experience is helpful, it is not always required, and candidates typically undergo some form of training prior to beginning work on the floor of the bank. It is useful to be familiar and comfortable with computers, but it is especially important to be a good listener and effective communicator to make bank customers feel understood. Relationship bankers usually work as part of a team under the supervision of a customer care manager, though they may work on their own in some smaller banks.
Relationship Banker Tasks
- Process a variety of teller transactions including deposits, withdrawals, payments and transfers.
- Provide knowledge of products and services to consult with new members to identify products and services that best fit their needs.
- Authorize, approve, and research transactions; perform overrides, approve check holds, and make check cashing decisions.
- Qualify potential members for membership by opening checking accounts, savings accounts, IRAs, CDs, and processing loan applications.
- Identify the needs of members by cross-selling and up-selling products and referring them to a personal banker.
Common Career Paths for Relationship Banker
Relationship Bankers may experience a large salary bump if they progress into a role such as Relationship Manager. The latter position pays an average of $69K annually. It is not unusual for a Relationship Banker to become a Banking Branch Manager or an Assistant Branch Manager of Banking.
Relationship Banker Job Listings
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Popular Employer Salaries for Relationship Banker
Well-known firms with a reputation for hiring numerous Relationship Bankers include Bank of America Corp. (BOFA), Chase Bank, J.P. Morgan Chase & Co. (JPMCC), Capital One Financial Corp, and BB&T Corp. Relationship Bankers flock to Union Bank for generous paychecks, where average earnings of $49K lead the pack in compensation. J.P. Morgan Chase & Co. (JPMCC), Chase Bank, and Capital One Financial Corp also offer top salaries for Relationship Bankers. Workers at these firms can expect to earn about $46K, $45K, and $42K, respectively.
Bank of America Corp. (BOFA), M & T Bank and M&T Bank Corp are three other employers with a reputation for below-average pay, all showing salaries around $34K.
Popular Skills for Relationship Banker
Survey results imply that Relationship Bankers put a diverse skill set to use. Most notably, skills in Operations Management, Bilingual, Customer Relationship Management, and Sales are correlated to pay that is above average. Skills that pay less than market rate include Banking and Customer Service. Most people skilled in Customer Service are similarly competent in Customer Relations.
Pay by Experience Level for Relationship Banker
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Respondents with less than five years' experience take home $36K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $42K. Relationship Bankers bring in $42K after working for 10 to 20 years. Seasoned workers who boast more than two decades of relevant experience enjoy a median salary of $48K, which is substantially larger than the medians reported by folks with fewer years on their resumes.
Pay Difference by Location
Surpassing the national average by 26 percent, Relationship Bankers in San Francisco receive some of the highest pay in the country. Relationship Bankers can also look forward to large paychecks in cities like New York (+25 percent), Los Angeles (+18 percent), Portland (+12 percent), and Phoenix (+12 percent). Rochester is home to the smallest salaries in the field, lagging the national average by 9 percent.