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Retail Banking

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Industry Overview

What is retail banking?

Everyone will come into contact with retail banking as part of their everyday life. Your personal account is most likely to be with a retail bank, and the branches of various big competitors decorate high streets across the country. Whenever you pop to an ATM to get some cash out, check your balance online or transfer money, you are dealing with retail banking.

Those who work in this industry advise people on how to manage their money effectively. Certain things in life, such as buying a house, can be essential things to do but also extortionately expensive, and this is where a retail bank can also help out. Whether it’s in order to obtain a mortgage, an overdraft to help fund university expenses, or request a loan to study for a further qualification or even set up a business, you will certainly come into contact with representatives in this sector.

But retail banking extends well beyond the high street branch: The giant leaps in technological advancements have also allowed retail banking to really open up and develop brand new methods and products for their customers to interact with their banks and handle their own money.

This means that a multitude of brand spanking new job opportunities have been created in recent times as the way we conduct our banking evolves to embrace these new digital platforms; from the internet to apps! There are also hundreds of people who work the telephones to answer customer queries, deal with complaints and promote new products and packages.

The majority of retail banking roles are client facing and involve a lot of client contact. Advisors in branches, their managers and telephone advisors represent the face of their bank; whilst cashiers handle money. It’s an industry that requires personable individuals with real strengths in communication and an aptitude for building rapport with customers as they promote their services and advise accordingly, carry out procedures such as money transfers from one account to another or handle complaint.

These retail banks also provide tailored services and packages to help commercial organisations achieve their business aims. For example, a company may want to borrow money to purchase more property, or need support with debt financing. There are representatives at each bank branch that specialise in different aspects.

Why is retail banking important?

Money management is a complicated thing for any individual and business, and it’s essential that there are ways to get financial support and the right guidance with what to do with it. So many people would simply be unable to buy their dream home or do what they really wanted with their lives and careers without support from retail banks.

Areas of retail banking…

Branch ManagementEach branch of a bank needs a management team to lead and motivate its staff, handle any complaints at a higher level and work to ensure the branch performs the best it can.

Telephone BankingCustomer advisors take customer calls to help them with their account queries, handle complaints and make sales calls for new products and packages.

Digital Banking From online banking to brand new platforms such as mobile banking, the digital age is opening up plenty of new ways for people to manage their money – and creating lots of new jobs too!

Specialist Banking – Niche, public and private companies and public sector organisations all require tailored packages to help them manage their money; experts in this area of retail banking help them to do just this.

MarketingIn retail banking terms, marketing minds use their creativity and research findings to devise campaigns to raise brand profile and awareness of a particular banking group.

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Asset Management

Advising on investment and handling asset management for private clients 

Branch Management

Making sure branches deliver for all of their customers!

Digital Banking

Digital product development and management for retail banks!


Finding the best ways to retail existing and potential new customers

Telephone Banking

Meeting customers needs, over the phone!

Retail Banking Stereotype Breaker
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Retail Banking Jargon Buster
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