Career in banking remained one of the most lucrative options for youths in India. The outstanding salary structure, excellent growth opportunity, professional work environment, and high respect in society – all makes it one of the most demanding job opportunities for both students and parents.
Though mostly people think B.Com students only can get banking job, the fact is any graduate can join and grow in the industry through its several entry-level roles across public sector banks, private banks, NBFCs, insurance companies, and fintech organisations.
However, the problem is, unlike the traditional teaching, engineering and medical industries, students don’t have a clear information on where to begin, what skills are required, and how to secure the first opportunity after graduation.
Why Banking Is Still a Popular Career Option
With government missions like digital India and massive plans like DBT (Direct Benefit Transfer), the banking and financial sector has expanded rapidly over the last decade. Every bank is trying to attract customer by upgrading their service and thus banking operations like digital banking, customer relationship management, financial advisory services, and retail banking have created new employment opportunities for fresh graduates.
It’s not just a craze! India has moved towards a financial and banking revolution and that has changed many of the old beliefs regarding banking industry. Along with the government banks, several private banks have emerged in parallel to compete. So, people now have become interested to join this growing industry for:
- Stable and respectable profession
- Job opportunities across the country
- Good entry package with career growth
- Scope in both government and private sector
- Modern office work environment
- Opportunities to switch into finance, insurance, and wealth management
Unlike past, banks aren’t now limited to cash counters and passbook updates in those old buildings. Modern banks are no how much different from those IT offices in facilities an have included new domains like technology, customer engagement, sales, digital payments, financial products, and business operations.
Career Options Available After Graduation
Any fresh graduate can explore different roles depending on their qualification, skills, and career goals. Every role comes with multiple opportunities and future prospects. Some of the common banking job profiles include:
Relationship Executive or Relationship Manager
Whether handling customer, introducing banking products or assisting clients for loans, account opening, insurance or any investment scheme, banks need relationship manager or executive. One, who has good communication and interpersonal skill can choose this as their future profession.
Teller or Cashier
The biggest part of any bank is handling cash – whether its taking deposit, clearing withdrawals, processing cheques or any such activity, tellers or cashiers handle these tasks. If you are a focused and dedicated person, this can be one of the best banking job roles for you.
Customer Service Associate
When it comes to financial matter, customers mostly feel unconfident on certain things and they seek for support and guidance. So, a customer service associate handles these customer queries, account-related support, and improving customer satisfaction. If you have good interpersonal skills, you are a quick learner and have a helping attitude, it can be the best job role for you.
Branch Operations Assistant
Apart from the front desk executives a big team works in the background for various banking operations like documentation, KYC verification, account maintenance, and internal coordination. Graduates who doesn’t want those direct interactions with clients, can choose this job role.
Sales Officer for Banking Products
Modern banking isn’t all about deposits and withdrawals. Different sales executives introduce and promote different type of banking products to clients which includes credit cards, loans, insurance, DMAT account and other banking products. People with good convincing skills and who loves challenges can choose this job role that comes with excellent growth opportunity.
Skills Required for a Banking Career
While it’s a common belief that banking jobs are all about hectic calculations, modern banking profiles demand a combination of technical knowledge and excellent soft skills. So, apart from your academic qualifications, you need to prepare for your soft skills and modern banking features.
Important skills that a candidate should learn include:
- Communication and customer handling
- Basic banking and finance knowledge
- Computer proficiency
- Confidence and professionalism
- Sales and persuasion ability
- Problem-solving skills
- Teamwork and discipline
To get an easy entry and faster growth, a candidate needs to master these skills along with practical knowledge.
How Freshers Can Start Their Banking Career
Banking career is different from a random job hunting. You need to have passion, knowledge and skills that fit perfectly with modern banking industry. Otherwise, either you get rejected repeatedly, or will end up wasting your time, effort and money.
A practical roadmap for freshers includes:
Step 1: Learn Banking Fundamentals
Understanding various products of bank, various processes, various technological steps are the fundamentals to become a successful bank professional. You have to learn it, master it, if you want to make it your profession.
Step 2: Improve Communication Skills
Modern banking involves a wide range of products and thus number of customer interaction has increased a lot. So, if you don’t have a strong customer handling skill, sales skill, interpersonal skill, you can’t perform well.
Step 3: Gain Practical Training
No matter how much theoretical knowledge you have, your practical knowledge would help you in the real-life scenarios.
Step 4: Build a Professional Resume
The employers get the first information about who you are, what you know and what you can do from your resume. So, if you don’t have a tactfully designed professional resume, you may create a negative first-impression. So, spend time and take professional guidance creating a professional CV.
Step 5: Apply for Suitable Roles
It’s not which role pays better salary; but it’s more important where you can perform better. So, it’s important to apply for the right profile than applying on the high paying job role.
Future Scope in Banking
With the Indian government’s Digital India mission, the banking industry has transformed massively. Along with large-scale financial inclusion, Direct Benefit Transfer (DBT) models, and several government schemes, the banking sector has evolved rapidly over the last decade.
So, when it comes to the future scope in the banking industry, the simplest phrase would be – “the sky is the limit.”
