Retail banking

Retail banks offer services and products to the general population to enable their customers to manage their daily finances. Personal customers tend to use retail banks and building societies for current and savings accounts and access to credit. These organisations operate on every high street, most have an online presence and generally offer telephone banking services.

Banks also operate services for businesses. Known as corporate or business banking, this subsector offers current accounts, working capital and cashflow management as well as more specialist products such as foreign currency accounts for businesses looking to trade overseas.

Most of the large retail banks offer business banking services. Corporate banking services can be operated through retail branches by staff dedicated to the business banking function.

What skills does the subsector need?

The employers who were surveyed in The Skills Bill: Analysis of skills needs in UK financial services and the Skills Review of UK Wholesale Financial Services highlighted that within the banking sector, employers are looking for people with the following skills.

Numeracy and maths skills

All roles in banking require people to be numerate

Languages and cultural awareness

Working in banking can involve working with international organisations and clients. An ability to speak another language and / or having a cultural awareness is a useful skill to be able to offer employers.

Relationship management skills

Banking professionals work with clients that may have complex financial goals and requirements. It is imperative that banking professionals can fully understand the needs of the client and present services that match their requirements.

Information technology (IT)

IT for banking professionals refers not to the operational element of using IT, but to the IT infrastructure of banks, particularly in sales and trading.

Industry and product knowledge

There is a demand for new entrants, school leavers and graduates to have a better awareness of financial services, specifically the banking sector.

An understanding of how the sector operates and an awareness of the products that the sector works with is required by employers. The extent of product knowledge required will depend on the actual job.

Communication and interpersonal skills

Being able to interact on a professional level with clients and colleagues is very important. The need for good communication skills, behaving appropriately in business situations and addressing situations are all vital for prospective employees.

In corporate banking, there are roles for adults returning to the labour market; either those who have been on a career break with experience and want to re-enter the sector, or those that are looking to enter the sector for the first time.