what is a business banking manager?
As a business banking manager, you are a financial institution's department head, managing various organisations' economic functions. You develop the department's sales targets and goals. Since you manage a team of business bankers, you assign duties and ensure each employee performs their duties as expected. You are also in charge of staffing the department and training new business bankers to ensure they understand the company's policies and regulations.
Business banking managers deal with clients directly to resolve complaints and disputes. You also have a client base to manage. Since your clients are large corporate customers, they require someone with extensive knowledge and banking expertise. You advise the clients on their finances and investment portfolios and market new financial products to them.
Since the role involves interacting with customers and employees, you should enjoy working with people to excel. Your people skills help you develop relationships with clients and manage a team of employees. You also require analytical skills to analyse markets and help customers make investment decisions.
As a business banking manager, you handle diverse tasks in financial institutions. While most business banking managers work in banks, you can also work in building societies and credit unions that handle the finances of people from various industries, such as mining, manufacturing or education.
view vacanciesaverage business banking manager salary
As a business banking manager, your remuneration package fluctuates based on your experience, qualifications and employer. In Australia, you receive an average salary of $136,500 per year. Entry-level or junior positions have a starting salary of $120,000-130,000 annually, but the amount increases with experience and additional qualifications. The most experienced business banking managers receive over $150,000 yearly.
how to increase your salary as a business banking manager
The salary of a business banking manager depends on various factors. For instance, your educational qualifications and experience influence your earnings. You receive a lower salary when you are new to the role due to your minimal experience. The remuneration package increases when you improve your qualifications and gain new skills.
The location and company you work for also influence your earnings. For instance, in locations with a high demand for business banking managers, financial institutions in the area could pay more. Most metro locations pay higher salaries than the national average due to differences in the cost of living. Working for a large company with unlimited resources also increases your remuneration prospects.
Want to know what you will earn as a business banking manager? Check out what you are worth with our salary checker.
types of business banking managers
The types of business banking managers depend on the level of seniority. These include:
- junior business banking managers: as a junior business banking manager, you handle small corporate accounts and manage a smaller group of business bankers. You prepare and assess investment transactions. You also maintain and enhance the credit risk profile and profitability.
- senior business banking managers: as a senior business banking manager, you supervise the entire department. That means you are in charge of a large team of business bankers. Your job is to ensure the team sources new accounts and develops business relationships with current clients. You are also in charge of the recruitment process to meet the staffing needs of your department.
working as a business banking manager
If you enjoy interacting with people and working in a banking environment, explore the daily activities, work schedules and duties of business banking managers.
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business banking manager job description
Some of the duties of business banking managers include:
- managing operational tasks: as a business banking manager, you oversee the operational functions of your department. For instance, you plan monthly goals for the team and assign duties to your teams. If there are operational issues, you resolve them to avoid affecting your monthly activities.
- planning and leading collection of accounting information: as a business banking manager, you evaluate your department's performance. That means you collect the financial and accounting information for review. You also prepare budgets at the beginning of the month and ensure the department reports its statutory returns.
- dealing with client complaints: if your business bankers cannot handle a client dispute, it is escalated to your office. Your job is to listen to the client and provide solutions to their problems.
- building relationships with clients: as a business banking manager, you maintain a good relationship with your customers. Since you work with organisations and corporate clients, they rely on your experience to expand their income and investment portfolios.
- monitoring sales targets: business bank managers are expected to source new clients monthly. Hence, you set targets with your business bankers and review them at the end of the month.
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work environment
As a business banking manager, you work in an office environment in financial institutions. Most of the day, you attend meetings or work from your desk. You meet clients in various settings. For instance, some clients come to the office, or you meet them on their business premises. You also travel a lot for business meetings or workshops.
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who are your colleagues?
Depending on your employer and industry, your colleagues might include branch managers, financial planners, finance analysts and customer service representatives. You might also be working close to bank and finance managers. Other specialists you may work alongside include, but not be limited to, financial advisors, finance assistants, service managers and office managers.
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work schedule
A business banking manager works the typical office schedule of up to 40 hours a week. If you work full-time, your work day starts from 9 am to 5 pm. Sometimes, you work until late evening to meet clients or attend office meetings or parties. As a business banking manager, you also meet clients on weekends during golf tournaments and other events sponsored by the financial institution you work for.
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job outlook
Business banking managers have multiple career paths. You can progress upwards to branch manager positions or become a bank manager. As your experience improves, you could be promoted to prominent departments since you handle the bank's largest corporate accounts. Some business banking managers progress to other corporate positions, like becoming financial advisors or finance managers.
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advantages of finding a business banking manager job through randstad
Finding your business banking manager job through Randstad provides important advantages such as:
- a wide variety of training and development opportunities
- an experienced contact person to provide help if needed
- a range of opportunities in your area
- get paid weekly or monthly, depending on the job
- temporary and permanent contracts
Want a permanent contract? A temporary job as a business banking manager is often a stepping stone to an attractive permanent job. Thousands of people earn a permanent contract every year with great employers every year thanks
education and skills
You require the following qualifications to work as a business banking manager:
- education: to work as a business banking manager, you require a bachelor’s degree to gain management skills. If you don’t qualify for a bachelor’s degree, start with a Certificate IV in business finance or banking services or find a relevant diploma course to gain the fundamental skills necessary for the role.
- work experience: you require extensive experience as a business banking manager. You can work in entry-level banking jobs before becoming a business banker. Some organisations require up to five years of experience in financial institutions to employ you as a business banking manager.
business banking manager skills and competencies
Some of the skills and qualities of a business banking manager include:
- maths skills: as a business banking manager, you should understand mathematical principles to help you identify investment opportunities and analyse markets. Your responsibilities involve reviewing bank statements to monitor client accounts and checking the investment portfolios to determine the company's performance. Your maths skills help you calculate and understand the figures in investment portfolios.
- computer skills: as a business banking manager, you rely on computing skills to perform most of the tasks in the bank. Your computer skills help you perform your duties on the computer software, review client accounts, analyse market movements and organise financial documents.
- communication skills: as a business banking manager, you require solid communication and active listening skills. Your communication skills help you communicate with clients and colleagues, giving task instructions and training workers. You also make presentations to stakeholders, and communication skills help you create compelling presentations and provide logical advice to clients.
- analytical skills: as a business banking manager, you analyse investment opportunities the bank can undertake to increase income. Your analytical skills help you identify anomalies and market trends that indicate lucrative investment opportunities.
- organisation skills: as a business banking manager, you analyse investment opportunities the bank can undertake to increase income. Analytical skills help you identify anomalies and market trends indicating lucrative investment opportunities.
FAQs about working as a home lending manager
Here, you will find the answers to the most frequently asked questions about the profession of a business banking manager.
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what does a business banking manager do?
As a business banking manager, you manage the business bankers and ensure they perform their duties. You also monitor department sales and develop a good relationship with business customers. You handle complex disputes with customers and ensure clients are happy. Business banking managers also ensure that their department is staffed appropriately and that all the activities comply with the banking policies and procedures.
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how much do business banking managers make?
As a business banking manager, you receive an average salary of $136,500 per year. When you are in a junior business banking manager position, your earnings are slightly lower, and your starting salary is $117,500 annually. Senior business banking managers head larger departments and take home over $142,500 yearly.
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what is the job of a business banking relationship manager?
As a business banking relationship manager, you bring new businesses to the bank. You identify business opportunities and develop banking relationships with current clients. With the relationships you develop, you can expand the financial services they use and ensure the banking services you provide meet clients' needs.
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is a business banking manager a good job?
Business banking managers are in demand due to their expertise in understanding banking services' technical principles and compliance requirements. The skills you gain prepare you for senior banking and financial industry positions. Business banking managers also earn a promising remuneration package.
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what qualities make a good business banking manager?
As a business banking manager, you require exceptional communication and listening skills to build good client relationships. Your leadership skills are useful in inspiring and motivating other employees to achieve their goals and meet targets. Problem-solving and conflict-resolution skills are also vital in dealing with client complaints.
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how do I apply for a business banking manager vacancy?
Applying for a business banking manager job is easy: create a Randstad profile and search our job offers for vacancies in your area. Then send us your CV and cover letter. Need help with your application? Check out all our job search tips here.