Bank is an establishment authorized by a government to accept deposits, pay interest, clear checks, make loans, act as an intermediary in financial transactions, and provide other financial services to its customers.
Banking has changed significantly over the last decade thanks to technology.
Banks can now operate 24 hours, seven days a week. Transferring funds and clearing checks takes a fraction of the time it used to. International banking from anywhere in the world is prevalent. The repeal of the 1933 Glass-Steagall Act now allows banks to sell stocks, bonds and insurance.
Banking is global and local at once. You will need two talents and/or interests to succeed in banking at any level. Math and computers. Banking revolves around both these areas and that will not change but only intensify.
Every department in a bank exists because of money which comes in many forms: cash, coins, checks, bank drafts, etc. Every aspect of handling the money involves counting it, recording it and reporting it. Tellers still hand count when they service customers at their windows, but use computers and other machines to balance their daily receipts.
Loan officers need to calculate interest and other fees when approving loans. Computer operators and data processors must understand the figures they are working with for accuracy. If math is not to your liking, then banking is not in your future.
Even the smallest banks now have computers and this technology is growing at a fast pace with new programs and faster systems. From the mail room to the board room computers are as much a part of banking as counting the money is. They track daily transactions including the flow of funds in and out of the institution; keep files on loans, investments, stock portfolios, etc.; generate reports on every aspect of banking; prepare monthly statements and much more.
This technology will continue to advance and become more complex as new and faster programs and systems are developed. If you are not comfortable working with computers, then banking is not in your future. In addition to math and computers, a successful banking professional generally has the following qualifications:
Likes to work with all kinds of people in a variety of situations.
Is honest, trustful and discreet when handling other people’s funds.
Takes pride in the accuracy of the work.
Will make a good spokesperson for the bank no matter the circumstance.
Can adjust to changes and evolving technology.
Banking is now global. Economic events in the United States affect the rest of the world and vice versa. Those seeking a career in banking and other financial services will find challenges and rewards in the professionalism, pay and promotions the industry offers. Skilled professionals will drive this industry to new heights.