Bank Managers are responsible for coordinating and directing the operational functions of financial institutions such as banks, building societies or credit unions. They oversee front-office operations, provide high levels of customer service and direct regular team meetings and training sessions. Bank managers ensure the efficient and effective running of one or more bank branches. They increase sales of financial products and services and are responsible for attracting new customers.

 

As a Branch Manager they may also manage a team of bank officers within one or more bank branches.

Specialisations: Credit Union Manager, Branch Manager

Knowledge, skills and attributes

To become a bank manager, you would need:

• Experience in banking roles or in management roles in financial services
• Business Acumen - problem-solving and decision-making abilities
• Ethical - strong knowledge of financial services laws and regulations
• Good Mathematical Skills
• People Management Skills - the ability to lead and motivate staff
• Retail Operation and Management - marketing and sales skills
• Strong Communication and Negotiation

(Source: Examples of Letters)

 

Duties and tasks

• Direct regular team/staff meetings - manage and motivate staff
• Plans, organises and co-ordinates budgeting, accounting and expenditure control systems.
• Plans and directs the collection of financial and accounting information and the preparation of budgets, reports and statutory returns.
• Presents budget proposals to governing body, advising on the most effective use of resources and financing of capital expenditure and interpreting implications for business performance and funding.
• Oversees operations of the institution often through subordinates.
• Ensure a high level of customer service is being adhered to at all times
• Meet with customers and resolve any problems or complaints - understand your customer base and their banking needs
• Assess lending risk
• Monitor sales targets and budgets
• Oversee operational functions and provide solutions to operational issues
• Implement business, marketing and sales plans
• Produce management and performance reports
• Has the responsibility for following rules and procedures to prevent fraud
• Promote and market the institution and its products - ie. promoting the company's brand in the local community
• Provide mentorship, training and direction to staff
• Runs one or more bank branches

Working conditions

Bank Managers usually work in an indoor office environment - in a retail bank branch. A typical work week is Monday through to Friday, however at busy times Bank Managers may be required to work overtime and weekends. You may also work some Saturday mornings. You would be based at a branch, and may need to travel regularly between branches. Part-time work and job sharing may be available.

 

Education and training/entrance requirements

Most bank managers have a degree in business, commerce or economics with a major in banking or finance. To get into these courses you usually need to gain your senior secondary school certificate or equivalent. English and mathematics would be appropriate subjects to study prior to university.

Bank managers usually have a number of years experience in lower level roles in branch banking before being promoted to management roles.

Bank managers would be required to undergo criminal record checks.

 

Employment Opportunities

Employment of bank managers is expected to grow more slowly than the average for all occupations.

As customers increasingly use online financial services, bank have closed some branches, particularly in less populated areas. Consolidation in the financial services industry has also led to a decrease in the number of branch outlets.

However, the Australian banking industry is very strong and this will result in continuing opportunities for bank managers as banks focus on customer service and relocate branches to shopping centres and similar areas.

 

Did You Know? Proceeds of Crime: how polymer banknotes were invented (Source: The Conversation)

 

 

Credit analysts assess financial data to decide on the level of risk associated with lending money to individuals or businesses.

Credit analysis is a process undertaken by lenders to understand the creditworthiness of a prospective borrower, meaning how capable (and how likely) they are of repaying principal and interest obligations.

The borrower, also known as the debtor, could be an individual or a business entity; the former is referred to as retail (or personal) lending, and the latter is what’s known as commercial lending.

Lenders, also known as creditors, employ a variety of qualitative and quantitative techniques (including risk models) when conducting credit analysis in order to quantify and effectively price risk.

Credit Analysts process and evaluate applications for credit or loans. They analyse financial information about applicants in order to set the limits and repayment conditions of a loan or credit application. Working as a Credit Analyst requires an ability to perform financial analysis, clear communication skills and proficiency working with spreadsheets and other computer software. They work for commercial and investment banks, credit card companies, investment companies and other companies where credit or loans are offered to customers.

 

What is Credit? | Overview, How it Works, and Credit Risks
https://youtu.be/9etpM6UpnlE

 

 

ANZSCO ID: 5522
  
Alternative names: Credit Specialist, Commercial Credit Analyst,
  
Specialisations: Commercial Credit Analyst,
  
Knowledge, skills and attributes

To become a credit analyst, you would need:

• excellent numerical and calculation skills

• commercial awareness and business acumen

• IT skills

• good people and communication skills

• the ability to operate with a high degree of autonomy

• strong attention to detail.

(Source: Seek)

 

Duties and Tasks

As a credit analyst, you would:

• analyse credit data through checks of references, credit ratings and scores, pay slips and application forms.

• analyse financial data and undertake research to determine the risk involved in lending money or extending credit

• perform risk assessments and recommending limits and conditions of loans.

• review credit and loan limits in line with company policies and account activity.

• contact third party financial institutions to obtain customer information.

• use specialist software to evaluate a customer's financial standing

• write reports on financial risks - prepare reports and statements on loans and accounts with outstanding amounts.

• maintain records of payments and requests for payment of overdue accounts.

• action requests for credit assessments.

• use a comparison model to evaluate the likelihood of business success and failure

• make recommendations based on your analysis - recommending for approval and authorising the approval of loans and credit applications.

• attend customer visit with credit managers or banking relationship managers.

Working conditions

In a full time role, you would usually work standard business hours. with overtime necessary at busy periods.
You would be based in an office and generally work within the financial services sector.

Education and training/entrance requirements

Employers usually prefer that credit analysts have a bachelor's degree, although a diploma combined with related work experience may be acceptable. You may like to consider a VET qualification in credit management or financial services.

To get into degree courses you usually need to gain your senior secondary school certificate or equivalent. English, maths and economics would be appropriate subjects to study prior to university.

Employment Opportunities

Employment of credit analysts is expected to grow moderately.

The banking and financial services industries are currently undergoing rapid change. The introduction of new technology and new ways of conducting banking business, either face-to-face or online, are affecting employment demand. Competition is strong for entry-level vacancies in credit and lending roles.

 

 

What are the 5 Cs of Credit?
https://youtu.be/9TJVevh9Ge0

 

 

Did You Know? Careers in Credit Analysis Strong credit analysis and lending management skills can open the door to a range of job opportunities in financial services, whether you’re seeking a career in personal or corporate finance. Some prospective employers include: Financial Institutions This includes traditional commercial banks of all sizes, as well as credit unions. There are countless relationship management, analyst, and risk management-type roles at financial institutions where someone with strong credit acumen can build a very rewarding career for themselves. Private Lenders Private, non-bank lenders come in many shapes and sizes, including residential and commercial real estate lending, equipment finance, and asset-based lending, among others. There are also many opportunities for people with lending experience to look at private loan and mortgage broker firms. Corporations Many businesses that sell B2B extend credit terms to their customers; this is what’s called trade credit. Many large corporations employ entire teams of credit analysts to assess the creditworthiness of prospective customers and to set reasonable limits on their accounts. Rating Agencies Rating agencies like Fitch and Moody’s [US] employ teams of credit analysts to assess the credit risk of publicly traded companies. This fixed income credit analysis supports debt ratings that are used to price fixed income securities, which trade publicly (like corporate bonds). Institutional Investors These firms also hire credit analysts to manage risk in their investment portfolios, or even to manage the balance sheets of individual private companies that the firm has invested in and which employ debt in their capital structures. Fintechs & Credit Analysis Fintech is an abbreviation of two words – “financial technology.” For decades, technology applications have disrupted traditional products and services across a variety of sectors; financial services is no exception. Many technology companies are developing AI (artificial intelligence) and machine learning-driven algorithms and programs to analyze and underwrite credit more quickly and efficiently than traditional financial services firms, which rely heavily on human intermediaries and considerable paperwork. While much of the disruption and development has occurred in personal lending (where underwriting credit is more homogenous and generally involves fewer data points), some companies are also trying to innovate in the commercial credit space, particularly at the smaller end of the business landscape. (Source: CFI)

 

Credit and Loan Officers assess the validity of personal or business loan applications and approve or reject them. Before granting loan applications they do background checking for credit histories, any debts and other factors that might affect the applicant’s request. They arrange valuations on properties, businesses of vehicles as part of the loan process. Credit and Loan officers discuss different options with clients, explaining not only the loan process but which loan is the most appropriate for the applicant.

They investigate and review the application once they have all the details and decide whether the applicant gets the loan. For tricky applications where the loan request is unusual, credit and loan officers would ask for their managers input.

A Credit and Loan officer role needs awesome customer service, particularly in circumstances where a loan is refused and applicants are disappointed. Clear communication with applicants and meeting deadlines so that your clients can purchase the item they are getting the loan for is crucial. You need to be very mathematical and accurate in your work, particularly when dealing with large sums of money. The role is almost entirely done on computer so good IT skills are a must.

ANZSCO ID: 552211
   
Alternative names: Lending Consultant, Loans Consultant, Loans Officer, Lending Officer,
   
Knowledge, skills and attributes

To become a credit and loan officer, you would need:

• excellent customer service skills

• good, clear communication skills

• a high level of numeracy

• strong attention to detail and accuracy

• good organisational skills

• good computer skills

• tthe ability to work in a timely manner.

(Source: Seek)

Duties and Tasks

As a credit and lloan officer, you would:

• scrutinise loan applications and check credit histories to determine the likelihood of granting loans

• analyse information about customers and examine references, credit ratings, investment risks, pay slips and other information against predetermined policy standards

• contact financial and credit institutions to obtain information about customers

• prepare papers setting out conditions of credit and loans, rates of repayment and loan periods, and provide information about a customer's standing to financial and credit institutions

• research or arrange relevant valuations on properties, commercial enterprises or vehicles

• authorise the approval of credit and loan applications and recommend credit and loan conditions and limits

• keep records of payments, and prepare routine letters requesting payment for overdue accounts, forwarding for legal action if necessary

• meet with loan applicants to discuss their options and the loan process

• review loan agreements to check accuracy

• answer inquiries concerning credit standing of customers, loan balances and penalties

• approve loans within specified limits, and refer loan applications outside those limits to managers for approval.

• may recommend, approve and arrange mortgages

• may work in a call centre

Working conditions

As a credit and loan officer you would usually work a standard number of hours per week. Many credit and loan officers see clients in their own homes in the evenings or at the weekend.

You would spend you time based in an office but may visit clients in their homes or businesses.

   
Education and training/entrance requirements

Although no formal qualifications are strictly required to become a credit and loan officer, most financial services and banking industry credit and loan officers would have a degree in economics, commerce, accounting or a related area. To get into degree courses, you need to gain your senior secondary school certificate or equivalent. English and maths would be appropriate subjects to study prior to university.

You may also become a credit and loan officer through a traineeship in Credit Management. Employers would generally require a senior secondary school certificate or equivalent.

Most credit and loan officers would start their careers in loan administration or similar roles, and gradually gain the experience to become credit and loan officers.

Employment Opportunities

Employment of credit and loan officers is projected to decline slightly.

The need for a credit and loan officers usually mirrors the economy, there are more opportunities in times of economic growth, low interest rates, and population growth as these all create a demand for loans and lending. However, with increasing use of technology in this field as well as less loan applications being done in person but instead over the phone or online, fewer credit and loan officers are needed to process these applications. As new technologies improve the need for people to use a credit and loan officer, or financial insitutions to have qualified credit and loan officers will decline.

 

(Source: CareerHQ)

 

 

 

Credit managers lead a team of analysts who deal with and determine requests for credit from individuals or businesses. Credit Managers are professionals working for an organisation to manage and supervise credit management and make decisions concerning credit limits. However, the role of a credit manager is variable in its scope. The Credit Manager position is accountable for the entire credit granting process, including the continuous application of credit policies.

As a credit manager, one is required to periodically review the credits of existing customers, and also assess the creditworthiness of potential customers, with the aim of optimising company sales along with bad debt losses. The common goals that are generally to be accomplished by credit managers from every organization include roles and responsibilities such as credit score models, setting loan terms and determining interest rates.

Ultimately, a Credit Management job is to help organisations minimise bad debts and increase revenues from the loan.

 

(Source: Careers360)

 

ANZSCO ID: 5522
  
Alternative names: Credit Supervisor,
  
Specialisations:

• Commercial Credit Manager: Commercial credit managers are responsible for a variety of tasks including sales expansion, expansion into new international markets, better financing terms, reduction in bad debt reserves, actionable economic knowledge, protection against non-payment and catastrophic loss, increase in sales and profits and improved lender relationship.

• Consumer Credit Manager: As a consumer credit manager/specialist, one is required to use letters and phone calls to contact delinquent customers. They oversee the business financial collection department. These types of credit management job is to supervise the staff to confirm all finance owed to the company is billed and received correctly and in a timely manner.

• Construction Credit Manager: Construction credit managers are required to establish figures for the amount of credit they’re required to extend and define the parameters or circumstances. These types of credit management job may also require customers to pay a portion of the amount due in advance. They’re required to prepare documentation including credit applications, sales agreement, contracts, purchase orders, bills of lading, delivery receipts, invoices, correspondence, and so on.

• Certified Management Accountant: A career as certified management accountant includes financial accounting skills and strategic leadership. Certified management accountants have an extensive variety of career opportunities.

• Chartered Accountant: A career as chartered accountant is known as a respectable occupation. In the public sector, chartered accountancy requires solid management and decision-making skills. The integrity of public spending is maintained in a chartered accountant's profession. Ensuring that taxpayers gain value for money by successful and detailed delivery and resource monitoring.
  

Knowledge, skills and attributes

To become a credit manager, you would need:

• good judgement and decision making ability

• self-confidence and calmness under pressure

• a high level of numeracy

• leadership and teamwork skills

• good organisation and time-management skills

• accuracy and attention to detail

• good spoken and written communication skills.

(Source: Enterprise Recovery)

 

Duties and Tasks

As a credit manager, you would:

• make decisions on whether credit should be offered or not

• create the terms of service for a credit loan for each client

• ensure payment is made appropriately by clients

• recruit, train and manage credit analysts

• negotiate repayment plans and schedules

• withhold service from clients who do not pay

• resolve complaints from customers

• open legal proceedings against individuals or businesses owing monies

• attend customer visit with banking relationship managers

• make sure all credit processes are compliant with regulatory requirements.

Working conditions

As a credit manager, you would usually work a standard number of hours per week, during business hours. Overtime may be necessary at key financial points in the year. Part-time hours may be available.

Credit managers work in financial services, where monies are lent, or in companies where credit is given for the purchase of goods or services. You would be based in an office but may be required to attend meetings with clients.

 

Tools and Technologies

Credit Managers should have hands-on experience with accounting software

Education and training/entrance requirements

Credit managers usually move into this role after completing qualifications and gaining experience in areas such as credit control, credit analysis, sales administration, debt collection, or general accounting.

Credit manages usually have a degree in accounting or a related field such as commerce or business with a major in accounting, coupled with further training or qualifications in credit management. To get into the degree courses you usually need to gain your senior secondary school certificate or equivalent. English and mathematics would be appropriate subjects to study prior to university.

The Australian Institute of Credit Management offers courses and accreditation in this area.

Employment Opportunities

Employment of credit managers, especially those with accounting or related backgrounds, is projected to grow strongly.

In general, employment growth of credit managers is expected to be closely tied to the health of the overall economy. There has been an increased focus on standards and compliance, particularly in the finance sector, and this will lead to an increased focus on lending and credit practices.

Occupational Video - Credit Manager
https://youtu.be/WP1qLHZr5Og

 

 

 

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Material sourced from
 Jobs & Skills WA [Bank Worker;]
Open University [Bank Manager; ]
Seek [Credit Analyst; ]
CFI [ Credit Analysis; ]
University of WA [Credit & Loans Officer; ]
Careers360 [Credit Manager; ]
CareerHQ [Bank Customer Service Officer; Bank Manager; Loan Officer; Credit Analyst; Credit Manager;; Blog; ]
Your Career [Bank Worker; Bank Manager & Branch Manager;]