Banks take in deposits from people individuals or businesses, lend money to them on interest and pay interest on their deposit. However, the functioning of a bank might sound simple moreover, it is highly complex and challenging. The skills of diversified set of professionals are brought together for smoother and efficient functioning of a bank.
There are different departments in a bank, which oversee the functioning of one particular aspect of bank operations. Operations, risk management, retail banking, and technology; are some of the sub-domains of banking.
The different departments of a bank require professionals who can be made responsible for pursuing critical tasks of handling a client’s money, by analyzing their financial health and offer them products that are aligned with the client’s financial goals.
So lets take a precise look on, the functioning of some of these departments or functional domains in which you can search for employment opportunities, keeping in mind your skills and career goals.
Operations: This department deals with the walk-in clients, and ensure that all the tasks pertaining to the clients requirements are carried out efficiently. This is often considered as the ‘engine room’ of a bank, as operation department documents, clears and settle daily financial transactions. This functional domain demands individuals who posses; in-depth knowledge of bank operations, can wear several hats at one time, and can take huge volume of responsibilities from the beginning of their career.
Risk management: Professionals in this banking function analyze risks and mitigate losses. Basically their job objective is to minimize all kinds of risks that will have direct implications on the business. Furthermore, risk management is bifurcated in to; credit, market, investment, and operational. The credit department monitors the internal credit approval, market; analyze the movement of the markets and its impact on the business, asses the risk before buying a company or making an investment, and calculating internal risks which might arise in an operating branch. The skills associated with this functional domain include; statistical analysis, excellent oral and written communication skills, and problem solving abilities.
Technology: Being a technology driven industry, each bank has its in-house technology department which develop cutting edge applications and systems. Working in this sub-domain of banking broadly involves; analyzing the current systems and recommend the possible upgrades, designing and managing technology projects, streamlining current systems, liaising with vendors and other business, and troubleshooting. This sub-domain is essentially for those with education in information technology or computer science.