Retail Banking

Abhishek Panwar | Assistant Manager | Axis Bank Ltd

What is Retail Banking?

A Career in Retail Banking is very interesting. Internet is brimming with pages on How to get into Retail Banking, while one should first understand What is a Career in Retail Banking. Just like you would normally not trust a non Doctor with names of medicines, you should also not trust opinions about Retail Banking from non professionals.

Assistant Manager Abhishek Panwar has worked in Retail Banking for 4 years & 3 months. According to Assistant Manager Abhishek Panwar, Retail Banking is:

Banking basically means money. Dealing with public money, which the bank is liable to pay. Now banking is a basket of products, providing insurances, loans etcetra, which is in some ways helping people.

How Assistant Manager Abhishek Panwar got into Retail Banking?

After completing my graduation from Tula's Institute and post graduation from Manipal University, I started working with Axis Bank Ltd as an Assistant Manager since 2015.

Assistant Manager Abhishek Panwar's Talk on Retail Banking

The Journey of a Retail Banker: Abhishek Kumar's Insights from the Frontlines In the constantly evolving world of finance, retail banking plays a pivotal role in connecting customers with their financial needs. Abhishek Kumar, an accomplished retail banker at Axis Bank, shares his profound experiences and insights from his extensive career in this field. Hailing from Dehradun and armed with a strong educational background, Abhishek has navigated the challenges and celebrated the victories of working in banking for over eight years. This article delves into his journey, discussing what retail banking entails, the educational pathways, essential skills, advantages, and challenges of the profession, as well as a typical day in the life of a retail banker. What Is Retail Banking? Retail banking is a sector of the banking industry that focuses on providing financial services to individual consumers rather than large institutions. It encompasses a wide range of services, including savings and checking accounts, personal loans, credit and debit cards, mortgages, and investment options such as mutual funds. Retail bankers like Abhishek Kumar interact with everyday consumers, helping them manage their finances and offering various banking products. This interaction goes beyond mere transactions, as it involves building trust and understanding the financial needs of clients, which Abhishek passionately discusses. Education Accounting A solid understanding of accounting is crucial for anyone looking to succeed in retail banking. As Abhishek explains from his experience in the cash department, accurate accounting ensures that all transactions are correctly logged and balanced at the end of the day. Any discrepancies can lead to significant issues for the bank and the employee responsible, highlighting the importance of proficiency in credits and debits. Share Market Knowledge of the share market is another essential component of retail banking. Customers increasingly seek advice on investments, making it vital for bankers to stay informed about market trends and company performances. Abhishek emphasizes that a banker must be able to discuss mutual funds and stock performance with clients to help them make informed investment choices, thus enhancing the customer experience and potentially increasing the bank’s portfolio. Third Party Products In modern banking, the sale of third-party products, such as insurance and investment services, has become a staple of retail banking. Abhishek points out that banks often partner with external companies to offer these products, which can include life and general insurance. For instance, Axis Bank collaborates with Life Insurance Corporation of India to provide these valuable services to its customers. Bank Policies and RBI Policies Understanding the various bank policies, as well as those set by the Reserve Bank of India (RBI), is integral to preventing miscommunication with clients and ensuring adherence to regulations. Abhishek highlights the diverse policies that govern issues like employee welfare and customer service, which are essential for maintaining the bank's integrity and operational effectiveness. Management Management skills are vital for bankers, particularly in leadership roles. Abhishek advocates for treating team members as leaders rather than subordinates, fostering a supportive environment that encourages open communication and collaboration. Effective management contributes to a positive work culture and helps teams operate efficiently toward shared goals. Skills Good Listener In retail banking, being a good listener is paramount. Abhishek emphasizes that understanding customer needs and responding to their concerns is foundational to building strong relationships. A banker must remain attentive to customer queries to provide the best possible solutions, which fosters loyalty and trust. Calm and Patience The ability to remain calm and patient is crucial in a fast-paced banking environment. Abhishek shares that dealing with diverse client personalities requires composed responses, particularly in high-pressure situations. Maintaining patience helps in diffusing potentially volatile scenarios, ensuring a respectful and professional interaction with customers. Alertness Alertness is particularly vital in retail banking, especially during busy times like the demonetization period. Abhishek recalls instances where bankers must be vigilant to prevent fraud and ensure policies are followed. This attentiveness protects both the customers and the bank, highlighting the importance of being alert to detect anomalies and maintain security. People Skills Excellent communication and people skills are essential in retail banking. Abhishek points out that building rapport is necessary for achieving sales targets and meeting customer needs. Strong interpersonal skills help bankers engage customers effectively, leading to increased satisfaction and business for the bank. Team Management As senior bankers lead teams, effective team management skills are necessary. Abhishek stresses the importance of understanding individual team member needs and creating an atmosphere of mutual respect and collaboration. This approach not only enhances team performance but also contributes to higher employee morale. Mental Strength The often hectic nature of retail banking necessitates strong mental resilience. Abhishek illustrates that during peak periods, bankers can work long hours, leading to mental fatigue. The ability to manage stress and maintain productivity is crucial for long-term success in this demanding field. Positives Meeting New People One of the most rewarding aspects of retail banking is the opportunity to meet diverse individuals every day. Abhishek enjoys the interactions with customers from various backgrounds, which enriches his professional experience and broadens his understanding of community needs. Networking Retail banking facilitates extensive networking opportunities. Abhishek mentions that events organized by financial institutions, such as those involving RBI personnel, allow bankers to connect and build relationships with peers. This professional network can lead to collaborative opportunities and growth within the industry. Respect Working in retail banking often garners a level of respect within the community. Abhishek affirms that being viewed as a trusted financial advisor contributes to a positive societal standing, which can be immensely fulfilling for banking professionals. Monetary Satisfaction Retail banking offers attractive monetary benefits. Abhishek notes that as one advances in their career, salaries and bonuses can significantly increase, making it financially rewarding for dedicated employees who strive to meet and exceed their targets. Job Satisfaction Achieving targets and receiving incentives fosters a sense of accomplishment. Abhishek highlights that the combination of goal-setting and the related financial rewards creates a motivating environment, resulting in high job satisfaction for employees who thrive on challenges. Challenges Difficult Customers Encountering difficult customers is a significant challenge in retail banking. Abhishek explains that bankers may regularly deal with frustrated clients, some of whom may be aggressive or confrontational. Navigating these interactions requires emotional intelligence and composure, essential skills for maintaining professionalism in tumultuous situations. Pressure Retail bankers often face immense pressure to meet targets and perform well. Abhishek recognizes that constant demands from superiors to achieve specific sales goals can lead to stress, making it important for bankers to find effective ways to cope with this pressure while maintaining their performance. Time Management Balancing multiple responsibilities—sales, customer service, and operational tasks—requires excellent time management. Abhishek stresses that retail bankers must coordinate their schedules effectively to maintain a healthy work-life balance and avoid burnout. Work Life Balance The demanding nature of banking can significantly impact personal life. Abhishek recalls the intense workload during periods like demonetization where long hours left little room for personal time. Maintaining a healthy work-life balance is crucial for long-term well-being in the banking profession. Risky Job Retail banking comes with inherent risks, particularly when dealing with money. Abhishek cautions that even minor mistakes can have serious financial consequences, making it essential for bankers to be vigilant and meticulous in their work to avoid costly errors. A Day Of Retail Banking A typical day for Abhishek begins with his commute to the Rishikesh branch, where he engages in various banking operations. His day includes visiting the clearing house, processing checks, and ensuring that all transactions are accurately recorded before the day concludes. The cycle of responsibility emphasizes the importance of meticulousness and the need to adhere to policies and procedures, all while serving customers efficiently. In conclusion, the journey of retail banking is filled with unique challenges and rewarding experiences. Abhishek Kumar’s insights reveal that this field not only provides financial stability and growth opportunities but also enables professionals to contribute meaningfully to their communities. As retail banking continues to evolve, the role of bankers remains pivotal in promoting financial literacy and aiding customers in achieving their financial goals.

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How to get into

Retail Banking?

If you are want to get into Retail Banking, start by investing in a Career Plan.

The 14 hour process, guided by a LifePage Career Advisor, will help you introspect and check whether your interest in Retail Banking is merely an infatuation or is it truly something you wish to do for the rest of your life.

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Links for this Talk

Assistant Manager Abhishek Panwar's LifePage:

[LifePage]
https://www.lifepage.in/page/abhishekpanwar

LifePage Career Talk on Retail Banking

[Career]
https://www.lifepage.in/careers/retail-banking

[Full Talk]
https://lifepage.app.link/20170610-0001

[Trailer]
https://www.youtube.com/watch?v=RZWe_5b0k-I

(Retail Banking, Abhishek Panwar, Axis Bank Ltd, Retail Banking, Banking, Finance, Sales, Retail Analytics, Business Development, Analytics)

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