Banking Operations: All You Need TO Know. From the moment you decided to bank with a particular banking sector, you must have done every research and asked the necessary question about the banks you know of, all in the bid to end up with a bank that you wouldn’t encounter problems with. You are a few steps away from knowing how things are done in the banking sector.
There is a whole lot of activities that are carried out behind the scene from the moment you open an account, down to when you begin to carry out transactions on the account be it physically in the banking hall, using USSD codes, or via the mobile app. These whole processes that make for a successful transaction boil down to banking operations.
The banking operation also known as the back office is the back-end division of a banking sector whose duty is to ensure that information, money as well as items are correctly flown in and out of the organization. They are like the engine house of the firm. If anything goes wrong here, the whole organization is affected, therefore, this is the most sensitive part of the firm.
Activities In Banking Sectors
A lot of professional activities are carried out on a daily basis to ensure that a customer’s transactions are out accurately by minimizing risk at all costs and maximizing customer service quality. Let us carefully look into the activities carried out at the bank.
- Opening and setting up accounts: Be it for personal accounts (current, fixed or savings accounts), joint accounts, business accounts, etc. Everything has been put in place to enable you to bank with ease, all you need to do is provide the necessary information that would be required of you.
- Deposits: Most banks give out loans and this is done because there are deposits done by customers. Money deposited into fixed, current, and savings accounts makes for possible withdrawal in the future. Banks pay interest as decided by the Central Bank to savings accounts, this is an encouragement for individuals to save. However, there are limits to how much can be withdrawn from these accounts in a given period of time.
- Loan issuance: One major activity of banks is issuing loans that come with interest. Advances in the form of term loans, overdrafts, consumer and cash credits, etc are also given from the deposits. It is not a hidden fact that loans have helped businesses of all sorts grow.
- Cheque clearance: Once you open an account in a bank, you are entitled to apply and get a cheque, you can either get it or forget about it, however, most business owners make use of checks. Bearer and cross are the two types of cheques often used at the bank. Bearer cheques are ones cashed on the counter while the cross cheques are directly paid into the recipient account. Cheques are the most conveniently used credit instrument by various banks, good enough, most banks make it possible for their customers to collect their cheques drawn from other banks.
- Safe Deposits: These are means of safeguarding important items in lockers within the bank premises. The lockers are accessible by the customer and the bank. There is usually a nominal charge by the bank for the provision of the locker facility.
- Credit and Debit Card: From the onset of the credit/debit card era, transactions have been quite better and easier. Banks issue these cards to their customers at a fee which has had a great impact on the economy.
- Online Banking: Banking as a whole has been greatly and positively influenced by the digital era. A lot of bank customers have quickly migrated from physical banking at banking halls to Internet banking which is more convenient and time-saving.
- Overseas banking service: With this service, customers get to carry out transactions with people in a different country from theirs. This service includes mortgages, offshore banking, investments, and savings.
Qualifications for a Banking Operation Job
If you aspire to earn a job in the banking operation section, you will need some qualifications as listed below.
Diplomas and certifications: These are some diplomas and certifications that are beneficial to pursue:
- Post Graduate Diploma in Bank Management
- Post Graduate Diploma in Banking
- Post Graduate Diploma in Retail Banking
- Post Graduate Diploma in Banking Operations
- Professional Certification Programme in Commercial Banking
- Advanced Certification Course in Banking Laws and Loan Management
- Post Graduate Certification Programme in Investment Banking
- Certified Investment Banking Professionals course
Undergraduate degrees: These are some undergraduate degrees that are beneficial to pursue:
- BBA (Bachelor of Business Administration) in Banking
- BBA in Banking and Finance
- B.Com (Bachelor of Commerce) in Banking and Finance
- B.Com in Bank Management
- B.Com in Banking and Insurance
- B.Sc. (Bachelor of Science) in Banking and Finance
Postgraduate degrees: These are some postgraduate degrees that are beneficial to pursue:
- MBA (Master of Business Administration) in Banking and Finance
- MBA in Banking and Insurance
- M.Com (Master of Commerce) in Banking
- M.Com in Banking and Finance
- M.Com in Banking and Insurance
- M.Com in Banking and Taxation
- M.Sc. (Master of Science) in Banking
Necessary skills required: Aside from the academic qualifications which comes first, there are skills that is very important to develop on, they are;
- Discipline in all aspects.
- Ability to analyze things
- Must be vested in computer operations
- Must know how to communicate with both customers and colleagues without causing strife.
- must be meticulous
- Must have a good knowledge of the banking industry as a whole
Top positions in the banking field: Various banks notify the public when there is an opening at every point in time, these are a full list of bank available jobs one can take on.
- Accountant
- Accounting Specialist
- Administrative Assistant
- Administrative Officer
- Agricultural Loan Underwriting Officer
- Appraisal Review Officer
- Asset-Based Loan Inspector
- Asset-Based Loan Officer
- Assistant Branch Manager
- Assistant Controller/Assistant Head Cashier
- ATM Manager
- ATM Specialist
- Attorney
- Audit Officer
- Audit Specialist
- Automated Clearing House Specialist
- Bank Secrecy Act Officer
- Bank Security and Safety Officer
- Bankcard Product Manager
- Bankcard Representative
- Bankcard Services Officer
- Branch Manager
- BSA/AML Investigations Officer
- Business Continuity Officer
- Business Development Manager
- Business Development Officer
- Call Center Financial Advisor
- Call Center Manager
- Call Center Specialist
- Cash Management Officer
- Cash Management Product Manager
- Cash Management Specialist
- Central Services Officer
- Central Services Specialist 1
- Central Services Specialist 2
- Central Services Specialist 3
- Central Vault Manager
- Central Vault Teller
- Chairman of the Board of Directors
- Change Control Officer
- Chief Compliance Officer
- Chief Credit Officer
- Chief Data Officer
- Chief Financial Officer
- Chief Information Security Officer
- Chief Information Technology Architect
- Chief Information Technology Officer
- Chief Operating Officer
- Chief Risk Management Officer
- Collateral Review Officer
- Collections Officer
- Commercial Loan Underwriting Officer
- Commercial Payments Product Manager
- Commercial Real Estate Loan Underwriting Officer
- Community Reinvestment Act Officer
- Community Reinvestment Act Specialist
- Compliance Analyst
- Compliance Officer
- Compliance Specialist
- Consumer Insurance/NDIP Sales Officer
- Consumer Loan Underwriting Officer
- Controller/Head Cashier
- Corporate Banking Relationship Officer
- Courier
- Credit Analyst
- Customer Analytics Officer
- Customer Due Diligence Specialist
- Cybersecurity Risk Analyst
- Cybersecurity Risk Manager
- Data Processing Manager
- Data Processing Specialist
- Data Processing Supervisor
- Database Administrator
- Dealer Relations Loan Officer
- Digital Marketing Strategy Officer
- Electronic Banking Product Manager
- Environmental Risk Officer
- Executive Secretary
- Facilities Manager
- Facilities Specialist
- Fair Lending and Responsibility Officer
- Financial Analyst
- Fraud Officer
- Human Resources Compensation Analyst
- Human Resources Director
- Human Resources Diversity Officer
- Human Resources Payroll Specialist
- Human Resources Recruiter
- Human Resources Specialist
- Incident Response Officer
- Information Technology Architect
- Information Technology Auditor
- Information Technology Manager
- Information Technology Risk Analyst
- Information Technology Security Engineer
- Information Technology Specialist
- Internal Communications Officer
- Internet Banking Manager
- Internet Banking Specialist
- Legal Assistant
- Legal Process Officer
- Loan Administration Specialist
- Loan Department Specialist 1
- Loan Department Specialist 2
- Loan Department Specialist 3
- Loan Department Supervisor
- Loan Loss Mitigation Officer
- Loan Officer 1
- Loan Officer 2
- Loan Officer 3
- Loan Portfolio Officer
- Loan Product Manager
- Loan Quality Control Officer
- Loan Review Officer
- Loan Servicing Analyst
- Loan Syndication Officer
- Loan Utility Specialist 1
- Loan Utility Specialist 2
- Loan Utility Specialist 3
- Lockbox Manager
- Lockbox Specialist
- Marketing Analyst
- Marketing Officer
- Merchant Services Product Manager
- Model Risk Officer
- Mortgage Loan Manager
- Mortgage Loan Officer
- Mortgage Loan Servicing Specialist
- Mortgage Loan Specialist
- Mortgage Underwriting Officer
- New Accounts Representative 1
- New Accounts Representative 2
- OFAC Officer
- Operations Loss Prevention Officer
- Operations Officer 1
- Operations Officer 2
- Operations Officer 3
- Operations Risk Analyst
- Paralegal
- Personal Banker
- President/CEO
- Privacy Officer
- Private Banking Officer
- Private Banking Specialist
- Product Security Officer
- Project Manager
- Purchasing Officer
- Real Estate Loan Officer 1
- Real Estate Loan Officer 2
- Real Estate Loan Officer 3
- Receptionist 1
- Receptionist 2
- Records Management Officer
- Records Specialist
- Regional Manager
- Risk Management Analyst
- Risk Management Officer
- SBA Business Development Officer
- SBA Loan Closing Specialist
- SBA Loan Portfolio Officer
- SBA Loan Quality Control Officer
- SBA Loan Underwriting Officer
- Secretary
- Senior Loan Officer
- Senior Real Estate Loan Officer
- Small Business Banking Relationship Officer
- Social Media Officer
- Special Assets Officer
- Teller 1
- Teller 2
- Teller 3
- Training Officer
- Trust Officer
- Universal Banker
- Utility Specialist 1
- Utility Specialist 2
- Vendor Management Officer
- Website Manager
- Wire Transfer Manager
- Wire Transfer Specialist
Trust this was helpful.