Banking Operations: All You Need TO Know

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.

  1. 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.
  2. 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 However, there are limits to how much can be withdrawn from these accounts in a given period of time.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
ALSO READ   Japanese man reportedly spends $20k to transform himself into a dog (Video)

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
ALSO READ   Biography of Miriam Makeba

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.

  1. Accountant
  2. Accounting Specialist
  3. Administrative Assistant
  4. Administrative Officer
  5. Agricultural Loan Underwriting Officer
  6. Appraisal Review Officer
  7. Asset-Based Loan Inspector
  8. Asset-Based Loan Officer
  9. Assistant Branch Manager
  10. Assistant Controller/Assistant Head Cashier
  11. ATM Manager
  12. ATM Specialist
  13. Attorney
  14. Audit Officer
  15. Audit Specialist
  16. Automated Clearing House Specialist
  17. Bank Secrecy Act Officer
  18. Bank Security and Safety Officer
  19. Bankcard Product Manager
  20. Bankcard Representative
  21. Bankcard Services Officer
  22. Branch Manager
  23. BSA/AML Investigations Officer
  24. Business Continuity Officer
  25. Business Development Manager
  26. Business Development Officer
  27. Call Center Financial Advisor
  28. Call Center Manager
  29. Call Center Specialist
  30. Cash Management Officer
  31. Cash Management Product Manager
  32. Cash Management Specialist
  33. Central Services Officer
  34. Central Services Specialist 1
  35. Central Services Specialist 2
  36. Central Services Specialist 3
  37. Central Vault Manager
  38. Central Vault Teller
  39. Chairman of the Board of Directors
  40. Change Control Officer
  41. Chief Compliance Officer
  42. Chief Credit Officer
  43. Chief Data Officer
  44. Chief Financial Officer
  45. Chief Information Security Officer
  46. Chief Information Technology Architect
  47. Chief Information Technology Officer
  48. Chief Operating Officer
  49. Chief Risk Management Officer
  50. Collateral Review Officer
  51. Collections Officer
  52. Commercial Loan Underwriting Officer
  53. Commercial Payments Product Manager
  54. Commercial Real Estate Loan Underwriting Officer
  55. Community Reinvestment Act Officer
  56. Community Reinvestment Act Specialist
  57. Compliance Analyst
  58. Compliance Officer
  59. Compliance Specialist
  60. Consumer Insurance/NDIP Sales Officer
  61. Consumer Loan Underwriting Officer
  62. Controller/Head Cashier
  63. Corporate Banking Relationship Officer
  64. Courier
  65. Credit Analyst
  66. Customer Analytics Officer
  67. Customer Due Diligence Specialist
  68. Cybersecurity Risk Analyst
  69. Cybersecurity Risk Manager
  70. Data Processing Manager
  71. Data Processing Specialist
  72. Data Processing Supervisor
  73. Database Administrator
  74. Dealer Relations Loan Officer
  75. Digital Marketing Strategy Officer
  76. Electronic Banking Product Manager
  77. Environmental Risk Officer
  78. Executive Secretary
  79. Facilities Manager
  80. Facilities Specialist
  81. Fair Lending and Responsibility Officer
  82. Financial Analyst
  83. Fraud Officer
  84. Human Resources Compensation Analyst
  85. Human Resources Director
  86. Human Resources Diversity Officer
  87. Human Resources Payroll Specialist
  88. Human Resources Recruiter
  89. Human Resources Specialist
  90. Incident Response Officer
  91. Information Technology Architect
  92. Information Technology Auditor
  93. Information Technology Manager
  94. Information Technology Risk Analyst
  95. Information Technology Security Engineer
  96. Information Technology Specialist
  97. Internal Communications Officer
  98. Internet Banking Manager
  99. Internet Banking Specialist
  100. Legal Assistant
  101. Legal Process Officer
  102. Loan Administration Specialist
  103. Loan Department Specialist 1
  104. Loan Department Specialist 2
  105. Loan Department Specialist 3
  106. Loan Department Supervisor
  107. Loan Loss Mitigation Officer
  108. Loan Officer 1
  109. Loan Officer 2
  110. Loan Officer 3
  111. Loan Portfolio Officer
  112. Loan Product Manager
  113. Loan Quality Control Officer
  114. Loan Review Officer
  115. Loan Servicing Analyst
  116. Loan Syndication Officer
  117. Loan Utility Specialist 1
  118. Loan Utility Specialist 2
  119. Loan Utility Specialist 3
  120. Lockbox Manager
  121. Lockbox Specialist
  122. Marketing Analyst
  123. Marketing Officer
  124. Merchant Services Product Manager
  125. Model Risk Officer
  126. Mortgage Loan Manager
  127. Mortgage Loan Officer
  128. Mortgage Loan Servicing Specialist
  129. Mortgage Loan Specialist
  130. Mortgage Underwriting Officer
  131. New Accounts Representative 1
  132. New Accounts Representative 2
  133. OFAC Officer
  134. Operations Loss Prevention Officer
  135. Operations Officer 1
  136. Operations Officer 2
  137. Operations Officer 3
  138. Operations Risk Analyst
  139. Paralegal
  140. Personal Banker
  141. President/CEO
  142. Privacy Officer
  143. Private Banking Officer
  144. Private Banking Specialist
  145. Product Security Officer
  146. Project Manager
  147. Purchasing Officer
  148. Real Estate Loan Officer 1
  149. Real Estate Loan Officer 2
  150. Real Estate Loan Officer 3
  151. Receptionist 1
  152. Receptionist 2
  153. Records Management Officer
  154. Records Specialist
  155. Regional Manager
  156. Risk Management Analyst
  157. Risk Management Officer
  158. SBA Business Development Officer
  159. SBA Loan Closing Specialist
  160. SBA Loan Portfolio Officer
  161. SBA Loan Quality Control Officer
  162. SBA Loan Underwriting Officer
  163. Secretary
  164. Senior Loan Officer
  165. Senior Real Estate Loan Officer
  166. Small Business Banking Relationship Officer
  167. Social Media Officer
  168. Special Assets Officer
  169. Teller 1
  170. Teller 2
  171. Teller 3
  172. Training Officer
  173. Trust Officer
  174. Universal Banker
  175. Utility Specialist 1
  176. Utility Specialist 2
  177. Vendor Management Officer
  178. Website Manager
  179. Wire Transfer Manager
  180. Wire Transfer Specialist
ALSO READ   Best Apple Watch Workout Apps To Try In 2023

Trust this was helpful.

Leave a Comment