How Many Jobs Are Available in Commercial Banks?

Commercial banks are pillars of economic growth, support, and innovation in today’s rapidly evolving financial landscape. These banks are not just places where we deposit our salaries or take out loans; they’re dynamic ecosystems teeming with diverse job roles and opportunities. But how many types of jobs, precisely, are available in commercial banks? Let’s delve into the multifaceted world of banking to discover more.

Here is the list of some of the most common jobs available in commercial banking; this data might be the same if you search for the LinkedIn industries list, too but let’s just check the updated list here:

Job TitleNumber Of Jobs In The U.S.Job Growth Rate 2020-2030Job Openings
Account Manager1,022,000+5%176,000+
Bank Teller405,000+-12%17,000+
Personal Banker222,000+4%41,000+
Loan Officer216,000+8%74,000+
Internal Auditor216,000+6%29,000+
Branch Manager122,000+16%360,000+
Loan Assistant122,000+5%7,000+
Underwriter97,000+-5%10,000+
Credit Analyst65,000+-4%25,000+
Mortgage Banker50,000+8%31,000+

Source: Zippia

1. The Frontline: Customer Service and Relationship Managers

When we think of banks, the first image often comes to mind is the friendly face behind the counter – the teller. Customer Service Representatives (CSRs) and tellers are crucial. They handle daily transactions, answer customer queries, and ensure the bank’s frontline operations run smoothly.

Then there are Relationship Managers (RMs). These professionals manage specific clientele, especially high-net-worth individuals or businesses, providing tailored financial advice and services.

2. The Analysts: From Credits to Markets

Commercial banks are teeming with analysts. Credit Analysts evaluate loan applications, ensuring the bank doesn’t take undue risks. On the other side, Market and Investment Analysts delve into the financial markets, offering insights to the bank on where to invest or predicting market trends.

3. Tech Gurus: IT and Digital Banking Professionals

In an era of digital transformation, banks are not just about money but also about technology. IT Specialists ensure that the bank’s systems are secure and efficient. Meanwhile, Digital Banking Professionals work on improving online banking platforms, developing mobile apps, and integrating new tech solutions like AI or blockchain.

4. Risk Takers: Risk Management and Compliance

Every financial decision a bank makes comes with its set of risks. Risk Managers evaluate these potential pitfalls, ensuring the bank’s strategies align with its risk appetite. Similarly, Compliance Officers ensure the bank operates within the legal and regulatory frameworks, avoiding hefty penalties or reputational damage.

5. Behind the Scenes: Operations and Administration

Every bank requires a robust operational backbone. Operations staff handle everything from processing transactions and maintaining records to ensuring that all bank branches function cohesively. On the other hand, administrative roles manage the bank’s internal needs, from human resources to procurement.

6. Big Decisions: Executive and Management Roles

No overview would be complete without mentioning the top-tier roles – the CEOs, CFOs, and other C-suite executives who chart the bank’s direction. They’re supported by several middle managers and department heads, each overseeing specific bank segments.

Don’t miss: How Many Jobs Are Available in Capital Goods?

Roles of Commercial Banks

Commercial banks play pivotal roles in modern economies for individuals and businesses. Here are some of the key roles they fulfill:

  • Accepting Deposits: The primary function of commercial banks is to accept deposits from the public, which forms the primary source of funds for the bank.
  • Granting Loans and Advances: Using the money deposited by the public, banks provide loans and advances to individuals, businesses, and other organizations. They earn interest on these loans, which is a significant revenue stream.
  • Creation of Credit: By lending more money than they physically possess (due to the fractional reserve system), banks have a role in creating credit, which aids in economic expansion.
  • Agency Functions: Banks act as agents for their customers by collecting checks, bills, and interest, making payments, and even acting as tax representatives.
  • Facilitating Transactions: With their vast networks and technological platforms, banks facilitate domestic and international transactions, making commerce seamless.
  • Safe Custody: Banks offer locker facilities and other avenues for individuals and corporations to safeguard their valuables.
  • Financial Advice: Especially for high-net-worth clients or businesses, banks provide financial advisory services, helping with investments, mergers, acquisitions, and more.
  • Foreign Exchange: Commercial banks play a crucial role in the foreign exchange market, facilitating international trade and investment.

Types of Commercial Banks

Commercial banks can be broadly categorized based on their operational scope, ownership, and specific services:

  • Retail Banks: These banks primarily deal with individual customers, offering personal loans, mortgages, savings, and checking accounts.
  • Corporate Banks: Catering to businesses, these banks provide business loans, credit, and treasury and cash management services.
  • Investment Banks: While they’re different from traditional commercial banks, investment banks play a role in helping businesses raise capital, M & A advisory, and securities trading.
  • Private Banks: These banks offer personalized financial and banking services to high-net-worth individual clients.
  • Universal Banks: Combining the services of a retail bank, corporate bank, and sometimes even an investment bank, these banks offer a ‘universal’ set of services.
  • Community Banks: Typically locally owned and operated, these banks focus on local businesses and residents.
  • Online/Digital Banks: With the rise of technology, some banks operate exclusively online, offering all their services digitally.
  • Public vs. Private Banks: Based on ownership, banks can also be categorized as public (owned by the government) or private (owned by private entities or individuals).

Conclusion

The question isn’t “How many jobs are available in commercial banks?” but “What can’t you do in a commercial bank?” Commercial banks offer various career opportunities, from customer-facing roles to high-tech positions, from number-crunching analysts to visionary executives. Whether you’re passionate about technology, finance, or customer service, there’s likely a role in a commercial bank waiting for you.