Retail banking

Retail banking, which is sometimes known as personal financial services, is what most people think of as high street banking; it concerns providing financial produces and services, such as bank and saving accounts, insurance and mortgages, to individuals. Some banks also include their business banking wing in their retail banking division.

Retail banks are essentially retailers so need to combine meeting financial targets with good customer service.They turn a profit by charging fees for services or interest for borrowing money. When financial markets experience turbulence, some companies introduce more stringent criteria for borrowing money and increase their interest rates.

Operating in a crowded marketplace

The personal banking market is competitive and customers are said to be increasingly financially savvy, so that retail banking organisations have to constantly innovate to survive. Innovations tend to focus around:

• technological advances, such as mobile banking and anti-fraud measures
• banking product ranges and terms
• customer service.

There has also been an increase in regulation, with a bigger focus on giving impartial and fair advice to customers.

Graduate job roles in retail banking

The main graduate jobs in retail banking are found in branch management or relationship management. However, other roles are available in marketing and products; risk management; and compliance.

The branch management graduate schemes see graduates manage teams during a series of placements, managing branch staff and motivating them to reach targets, while product managers will look at launching new products.

• Graduates working in retail banking tell us about their jobs and graduate schemes

Once graduates pass their graduate scheme, they usually climb the ranks of management. After a couple of years, branch managers usually become area managers.

Types of retail banking employers

• Retail banks
• Building societies
• Supermarkets which operate financial services companies

What degree background do I need to work in retail banking?

You can work in most retail banking roles, including branch management, with any degree discipline: your ability to manage, motivate and inspire is more important.

• Read the story of an arts graduate working as a branch manager at Barclays

Before applying for a graduate role it is a good idea to get some experience in a customer service or sales environment.

Skills needed to work in retail banking include:

• The ability to manage, motivate and inspire people
• The ability to meet financial targets
• Customer service skills.

How to get hired by these retail banking graduate employers

Independent reports on applying to, impressing and getting hired at:

• Barclays Retail and Business Banking
• HSBC Bank plc
• Nationwide
• Royal Bank of Scotland
• Santander