What will be the Future of Banking Jobs?

Banking has emerged as one of the most rapidly growing industries in the country.

The rapid growth and advancements in the banking sector have paved the way for a wide range of career opportunities in banks.

Lakhs of people are employed in Government jobs in banks at present.

Every year, hundreds of them retire from their jobs; some will be retiring in the next few years.

The banks recruit young, eligible candidates to make up for this shortfall.

Candidates who fulfill the eligibility criteria as stated by the banking personnel are recruited through an entrance exam.

Future Prospects and Scope in the Banking Sector

The nature of the Indian economy over the last few years has been dicey.

Big brand names and the corporate sector have seen more downs than ups.

Due to changes in the economy, reputed firms are forced to shut down or sack thousands of employees.

There is no job security. This is a major reason why people in large numbers today choose to go for bank jobs instead.

The banking sector mainly recruits for three posts- Clerical cadre, Management and Trainee (MT), and Probationary Officer (PO).

Other opportunities in this career path are Financial Service Representatives, Bank tellers, Bill and Account Collectors, Loan Officers, Financial Managers, Bookkeeping, and Audit Clerks.

Many people believe that bank jobs are only for students who have a Commerce or Economics background.

However, this is not true. Students with an Arts or Science background can also become bank officers.

The job of a banker demands great command over numbers and the right approach towards customer service.

You will be working on loans, credits, deposits and investment; you will be handling money matters, and deal with customers on a regular basis.

If you are good in these two aspects, banking should be a right career choice for you. Additionally, you must possess the following traits-

  • Good analytical skills
  • Good communication skills
  • Ability to function in a high-pressure situation
  • Interpersonal skills

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Career growth and Promotion

There are plenty of opportunities to thrive in the banking industry.

Both public and private sector banks look for two qualities in the employees- potential and performance.

If you are dedicated towards your work and perform the assigned tasks and duties flawlessly, then you may be able to move up ladder sooner.

By all fair means, internal exams are conducted by the banks to promote promising employees to a better position.

Moreover, the annual appraisal that takes place from time to time is transparent so you can be sure that only deserving and zealous employees will be rightly rewarded.

The salary structure for Government jobs in banks is good, and with promotion, the salary is hiked. Besides, several lucrative benefits and allowances are offered to the employees.

Many of the private banks have branches overseas.

Thus, you also get the opportunity to travel across the world after the promotion.

The various positions in a bank are stated below in a hierarchical order.

  1. Top Management
  • President
  • Chief Executive Officer
  • Chief Financial Officer
  • General Manager
  • Deputy General Manager
  1. Senior Management
  • Assistant General Manager
  • Chief Manager
  1. Middle Management
  • Senior Manager
  • Manager
  1. Junior Management
  • Probationary Officer
  • Clerk

Typically, an individual joining as a Probationary Officer can hope to become a bank General Manager in more or less 14 years. Further, you may progress to becoming the Chairman or the Chief Executive Officer of a bank.

Today Government jobs are one of the most sought-after, white-collar professions that most people aspire to work in. With the right attitude and preparation, you can attain the peak of your career in just a few years.

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