A typical bank contains a number of departments that collaborate to provide services to both individual consumers and companies. While most clients are familiar with the retail banking department, which often serves as the “face” of the bank, it can be difficult to determine which department to contact for assistance with other sorts of financial transactions. Learn more about the many departments of banks to gain an understanding of the services offered by each.
Providers of Retail Banking Services and Functions
A bank’s retail section is comprised of workers who interact directly with customers. There are tellers, customer service representatives, loan officers, and branch managers, among others. Upon entering an average bank, you will likely be greeted by the retail banking department. It is also where you will receive assistance with:
There are checking and savings accounts
Marketing and neighbourhood relations
Personal loans
Charge cards
Certified Depositary Receipts (CDs)
Several forms of insurance
Options for Commercial and Business Banking
In contrast to retail banking, which provides services to individuals, commercial banking caters to businesses. Frequently, many mid-sized and bigger banks operate both retail and commercial branches from the same location. However, not every local bank branch or credit union may offer a commercial business section, despite the fact that the vast majority can handle commercial deposits.
Commercial banking departments collaborate with a vast array of firms, from small businesses to multinational multinationals. The following are examples of commercial banking services:
Business loans
Startup loans
Credit-based lines of credit
Equipment lending
Business services
Commercial real estate
There are likely to be financial professionals such as cash-management analysts, treasury analysts, business bankers, and business banking colleagues in banks that provide services to businesses. Typically, the cash-management division of a bank assists business clients in managing short-term investment strategies, liquidity, and cash flow. Frequently, the staff here handles:
Accounts receivable administration
ACH arrangement and processing
Risk management
Payroll processing
Controlled disbursements
Loan Servicing Divisions
A bank’s loan service department handles all communications with borrowers, from managing the application process to aiding them once loan funds have been disbursed. Mortgage service professionals, consumer loan servicing specialists, commercial loan administrators, and escrow-servicing analysts are typical loan service positions.
As a department, loan servicing is responsible for the following:
Assisting with application completion and processing
Receiving payments
Assisting debtors in establishing repayment arrangements or loan consolidations.
Working with and advising borrowers whose debts have gone into default.
Providing billing clarifications
Assistance with Wealth Management and Investing
The wealth management division of a bank is sometimes referred to as “private banking” or “private wealth management.” This department often caters to high-net-worth clients and provides customised financial services. Because not all banks offer wealth-management sections, you may need to conduct some research to see which larger banks in your area do.
There are financial advisors, wealth advisors, trust officers, private banking associates, and management associates in the average wealth management department. Typically, they offer services including:
Estate planning
Portfolio management
Retirement planning
Legal and tax planning
Trust management
Many of the largest banks have now established their own investment banking units to serve clients with larger corporate operations. Again, you will not find this department in every local bank; it is mainly confined to larger banks. Sometimes investment banks are their own institutions.
There are business bankers, commercial banking representatives, and business documentation analysts at an investment bank or banking branch. Together, they assist clients with investments and related financial matters, including:
Risk management
Mergers and acquisitions
Restructuring
Strategic consulting
Divestitures
Prime brokerage services
Deposit Activities
The deposit operations department of a bank is responsible for a variety of vital information that the business needs to stay solvent. The staff in this branch are known as deposit operations professionals, and they are often responsible for responsibilities such as:
Entering bank deposits into the database
Creating new account documentation
generating monthly deposit reports
Validating client signatures
Comparing the exactness of deposits to account balances
Electronic Banking Departments
The electronic payment department of a bank is comprised of personnel responsible for monitoring and maintaining the systems that facilitate the bank’s electronic financial transactions. Providing security is also a significant aspect of the electronic banking department’s duties, since they must safeguard the bank from fraud, hacking, and other computer crimes.
Electronic banking specialists, payment operations analysts, processing/proof specialists, security analysts, and fraud-detection specialists are typical positions within an electronic banking division. They supervise a vast array of electronic systems and procedures, such as:
Electronic bill payments
ATMs
Electronic deposits
Electronic transfers
The online/mobile banking system of the bank
Mortgage Banking
When it comes to mortgage banking, you may be able to work with either the mortgage department of your regular bank or a bank that specialises in mortgages and real estate financing.
In this section, you will find mortgage loan officers, loan servicing professionals, underwriters, and mortgage analysts, among others. Collectively, their jobs assist borrowers obtain mortgage loans. Their responsibilities include:
Evaluating a potential borrower’s qualification
After collecting the necessary data and documentation, process a mortgage application.
Examining a borrower’s credit reports and other data to evaluate if a loan should be approved or denied.
Accounting for mortgage payments
Responding to a borrower’s inquiries during the duration of their loan.
