A Successful Retail Banking Operations Manager Career Path
Over the past couple of years, COVID-19 has crippled industries around the world. The pandemic, however, wasn’t able to throw a wrench into the financial industry, at least not in Singapore, based on our latest Decoding Global Talent report. In fact, it is even expected to grow in 2021.This entails plenty of opportunities in this sector. If you’ve always been interested in finance, it’s the perfect time to step into a Retail Banking Operations Manager career path.
Here are some things you need to know about Retail Banking Operations Managers, and how you could prepare to be a successful one:
What does a Retail Banking Operations Manager do?
Retail Banking is also known as Consumer or Personal Banking, which is the most familiar service to all of us. It is the process of making deposits, seeking loans, and applying for credit cards, among other consumer-related banking activities.
While Branch Managers are tasked to deal with customers, Operations Managers make sure that services are delivered to clients efficiently. Here are some examples of their daily tasks:
- Develop and lead the Operations team
- Monitor possible risks in operations
- Maintain and service accounts
- Find ways to make improvements to operations processes
- Make policies and procedures to improve performance
- Performs due diligence and follows “Know Your Customer” (KYC) norms for new customers
Salary Range
According to the 2020 JobStreet Salary Report, entry-level positions in banking or financial services earn an average of $3,552 per month. For junior executives, the average monthly payment goes up to $3,609. However, it makes a jump to a $5,003 monthly average for senior executive roles.
After you gain experience and qualify for managerial positions, the average monthly pay could go up to $6,260. Finally, roles in the senior manager position earn an average of $10,268 per month.
What is the career path of a Retail Banking Operations Manager?
In Singapore, SkillsFuture worked with several organizations to provide a framework for the financial services industry. It aims to provide individuals with a guide on how to prepare themselves for progression in the industry. For retail banking, there are six branches in Operations, which leads to three management positions.
The first management position follows the Know Your Customer (KYC) or Due Diligence path. This role is the first line of defence against money laundering and customer compliance, among other things. Entry-level roles are for an analyst position, which later leads to an executive role as a Manager. Eventually, you may qualify to be the Head of KYC or Customer Due Diligence.
Second, is the path for the Head of Operations Risk and Control. This role is responsible for identifying, analysing, managing, and avoiding potential risks to the institution. It starts in an entry-level position as an Operational Risk Assistant, which can also lead to a role in the Legal Department. However, the Operations path will lead to a position as an Operations Risk and Control Analyst. This will lead to a position as Manager and ultimately leads to the top role.
Finally, the path to the Head of Operations position could start from different entry-level roles. You can start with a customer-facing role, like a Customer Service Officer, Bank Teller, or Personal Banking Executive. This could lead to a Junior Executive Role as an Account Operations Analyst. However, if you have the necessary experience, you can start in more specialized roles such as an Analyst in Credit and Lending, Transaction Banking, Treasury Operations, or Market Operations. These could all lead to a Manager role, before finally qualifying to be the Head of Operations.
Junior Level (1-3 years experience)
- Bank KYC Analyst
- Junior Consumer Due Diligence (CDD) Analyst
- Anti-Money Laundering (AML) Compliance Analyst
- Control and Compliance Officer
- Operations Specialist
- Customer Service Officer
Mid Level (4-8 years experience)
- Assistant VP, KYC Client Due Diligence
- AML Senior Analyst
- Client Onboarding Lead
- VP/AVP, Transformation Lead, Treasury & Market Operations
- Operations Associate
Senior Level (8 years or more)
- Team Lead, Group Operational Risk Management
- Head Sanctions Risk Analysis and Control
- Manager, Risk & Control, Custody & Investment Operations Centre
- ED, Head, Secured Lending Wealth Product Management
- Head of Planning and Performance
What requirements do you need to become a Retail Banking Operations Manager?
Required skills
Leadership
As you work your way through the industry, you will eventually lead a team of your own. Showing your leadership skills early can help you progress faster to higher roles. Of course, developing this skill will also help you perform at your best.
Mathematical Skills
Since the financial industry deals with a lot of numbers, any role in it would require a mastery of this skill. If you have a passion for math, this could be the right industry for you.
Communication Skills
Since you will communicate policies, procedures, and legal requirements to staff and clients, effective oral or written communication skills are a must.
Problem-Solving
Finding solutions to known or potential risks can help in policy-making which, in essence, is one of the pillars of Operations. For this reason, it is an important skill to have at any level.
Other skills
Attention to Detail
Roles in Operations need a keen eye for detail to find areas for improvement. Since they are also responsible for compliance and customer due diligence, accuracy is very important for the role.
Analytical Skills
Operations teams are tasked with making policies and procedures to improve performance. Because of this, the ability to identify and analyse potential issues and risks could be very useful in this field.
IT Skills
We are continuously turning to technology to improve our lives now and in the future. As a result, Financial Technology – or “Fintech” – companies are growing in Singapore. Thus, your ability to understand and adapt to this new tech can help keep you relevant for years to come.
Networking
To discover emerging industry trends, managers may need to attend conferences, events, or join professional groups. Therefore, your ability to connect with people and utilise it to learn and apply trends could greatly help your performance.
Educational background
To get your foot into the industry, you first need to qualify for entry-level positions. You can get a Bachelor’s Degree in Business from Nanyang Technological University.
In the same way, you may also acquire a diploma from Nanyang Polytechnic, Ngee Ann Polytechnic, Singapore Polytechnic, and Temasek Polytechnic, among others. Some courses you could explore are Banking and Finance, Accountancy, Financial Informatics, Business Studies, and Accountancy and Finance.
Moving up the corporate ladder is possible through experience. However, getting post-graduate degrees could boost your credibility. Because of this, obtaining a Master of Science in Asset and Wealth Management could help you perform better in the junior executive roles and beyond.
Required certification and training
There are no required licences in this field. However, getting certifications could help you qualify for top roles. For example, the Head of Operations and the Head of KYC or Operations Risk and Control requires you to be a Certified Anti-Money Laundering Specialist (CAMS). You can get this and other relevant certifications from the Singapore chapter of ACAMS.
How to write a Retail Banking Operations Manager resume?
Download this Retail Banking Operations Manager resume HERE.
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