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The differences between bank specialists and merchants can be seen in a few details. Each job has different responsibilities and duties. Additionally, a merchant has an average salary of $74,999, which is higher than the $42,779 average annual salary of a bank specialist.
The top three skills for a bank specialist include bank products, strong customer service and customer relationships. The most important skills for a merchant are product development, gross margin, and market trends.
| Bank Specialist | Merchant | |
| Yearly salary | $42,779 | $74,999 |
| Hourly rate | $20.57 | $36.06 |
| Growth rate | 10% | - |
| Number of jobs | 22,225 | 15,395 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 57% |
| Average age | 43 | 41 |
| Years of experience | 4 | - |
A bank or banking specialist is an individual responsible for maintaining effective business relationships with the bank's clients while ensuring an optimal customer service level. To support customer retention, bank specialists must identify their customers' banking needs and suggest appropriate bank products and services. They perform teller functions such as processing customer deposits, cashing checks, and issuing official checks. Bank specialists must also ensure that the bank complies with government regulations and standards.
A merchant is responsible for selling goods and services for an organization to generate revenues by reaching out to existing and potential customers and discuss the products' features. Merchants must have extensive knowledge of the goods offered by the company to be able to respond to customers' inquiries and concerns accurately. They also maintain the adequacy of inventory for store orders, create purchase requests, and analyze sales performance. A merchant coordinates with the sales and marketing team to develop efficient promotional strategies and increase brand awareness on public platforms.
Bank specialists and merchants have different pay scales, as shown below.
| Bank Specialist | Merchant | |
| Average salary | $42,779 | $74,999 |
| Salary range | Between $28,000 And $64,000 | Between $47,000 And $119,000 |
| Highest paying City | New York, NY | San Francisco, CA |
| Highest paying state | New York | California |
| Best paying company | Goldman Sachs | Levi Strauss & Co. |
| Best paying industry | Finance | Finance |
There are a few differences between a bank specialist and a merchant in terms of educational background:
| Bank Specialist | Merchant | |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 57% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between bank specialists' and merchants' demographics:
| Bank Specialist | Merchant | |
| Average age | 43 | 41 |
| Gender ratio | Male, 45.3% Female, 54.7% | Male, 42.1% Female, 57.9% |
| Race ratio | Black or African American, 5.7% Unknown, 4.1% Hispanic or Latino, 11.9% Asian, 11.4% White, 66.6% American Indian and Alaska Native, 0.2% | Black or African American, 8.5% Unknown, 5.2% Hispanic or Latino, 23.3% Asian, 7.4% White, 55.1% American Indian and Alaska Native, 0.6% |
| LGBT Percentage | 6% | 7% |