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The differences between bank specialists and phone bankers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a bank specialist and a phone banker. Additionally, a bank specialist has an average salary of $42,779, which is higher than the $34,532 average annual salary of a phone banker.
The top three skills for a bank specialist include bank products, strong customer service and customer relationships. The most important skills for a phone banker are customer service, customer inquiries, and compliance guidelines.
| Bank Specialist | Phone Banker | |
| Yearly salary | $42,779 | $34,532 |
| Hourly rate | $20.57 | $16.60 |
| Growth rate | 10% | 10% |
| Number of jobs | 22,225 | 22,843 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 34% |
| Average age | 43 | 43 |
| Years of experience | 4 | 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.
As the name entails, phone bankers work for banks, financial institutions, or even at call centers whose primary job is to assist banking customers' needs and inquiries via telephone. Their duties and responsibilities may include handling concerns about bank transactions, keeping customers informed of bank policies and procedures, and processing financial applications. They also help maintain customer retention and satisfaction, participating in marketing campaigns, sales development activities, and referral programs. Phone bankers may do some administrative tasks as needed.
Bank specialists and phone bankers have different pay scales, as shown below.
| Bank Specialist | Phone Banker | |
| Average salary | $42,779 | $34,532 |
| Salary range | Between $28,000 And $64,000 | Between $27,000 And $43,000 |
| Highest paying City | New York, NY | Saint Paul, MN |
| Highest paying state | New York | New York |
| Best paying company | Goldman Sachs | Advancial Federal Credit Union |
| Best paying industry | Finance | Finance |
There are a few differences between a bank specialist and a phone banker in terms of educational background:
| Bank Specialist | Phone Banker | |
| Most common degree | Bachelor's Degree, 62% | Bachelor's Degree, 34% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between bank specialists' and phone bankers' demographics:
| Bank Specialist | Phone Banker | |
| Average age | 43 | 43 |
| Gender ratio | Male, 45.3% Female, 54.7% | Male, 36.1% Female, 63.9% |
| 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, 5.8% Unknown, 4.1% Hispanic or Latino, 12.2% Asian, 10.8% White, 66.8% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 6% | 6% |