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The differences between business banking officers and loan officers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a business banking officer and a loan officer. Additionally, a business banking officer has an average salary of $77,195, which is higher than the $45,817 average annual salary of a loan officer.
The top three skills for a business banking officer include business development, customer relationships and customer service. The most important skills for a loan officer are customer service, origination, and loan origination.
| Business Banking Officer | Loan Officer | |
| Yearly salary | $77,195 | $45,817 |
| Hourly rate | $37.11 | $22.03 |
| Growth rate | 4% | 4% |
| Number of jobs | 110,616 | 63,663 |
| Job satisfaction | 4 | 4.5 |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 61% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A business banking officer is primarily in charge of liaising with clients, ensuring they get to receive prompt and efficient service. Among their responsibilities include identifying the clients' needs, answering inquiries, recommending other services, and addressing issues and concerns, resolving them in a timely manner. Moreover, a business banking officer may also devise networking strategies to identify new business or client opportunities. Above all, it is essential to build positive relationships with clients and adhere to the company's policies and regulations.
Loan officers are responsible for assisting borrowers on the best type of loans to avail and guiding the clients throughout the application process. A loan officer must be highly knowledgeable about different lending products, payment plans, loan regulations, and essential files for fast loan approval. Loan officers also act as the first point of contact, conducting an initial screening of the customers, process loan contracts and appropriate documentation, update account records, and respond to customer's inquiries. A loan officer also has the right to reject loan applicants who do not meet loan qualifications.
Business banking officers and loan officers have different pay scales, as shown below.
| Business Banking Officer | Loan Officer | |
| Average salary | $77,195 | $45,817 |
| Salary range | Between $51,000 And $115,000 | Between $30,000 And $69,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Takeda Pharmaceuticals U.S.A., Inc. | Bangor Savings Bank |
| Best paying industry | Finance | Finance |
There are a few differences between a business banking officer and a loan officer in terms of educational background:
| Business Banking Officer | Loan Officer | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 61% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between business banking officers' and loan officers' demographics:
| Business Banking Officer | Loan Officer | |
| Average age | 45 | 45 |
| Gender ratio | Male, 57.8% Female, 42.2% | Male, 55.3% Female, 44.7% |
| Race ratio | Black or African American, 9.2% Unknown, 4.6% Hispanic or Latino, 15.9% Asian, 6.4% White, 63.4% American Indian and Alaska Native, 0.5% | Black or African American, 9.0% Unknown, 4.6% Hispanic or Latino, 15.7% Asian, 6.3% White, 63.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 8% | 8% |