Consumer banker vs new accounts representative

The differences between consumer bankers and new accounts representatives can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a consumer banker, becoming a new accounts representative takes usually requires 6-12 months. Additionally, a consumer banker has an average salary of $39,462, which is higher than the $36,918 average annual salary of a new accounts representative.

The top three skills for a consumer banker include financial services, securities and cash management. The most important skills for a new accounts representative are customer service, bank products, and cross-sell.

Consumer banker vs new accounts representative overview

	Consumer Banker	New Accounts Representative
Yearly salary	$39,462	$36,918
Hourly rate	$18.97	$17.75
Growth rate	10%	-3%
Number of jobs	24,716	133,070
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 59%	Bachelor's Degree, 51%
Average age	43	41
Years of experience	4	12

What does a consumer banker do?

A consumer banker is responsible for providing efficient banking services, aiming for smooth operations and client satisfaction. Although the extent of their responsibilities depends on their company or place of employment, it typically revolves around assisting clients with different banking procedures, answering inquiries, processing requests such as withdrawals and deposits, opening and closing accounts, maintaining records, and performing data entry tasks. Moreover, a consumer banker typically works in a team environment, which requires an active communication line for an efficient workflow.

What does a new accounts representative do?

New accounts representatives are banking professionals who are responsible for the explanation of the available accounts. The accounts representatives explain different options for new accounts and interconnected services. They discuss any requirements, fees, or limits related to an account. It is their job to describe new account services to clients and assist them in the paperwork. They perform wire or electronic transfers for the funds coming from the other accounts. Also, they direct their clients to banking specialists for additional services.

Consumer banker vs new accounts representative salary

Consumer bankers and new accounts representatives have different pay scales, as shown below.

	Consumer Banker	New Accounts Representative
Average salary	$39,462	$36,918
Salary range	Between $27,000 And $56,000	Between $28,000 And $47,000
Highest paying City	-	San Mateo, CA
Highest paying state	-	Hawaii
Best paying company	-	DATCU
Best paying industry	-	Finance

Differences between consumer banker and new accounts representative education

There are a few differences between a consumer banker and a new accounts representative in terms of educational background:

	Consumer Banker	New Accounts Representative
Most common degree	Bachelor's Degree, 59%	Bachelor's Degree, 51%
Most common major	Business	Business
Most common college	University of Pennsylvania	-

Consumer banker vs new accounts representative demographics

Here are the differences between consumer bankers' and new accounts representatives' demographics:

	Consumer Banker	New Accounts Representative
Average age	43	41
Gender ratio	Male, 42.9% Female, 57.1%	Male, 26.6% Female, 73.4%
Race ratio	Black or African American, 5.6% Unknown, 4.1% Hispanic or Latino, 11.8% Asian, 10.7% White, 67.5% American Indian and Alaska Native, 0.2%	Black or African American, 9.5% Unknown, 2.9% Hispanic or Latino, 22.0% Asian, 9.1% White, 55.7% American Indian and Alaska Native, 0.8%
LGBT Percentage	6%	11%

Differences between consumer banker and new accounts representative duties and responsibilities

Consumer banker example responsibilities.

Work one-on-one with clients to gather requirements and identify cross-selling opportunities and leverage customer leads and referrals to identify new prospects.
Handle vault, safe-deposit, ATM and night-drop activities.
Facilitate monthly auditing by conducting cash counts for vault and ATM.
Develop new business opportunities, send securities and mortgage referrals to other departments.
Perform customer profiling to determine future sales opportunities and identify profitable retail prospects for the investments departments.
Develop customer base through cross-selling products and servicing existing clients, develop new business through interaction with internal and external resources.

New accounts representative example responsibilities.

Gain excellent customer service skills and achieve award for completing voluntary MSR exams.1
Report tax information to the IRS.
Complete require BSA & OFAC training annually.
Identify potential high risks clients and investigate OFAC status.
Ensure adherence to IIROC, QI, AML, regulations and to mitigate legal and reputational risk.
Answer incoming calls on first ring; assist customers, complete customer request forms in AS400 system.

Consumer banker vs new accounts representative skills

Common consumer banker skills

Financial Services, 22%
Securities, 11%
Cash Management, 9%
Excellent Interpersonal, 7%
Bank Products, 5%
Product Knowledge, 4%

Common new accounts representative skills

Customer Service, 15%
Bank Products, 8%
Cross-Sell, 6%
Financial Services, 6%
Credit Card, 5%
Loan Payments, 5%

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Consumer Banker
Consumer Banker vs New Accounts Representative

Updated January 8, 2025

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