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The differences between new accounts representatives and service representatives can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-12 months to become both a new accounts representative and a service representative. Additionally, a new accounts representative has an average salary of $36,918, which is higher than the $33,692 average annual salary of a service representative.
The top three skills for a new accounts representative include customer service, bank products and cross-sell. The most important skills for a service representative are customer service, client service, and patients.
| New Accounts Representative | Service Representative | |
| Yearly salary | $36,918 | $33,692 |
| Hourly rate | $17.75 | $16.20 |
| Growth rate | -3% | -4% |
| Number of jobs | 133,070 | 210,671 |
| Job satisfaction | - | 5 |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 51% |
| Average age | 41 | 40 |
| Years of experience | 12 | 12 |
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.
Service representatives handle customer inquiries, requests, complaints, and other general feedback. They are usually the first point of contact with the company's customers. Service representatives are expected to be familiar with all of the company's products so that they can answer all inquiries made by the customers. They should also be familiar with company policies and guidelines on sales and customer handling so that they can address concerns and feedback. They are usually the ones who try to resolve customer complaints by sending issues to applicable departments and ensuring that customers are satisfied with the company's products and services.
New accounts representatives and service representatives have different pay scales, as shown below.
| New Accounts Representative | Service Representative | |
| Average salary | $36,918 | $33,692 |
| Salary range | Between $28,000 And $47,000 | Between $24,000 And $45,000 |
| Highest paying City | San Mateo, CA | New York, NY |
| Highest paying state | Hawaii | New York |
| Best paying company | DATCU | Northern Trust |
| Best paying industry | Finance | Government |
There are a few differences between a new accounts representative and a service representative in terms of educational background:
| New Accounts Representative | Service Representative | |
| Most common degree | Bachelor's Degree, 51% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | - | - |
Here are the differences between new accounts representatives' and service representatives' demographics:
| New Accounts Representative | Service Representative | |
| Average age | 41 | 40 |
| Gender ratio | Male, 26.6% Female, 73.4% | Male, 39.6% Female, 60.4% |
| Race ratio | 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% | Black or African American, 11.0% Unknown, 5.3% Hispanic or Latino, 20.6% Asian, 6.8% White, 55.7% American Indian and Alaska Native, 0.7% |
| LGBT Percentage | 11% | 7% |