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The differences between personal bankers and retail bankers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a personal banker, becoming a retail banker takes usually requires 6-12 months. Additionally, a personal banker has an average salary of $37,639, which is higher than the $35,292 average annual salary of a retail banker.
The top three skills for a personal banker include customer relationships, cross-sell and customer satisfaction. The most important skills for a retail banker are excellent organizational, taking care, and prioritize workload.
| Personal Banker | Retail Banker | |
| Yearly salary | $37,639 | $35,292 |
| Hourly rate | $18.10 | $16.97 |
| Growth rate | 10% | -3% |
| Number of jobs | 36,603 | 85,669 |
| Job satisfaction | 3 | - |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 43% |
| Average age | 43 | 41 |
| Years of experience | 4 | 12 |
A personal banker is responsible for managing the customers' financial records and assisting them in various banking transactions. Personal bankers' duties also include handling customers' inquiries for financial plans, understanding the banking and financial industry principles, processing applications, verifying account details, and offering bank products based on the customers' needs. A personal banker must have excellent customer service and communication skills, providing the best options for the customers, and helping them achieve their financial goals.
A retail banker is responsible for coordinating with retail clients in opening and closing accounts, updating account statements, and selling new financial services and business opportunities. Retail bankers help clients in managing their finances by recommending investment options according to their needs and objectives. They also handle the clients' banking discrepancies and resolve disputes by evaluating their account statements and identify resolutions immediately. A retail banker must have excellent analytical skills, as well as strong knowledge of the banking industry and practices to provide the highest quality services for the clients.
Personal bankers and retail bankers have different pay scales, as shown below.
| Personal Banker | Retail Banker | |
| Average salary | $37,639 | $35,292 |
| Salary range | Between $29,000 And $48,000 | Between $26,000 And $47,000 |
| Highest paying City | New York, NY | - |
| Highest paying state | New York | - |
| Best paying company | Northern Trust | - |
| Best paying industry | Finance | - |
There are a few differences between a personal banker and a retail banker in terms of educational background:
| Personal Banker | Retail Banker | |
| Most common degree | Bachelor's Degree, 59% | Bachelor's Degree, 43% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | - |
Here are the differences between personal bankers' and retail bankers' demographics:
| Personal Banker | Retail Banker | |
| Average age | 43 | 41 |
| Gender ratio | Male, 44.6% Female, 55.4% | Male, 30.7% Female, 69.3% |
| Race ratio | Black or African American, 5.4% Unknown, 4.1% Hispanic or Latino, 11.2% Asian, 12.2% White, 66.8% American Indian and Alaska Native, 0.2% | Black or African American, 10.5% Unknown, 2.9% Hispanic or Latino, 20.0% Asian, 9.5% White, 56.2% American Indian and Alaska Native, 0.9% |
| LGBT Percentage | 6% | 11% |