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The differences between phone bankers and business 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 phone banker and a business banker. Additionally, a business banker has an average salary of $69,423, which is higher than the $34,532 average annual salary of a phone banker.
The top three skills for a phone banker include customer service, customer inquiries and compliance guidelines. The most important skills for a business banker are customer service, financial products, and financial services.
| Phone Banker | Business Banker | |
| Yearly salary | $34,532 | $69,423 |
| Hourly rate | $16.60 | $33.38 |
| Growth rate | 10% | 10% |
| Number of jobs | 22,843 | 70,054 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 34% | Bachelor's Degree, 66% |
| Average age | 43 | 43 |
| Years of experience | 4 | 4 |
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.
A business banker is an individual who collaborates with other bank coworkers to help business customers meet their specific banking needs. Business bankers must sell a variety of banking products and services such as business deposit accounts, treasury management, and business credit cards. They are required to maintain consistent communication with their clients through outbound calls and personal onsite visits. Business bankers must also devise and modify loan schemes depending on the market requirements as well as study the schemes offered by competitors.
Phone bankers and business bankers have different pay scales, as shown below.
| Phone Banker | Business Banker | |
| Average salary | $34,532 | $69,423 |
| Salary range | Between $27,000 And $43,000 | Between $39,000 And $121,000 |
| Highest paying City | Saint Paul, MN | - |
| Highest paying state | New York | - |
| Best paying company | Advancial Federal Credit Union | - |
| Best paying industry | Finance | - |
There are a few differences between a phone banker and a business banker in terms of educational background:
| Phone Banker | Business Banker | |
| Most common degree | Bachelor's Degree, 34% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | Stanford University | University of Pennsylvania |
Here are the differences between phone bankers' and business bankers' demographics:
| Phone Banker | Business Banker | |
| Average age | 43 | 43 |
| Gender ratio | Male, 36.1% Female, 63.9% | Male, 63.3% Female, 36.7% |
| Race ratio | 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% | Black or African American, 5.4% Unknown, 4.1% Hispanic or Latino, 11.1% Asian, 12.1% White, 67.1% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 6% | 6% |