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The differences between phone bankers and consumer 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 consumer banker. Additionally, a consumer banker has an average salary of $39,462, 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 consumer banker are financial services, securities, and cash management.
| Phone Banker | Consumer Banker | |
| Yearly salary | $34,532 | $39,462 |
| Hourly rate | $16.60 | $18.97 |
| Growth rate | 10% | 10% |
| Number of jobs | 22,843 | 24,716 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 34% | Bachelor's Degree, 59% |
| 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 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.
Phone bankers and consumer bankers have different pay scales, as shown below.
| Phone Banker | Consumer Banker | |
| Average salary | $34,532 | $39,462 |
| Salary range | Between $27,000 And $43,000 | Between $27,000 And $56,000 |
| 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 consumer banker in terms of educational background:
| Phone Banker | Consumer Banker | |
| Most common degree | Bachelor's Degree, 34% | Bachelor's Degree, 59% |
| Most common major | Business | Business |
| Most common college | Stanford University | University of Pennsylvania |
Here are the differences between phone bankers' and consumer bankers' demographics:
| Phone Banker | Consumer Banker | |
| Average age | 43 | 43 |
| Gender ratio | Male, 36.1% Female, 63.9% | Male, 42.9% Female, 57.1% |
| 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, 5.6% Unknown, 4.1% Hispanic or Latino, 11.8% Asian, 10.7% White, 67.5% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 6% | 6% |