Phone banker vs finance service representative

The differences between phone bankers and finance service representatives 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 finance service representative. Additionally, a finance service representative has an average salary of $38,361, 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 finance service representative are financial services, patients, and team-oriented environment.

Phone banker vs finance service representative overview

	Phone Banker	Finance Service Representative
Yearly salary	$34,532	$38,361
Hourly rate	$16.60	$18.44
Growth rate	10%	10%
Number of jobs	22,843	220,519
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 34%	Bachelor's Degree, 60%
Average age	43	43
Years of experience	4	4

What does a phone banker do?

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.

What does a finance service representative do?

A financial service representative typically works for a bank or a similar establishment. One of their primary responsibilities is to reach out to clients and offer financial advice, services, or products such as insurance and credit cards. They can also set appointments, meet with clients to discuss benefits, and even gather applications. Furthermore, a financial service representative needs to have extensive knowledge of the products and services and be equipped with communication skills to build a rapport that will be essential in securing trust and sales.

Phone banker vs finance service representative salary

Phone bankers and finance service representatives have different pay scales, as shown below.

	Phone Banker	Finance Service Representative
Average salary	$34,532	$38,361
Salary range	Between $27,000 And $43,000	Between $25,000 And $58,000
Highest paying City	Saint Paul, MN	New York, NY
Highest paying state	New York	New York
Best paying company	Advancial Federal Credit Union	Bloomberg
Best paying industry	Finance	Government

Differences between phone banker and finance service representative education

There are a few differences between a phone banker and a finance service representative in terms of educational background:

	Phone Banker	Finance Service Representative
Most common degree	Bachelor's Degree, 34%	Bachelor's Degree, 60%
Most common major	Business	Business
Most common college	Stanford University	University of Pennsylvania

Phone banker vs finance service representative demographics

Here are the differences between phone bankers' and finance service representatives' demographics:

	Phone Banker	Finance Service Representative
Average age	43	43
Gender ratio	Male, 36.1% Female, 63.9%	Male, 41.2% Female, 58.8%
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, 5.7% Unknown, 4.1% Hispanic or Latino, 11.9% Asian, 10.1% White, 67.9% American Indian and Alaska Native, 0.2%
LGBT Percentage	6%	6%

Differences between phone banker and finance service representative duties and responsibilities

Phone banker example responsibilities.

Manage a variety of internal initiatives including merchandising, cross-selling, customer retention programs and promotional campaigns.
Process treasury tax and loan payments.
Service customers with commercial and treasury management accounts and make appropriate product recommendations.
Secure and obtain accurate patients demographics, financial information, and maintain confidentiality on all patient records.
Interact with commercial business, insurance, business development and investment partners to identify cross-selling opportunities, while meeting customer needs.
Provide notary service upon request.

Finance service representative example responsibilities.

Manage correspondent services including but not limit to wire processing, coin and currency, ACH support and international payments.
Gain excellent customer service skills and achieve award for completing voluntary MSR exams.1
Manage client relationship by presenting solutions for customers state and unstate needs while cross-selling company products.
Maintain cleanliness and presentation of member service area and marketing information.
Originate and develop new business through effective profiling, relationship building, consultative customer service in a retail banking environment.
Count upon for accuracy and math skills.

Phone banker vs finance service representative skills

Common phone banker skills

Customer Service, 22%
Customer Inquiries, 8%
Compliance Guidelines, 7%
Bank Products, 7%
Computer System, 6%
Treasury, 5%

Common finance service representative skills

Financial Services, 15%
Patients, 8%
Team-Oriented Environment, 7%
Mutual Funds, 4%
Financial Products, 4%
Customer Service, 3%

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Phone Banker
Phone Banker vs Finance Service Representative

Updated January 8, 2025

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