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.
Phone banker responsibilities
Here are examples of responsibilities from real phone banker resumes:
- 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.
Phone banker skills and personality traits
We calculated that 22% of Phone Bankers are proficient in Customer Service, Customer Inquiries, and Compliance Guidelines. They’re also known for soft skills such as Analytical skills, Customer-service skills, and Detail oriented.
We break down the percentage of Phone Bankers that have these skills listed on their resume here:
- Customer Service, 22%
Provided account explanation such as funds availability and transaction history, as well as providing excellent customer service.
- Customer Inquiries, 8%
Provided effective and timely resolution of a range of customer inquiries regarding financial services and banking transactions.
- Compliance Guidelines, 7%
Maintained a high level of customer satisfaction while adhering to specific compliance guidelines.
- Bank Products, 7%
Service and manage customers accounts through inbound calls Explaining bank products and services Maintain time management for maximum productivity
- Computer System, 6%
Demonstrated ability in use of computer systems including mainframe and customer service and profiling databases.
- Treasury, 5%
Serviced customers with commercial and treasury management accounts and make appropriate product recommendations.
Common skills that a phone banker uses to do their job include "customer service," "customer inquiries," and "compliance guidelines." You can find details on the most important phone banker responsibilities below.
Analytical skills. The most essential soft skill for a phone banker to carry out their responsibilities is analytical skills. This skill is important for the role because "to judge the profitability of potential deals, securities, commodities, and financial services sales agents must have strong analytical skills." Additionally, a phone banker resume shows how their duties depend on analytical skills: "analyzed customer relationships and assisted them with the achievement of their financial goals. "
Customer-service skills. Another essential skill to perform phone banker duties is customer-service skills. Phone bankers responsibilities require that "securities, commodities, and financial services sales agents must be persuasive and make clients feel comfortable with the agent’s recommendations." Phone bankers also use customer-service skills in their role according to a real resume snippet: "discussed ways to offer better financial services that would help the customers succeed in their finances. "
Detail oriented. Another skill that relates to the job responsibilities of phone bankers is detail oriented. This skill is critical to many everyday phone banker duties, as "investment bankers must pay close attention to the details of initial public offerings and mergers and acquisitions because small changes can have large consequences." This example from a resume shows how this skill is used: "manage customer accounts by providing accurate account information and detailed responses concerning balances, unapproved transactions, and online banking. "
Initiative. A big part of what phone bankers do relies on "initiative." You can see how essential it is to phone banker responsibilities because "securities, commodities, and financial services sales agents must create their own client base by making “cold” sales calls to people to whom they have not been referred and to people not expecting the call." Here's an example of how this skill is used from a resume that represents typical phone banker tasks: "spearheaded innovative marketing initiatives, such as insurance days, and simultaneously promoted other bank products. "
Math skills. Another common skill required for phone banker responsibilities is "math skills." This skill comes up in the duties of phone bankers all the time, as "securities, commodities, and financial services sales agents need to be familiar with mathematical tools, including investment formulas." An excerpt from a real phone banker resume shows how this skill is central to what a phone banker does: "required to know basic math skills as well as customer service. "
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Compare different phone bankers
Phone banker vs. Sales special agent
A junior associate is responsible for assisting with the law firm's operations by evaluating cases, performing client counseling, and attending court trials. Junior associates draft agreements and review claims with strict adherence to regulatory policies and procedures. They also request additional documents as necessary and update the lawyers of any updates regarding the case. A junior associate must be well-versed with the law and determine resolution by following the due process and representing the clients during hearing sessions.
These skill sets are where the common ground ends though. The responsibilities of a phone banker are more likely to require skills like "compliance guidelines," "bank products," "computer system," and "treasury." On the other hand, a job as a sales special agent requires skills like "crm," "gross profit," "customer relations," and "customer satisfaction." As you can see, what employees do in each career varies considerably.
On average, sales special agents reach similar levels of education than phone bankers. Sales special agents are 3.2% more likely to earn a Master's Degree and 0.1% less likely to graduate with a Doctoral Degree.Phone banker vs. Junior associate
A finance sales consultant helps sell financial products and services. They can work in various industries, such as home, automotive, or banking. They essentially assess their client's needs and provide financial solutions. There are a lot of skills needed to become a good finance sales consultant. However, great customer service and communication skills top the demand.
While some skills are similar in these professions, other skills aren't so similar. For example, resumes show us that phone banker responsibilities requires skills like "customer service," "customer inquiries," "compliance guidelines," and "bank products." But a junior associate might use other skills in their typical duties, such as, "powerpoint," "litigation," "financial statements," and "press releases."
Junior associates earn a higher average salary than phone bankers. But junior associates earn the highest pay in the finance industry, with an average salary of $96,957. Additionally, phone bankers earn the highest salaries in the finance with average pay of $32,468 annually.junior associates earn higher levels of education than phone bankers in general. They're 7.2% more likely to graduate with a Master's Degree and 0.1% more likely to earn a Doctoral Degree.Phone banker vs. Finance sales consultant
The required skills of the two careers differ considerably. For example, phone bankers are more likely to have skills like "compliance guidelines," "computer system," "treasury," and "inbound phone calls." But a finance sales consultant is more likely to have skills like "customer satisfaction," "sales process," "pre sales," and "loan applications."
Finance sales consultants typically earn similar educational levels compared to phone bankers. Specifically, they're 3.4% more likely to graduate with a Master's Degree, and 0.5% more likely to earn a Doctoral Degree.Phone banker vs. Branch account executive
Types of phone banker
Updated January 8, 2025
