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The differences between relationship bankers and phone 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 relationship banker and a phone banker. Additionally, a relationship banker has an average salary of $37,091, which is higher than the $34,532 average annual salary of a phone banker.
The top three skills for a relationship banker include excellent interpersonal, financial services and work ethic. The most important skills for a phone banker are customer service, customer inquiries, and compliance guidelines.
| Relationship Banker | Phone Banker | |
| Yearly salary | $37,091 | $34,532 |
| Hourly rate | $17.83 | $16.60 |
| Growth rate | 10% | 10% |
| Number of jobs | 34,587 | 22,843 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 34% |
| Average age | 43 | 43 |
| Years of experience | 4 | 4 |
A relationship banker is responsible for providing financial advice by applying financial disciplines in the banking industry. Relationship bankers process financial transactions on their clients' bank accounts, generate account statements, and reiterate bank policies to support clients' financial goals and objectives. They also research the current financial industry, identify new bank services opportunities to gain more clients, and increase profits for the business. A relationship banker must have excellent communication and customer service skills, responding to the clients' inquiries and concerns regarding their bank accounts, and resolving complaints timely and efficiently.
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.
Relationship bankers and phone bankers have different pay scales, as shown below.
| Relationship Banker | Phone Banker | |
| Average salary | $37,091 | $34,532 |
| Salary range | Between $28,000 And $48,000 | Between $27,000 And $43,000 |
| Highest paying City | New York, NY | Saint Paul, MN |
| Highest paying state | New York | New York |
| Best paying company | Santander Bank | Advancial Federal Credit Union |
| Best paying industry | Finance | Finance |
There are a few differences between a relationship banker and a phone banker in terms of educational background:
| Relationship Banker | Phone Banker | |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 34% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between relationship bankers' and phone bankers' demographics:
| Relationship Banker | Phone Banker | |
| Average age | 43 | 43 |
| Gender ratio | Male, 46.6% Female, 53.4% | Male, 36.1% Female, 63.9% |
| Race ratio | Black or African American, 5.4% Unknown, 4.1% Hispanic or Latino, 11.3% Asian, 12.2% White, 66.7% American Indian and Alaska Native, 0.2% | 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% |
| LGBT Percentage | 6% | 6% |