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The differences between retail bankers and consumer bankers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-12 months to become a retail banker, becoming a consumer banker takes usually requires 2-4 years. Additionally, a consumer banker has an average salary of $39,462, which is higher than the $35,292 average annual salary of a retail banker.
The top three skills for a retail banker include excellent organizational, taking care and prioritize workload. The most important skills for a consumer banker are financial services, securities, and cash management.
| Retail Banker | Consumer Banker | |
| Yearly salary | $35,292 | $39,462 |
| Hourly rate | $16.97 | $18.97 |
| Growth rate | -3% | 10% |
| Number of jobs | 85,669 | 24,716 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 43% | Bachelor's Degree, 59% |
| Average age | 41 | 43 |
| Years of experience | 12 | 4 |
A retail banker is responsible for coordinating with retail clients in opening and closing accounts, updating account statements, and selling new financial services and business opportunities. Retail bankers help clients in managing their finances by recommending investment options according to their needs and objectives. They also handle the clients' banking discrepancies and resolve disputes by evaluating their account statements and identify resolutions immediately. A retail banker must have excellent analytical skills, as well as strong knowledge of the banking industry and practices to provide the highest quality services for the clients.
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.
Retail bankers and consumer bankers have different pay scales, as shown below.
| Retail Banker | Consumer Banker | |
| Average salary | $35,292 | $39,462 |
| Salary range | Between $26,000 And $47,000 | Between $27,000 And $56,000 |
| Highest paying City | - | - |
| Highest paying state | - | - |
| Best paying company | - | - |
| Best paying industry | - | - |
There are a few differences between a retail banker and a consumer banker in terms of educational background:
| Retail Banker | Consumer Banker | |
| Most common degree | Bachelor's Degree, 43% | Bachelor's Degree, 59% |
| Most common major | Business | Business |
| Most common college | - | University of Pennsylvania |
Here are the differences between retail bankers' and consumer bankers' demographics:
| Retail Banker | Consumer Banker | |
| Average age | 41 | 43 |
| Gender ratio | Male, 30.7% Female, 69.3% | Male, 42.9% Female, 57.1% |
| Race ratio | Black or African American, 10.5% Unknown, 2.9% Hispanic or Latino, 20.0% Asian, 9.5% White, 56.2% American Indian and Alaska Native, 0.9% | 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 | 11% | 6% |