Business Development in Banking
Business development in the banking industry is a critical function that involves a series of activities. This includes reviewing market information, seeking out networking opportunities, and using other sources to generate leads for business development. These efforts are meticulously organized, involving continuous outreach to both new and existing clients. The use of a contact management program is common, along with planning and documenting calls as deemed appropriate. This information can be found here.
Teamwork and Networking
Business development fosters teamwork through joint calling with branch staff and product specialists. Attending community and networking events is also a common practice. This helps to build a strong foundation for business growth. When it comes to referring prospects and clients to other product specialists, this process is done strategically. This includes treasury management, commercial banking, branch, and other personnel.
Customer Service and Loan Management
Interviewing applicants for business banking services, for both credit and non-credit services, is another critical function. This involves addressing client needs, problems, or complaints with client relationship stakeholders. In the quest to expand existing relationships, cross-selling activities are usually deployed. Evaluating potential customer loan requests and making loan recommendations is a key part of the process. This is typically done using standardized forms and underwriting tools. The negotiation of credit terms, such as costs, loan repayment methods, and collateral, is also a part of the routine.
Compliance and Regulations
Staying updated on lending regulations and ensuring compliance with both personal and business banking services is crucial. Packaging loans for prospects and clients, recommending loan terms and conditions, and packaging non-credit services are part of the daily activities. Monitoring client performance and managing business banking relationships are also important tasks.
Meeting Sales Goals and Other Duties
Business banking officers are responsible for meeting sales volume and profitability goals, sales activities, and calling goals. They are tasked with implementing routines to acquire, deepen, and retain commercial customers’ business. This includes uncovering the business customer’s personal banking needs. Other duties may be assigned in addition to those mentioned above, depending on the specific requirements of the job.
Compliance, Education, and Experience
Compliance with all laws and regulations is an essential part of the job. Employees must be familiar with legal and regulatory requirements and internal controls affecting their job responsibilities. An undergraduate degree in Business, Accounting, Finance, or a related field is preferred. However, a High School Diploma with a minimum of 3 years of progressively responsible experience in small business lending is also acceptable. One to two years of experience, preferably in a financial institution or lending operation, is also required. A thorough understanding of general bank policies and regulations is essential.
Skills, Knowledge, and Abilities
Working knowledge of lending policies, compliance, and procedures is necessary for this role. Extensive knowledge of retail banking services and the ability to deliver excellent customer service are also important. Good communication, quantitative, and sales skills are key to success in this role. Proficiency in computer software common in fulfilling the principal responsibilities of the job is also necessary. Organizational skills and the ability to work independently and follow through are critical.
Working Conditions and Physical Requirements
The working conditions for this job typically involve a general office setting with a controlled climate. The physical requirements include frequently standing, walking, typing, and speaking with both internal and external customers for extended periods. Work may involve constant use of computer screens and the ability to operate various office equipment. Occasional lifting up to 20 lbs may be required.
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