JOB INSIGHTS
Head of Retail and Commercial Banking
LAST UPDATED 21 Apr 2022
2 active jobs

The role of heads of retail and commercial banking today

 

Heads of retail and commercial banking ensure the products of a company is profitable and marketable over time. These individuals are goal-oriented and strive to construct valuable strategies that align with business objectives. Typically, a senior and management role, this finance job often collaborates with other executive management. 

Additionally, like similar managerial professions, heads of retail and commercial banking often lead a team for diverse reasons. Be it in sales or similar business administration, their role is to be a proactive role-model for these members and provide coaching where needed. They are also able to conduct training developments that assist in maximising business profitability. A highly dynamic profession, heads of retail and commercial banking become experts in technical and commercial matters.

 

The difference between retail and commercial banking

 

Working as a head of retail and commercial banking can mean many things, depending on company size and available resources. Whilst retail and commercial banking may appear to refer to different settings, their key difference actually lies in the type of customer they target. Where retail banks provide services for retail customers, commercial banks provide their services and products to corporate professionals and businesses. That being said, many banks today encompass both departments.

Whilst the finance job of heads of retail and commercial banking can focus on both divisions of a business, some organisations require an individual to specialise in one kind of customer. In this way, it’s important to know the difference between these when looking for the right job for you. Below illustrates the core differences between retail and commercial banking:

  • Retail banking can provide services for specific, individual needs, rather than serve the needs of businesses. These services often help individuals manage their finances such as organise their accounts, individual lending, and cash accessibility, for example.
  • Commercial banking can provide services to various institutions, including governments. In addition to retail services, commercial banking can support businesses by exploring options in global trade, commercial loans, and so forth.

The above is by no means a comprehensive explanation of retail and commercial banking, but can give the reader a sense of understanding in the finance job of the head of retail and commercial banking. Overall, in this profession, it’s important to advise individuals on their finances and sell services accordingly.

 

Duties and responsibilities of heads of retail and commercial banking

 

As mentioned beforehand, the role of a head of retail and commercial banking is highly versatile. They will serve general sales duties combined with leadership responsibilities that support and mentor teams. Depending on business needs, heads of retail and commercial banking will have different goals and sales objectives. Nevertheless, commonalities between these finance jobs in Malta or elsewhere include:

  • Strategic decision-making to improve and align with business goals,
  • Budget planning for diverse team functions,
  • Work alongside data to understand business trends and provide valuable insights,
  • Present data-driven reports to other senior managers,
  • Regularly consult with customers over various requests,
  • Manage company sales and general management duties, and
  • Supervise and conduct training developments for team members.

The above list is broad due to the diversity of heads of retail and commercial banking. As the role is managerial, individuals looking to actualise a career in this area must collect demonstrable work experience. Heads of retail and commercial banking should be prepared to tackle complex business challenges with innovative, data-driven solutions.

 

Salary expectations 

 

The demand for heads of retail and commercial banking is rapidly increasing, leading the career with fast-paced growth capabilities alongside impressive salary raises. The Castille Salary Survey is based on the average gross basic salary ranges we have seen offered in the local market over the last 12 months. This survey is updated quarterly, remaining representative of current market trends.  

For a global perspective, it is worth keeping in mind that sources vary and are subject to change with time. Considering these variances, salaries for heads of retail and commercial banking jobs consistently reflect an average salary ranging from $140,000 to $170,000 a year. These numbers vary according to level of experience, specialisation, and other associated living costs. 

 

Education and qualifications of heads of retail and banking

 

Due to the diverse nature of this finance job, heads of retail and banking represent various education backgrounds. Many individuals pursue a bachelor’s degree in accounting, banking, business management, or in a similar discipline. As such a role requires many years of work experience, it’s not uncommon for individuals to also earn a master’s degree in a specialised area, to improve their chances in a competitive industry. 

Further, heads of retail and banking have an integral role in an organisation in improving the overall profitability and therefore growth of a business. It’s essential that individuals interested in this career path look to enhance their commercial experiences and understand financial performance management, especially within the banking sector. Organisations will want to see figures pertaining to your success in product innovation and customer support, as well as other commercial responsibilities. Due to the sensitivity of banking organisations, it's important that jobseekers are wary of its accompanying legal and compliance frameworks as well.

 

Trending technologies and skill sets 

 

The head of retail and commercial banking has strong knowledge in diverse commercial areas of a business. Their skill set is also as vast—especially as the jobs market is continuously evolving and expanding to include technical skills to support business development. Highlighted technologies and skill sets are:

  • Great analytical skills,
  • Strategic and problem-solving mindset to support business challenges,
  • Creativity and innovation to improve sales and overall profitability,
  • Positive interpersonal skills to communicate with internal teams, management, and external customers,
  • Great people management skills to supervise and support teams,
  • Presentation skills to showcase senior managers data-driven reports,
  • Research and data analysis, and
  • Technical skills especially those that relate to Microsoft Excel and other specific, financial software.

Generally, the above illustrates the dynamic and versatile nature of such a finance job in Malta or internationally. In whatever they do, heads of retail and commercial banking remain flexible in their understanding of business processes and workplace trends. 

 

Career prospects as heads of retail and commercial banking

 

Heads of retail and commercial banking can work in various office environments, including sitting at a desk and using computers or similar equipment to effectively carry out their role. They collaborate with diverse personnel frequently and facilitate internal and external communications. The consistent use of valuable hard and soft skills employed by heads of retail and commercial banking is transferable across organisations, meaning these individuals are able to work in diverse workplace settings.

For jobseekers interested in pursuing a career path as heads of retail and commercial banking, individuals should work to gain valuable work experience in any preferred industry. Of course, if applicants are interested in specialising in a certain industry, they should look for finance jobs in these specific areas. As a managerial role, heads of retail and commercial banking must be prepared to work on complex tasks and be a supportive role-model for team members. 

 

Begin your heads of retail and commercial banking career today with Castille 

 

Now that you’ve critically assessed what working as a head of retail and commercial banking is about and whether it is right for you, you are able to kickstart your career in this ever-growing field. As technology and the workforce continues to rapidly advance, the role of heads of retail and commercial banking remains a career suitable for the long-haul.

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Head of Retail and Commercial Banking
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