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Banking Jobs in Virtual Banks

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New-age virtual banks or Internet-only banks offer jobs similar to traditional banks. These banks also offer finance-manager jobs, accounting jobs, credit-analyst jobs, financial-analyst jobs, personal financial advisors jobs, loan officers’ jobs, and customer-service jobs.

Virtual banks use Internet banking, telephone banking, mail banking, or mobile banking to serve customers. By employing such new age technology, they eliminate operational costs, which in turn affects the number and type of banking jobs offered by virtual banks.

Virtual banks deliver products and services to customers by remote electronic means and without resorting to a network of brick and mortar branches. Nonetheless, they too offer traditional financial services such as savings accounts, paperless checking accounts, certificates of deposit (CDs), mortgages, mutual funds, business accounts, bill payments, credit cards, and home equities. Additionally, some Internet-only banks offer high interest rates and no-fee checking. On the other hand, ATM fees are typically charged by virtual banks because ATM transactions are provided through the ATMs of other banks.



The interaction of customers with a virtual bank occurs mainly through the bank website, via email, or by telephone. For example, customers can use banking services and perform banking transactions online or by phone. Consequently, the functioning of virtual banks differs widely from that of traditional banks in terms of the mode of customer contact. With a traditional bank, a customer physically walks into the bank, while in a virtual bank, contact occurs, for example, when a customer visits the website.

In spite of this significant difference, the same kinds of jobs that are found in the traditional sector are also found in virtual banks. For example, a virtual bank will also have the following positions:
  • Finance manager: Directs departments, resolves customers' problems, ensures maintenance of standards for services, and administers institutional operations and investment.

  • Accountant: Maintains financial records and ensures the bank's compliance with federal and state regulations.

  • Loan Officer: Evaluates loan applications, determines the credit worthiness of loan applicants, and recommends or denies loans.

  • Personal financial advisor: Aids customers in financial planning by identifying sources of personal income, determining personal expenses, managing risks, and planning for future financial needs. This also entails identifying investment avenues that balance the customer's risk taking ability with desired returns.

  • Financial analyst: Researches the market and evaluates the various investment avenues that are suggested to customers by financial advisors.
Customer service representatives working in call centers or customer contact centers carry out most of the remaining jobs in virtual banks. Their interactions with customers are usually limited to taking phone calls and answering emails. Customer service jobs involve helping customers with routine banking transactions and resolving problems or complaints. Customer service representatives also guide callers through the bank's website and explain new products and services.
On the net:OCC grants charter to new ‘virtual bank’
www.houston.bizjournals.com/houston/stories/1997/09/01/story1.html

Virtual staff speed up bank queues
www.silicon.com/financialservices/0,3800010322,39168321,00.htm

U.S. Department of Labor
www.bls.gov/oco/cg/cgs027.htm If this article has helped you in some way, will you say thanks by sharing it through a share, like, a link, or an email to someone you think would appreciate the reference.

Popular tags:

 mortgages  telephone banking  bill payments  financial services  management  Internet banking  credit cards  ATMs  CDs  customers


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