Career prospect/advancement for Banking sales roles vs Banking "back end" roles

I wish to hear more about this as well, preferably from those who has been in similar 'dilemma' before. I'm tired of taking just a 'fixed' pay but yet, I'm not sure about the prospects of a banking sales career.

if im not wrong for personal banker, they have a monthly sales target to meet?

is it still the same once they move on to higher positions such as RMs or private bankers?

Yes there are targets to hit.
If u did not hit, u darw basic only. N u will get invited by ur mgr for a chit chat session.
I been with uob as a pba previously.
Seriously if u can't persuade pple well, don't think too much of joining sales. Hard work don't turn into sales. Sweet talk does. Cos everyone is selling the same product.
I waste 6 mths of my life earning much lesser if u divided ur time spent n effort put in compare to backend
True that u get promote faster n Earn more than backend, but how many top sales u think there is. Not many I will say. Say wrong thing to customer become mis-sell.. Too complain to mas n there goes ur iron rice bowl.
Currently Im doing back end @ another local bank n i think it's more relax though I work till 7pm daily.. At least I find that I have a life..

Just my 2 cents

Hi,

Chance upon this thread and would like to enquire -

I am currently on a contract analyst role with a foreign bank's AML dept. Mostly doing transaction surveillance related work.

I recently just went for an interview with a french bank and they offer me a KYC position (fixed term contract) , base is probably 3~3.2 , details not confirm yet. But there are no bonuses at all coz its a fixed term contract... I dont foresee them converting me becoz there r other contract staffs tat r more senior than me...

Should i make the jump ? Pay increment is about 500+... But from what i gathered KYC is mainly processing the documents passed down by the front line guys. Of coz we need to take steps to ascertain the credibility of those documents by doing some brief kyc stuffs in line of the AML regulations. My main interest lies with AML compliance, will this role help me make the switch to a perm AML position next time?

Any feedback is very much appreciated.

hi can anyone share the differences and comparisons between a personal banker for mass consumer market VS a personal banker for SMEs, other than the profiles of customers of cos. are they on the same payscale such as basic and comms across the banks?

Originally Posted by Unregistered

Hi,
My main interest lies with AML compliance, will this role help me make the switch to a perm AML position next time?

Any feedback is very much appreciated.

AML - anti money laundering and KYC - know your customer go hand in hand. Cos you need to know your customer and what the hell are they doing with their money and where it came from to prevent money laundering. So it would probably be useful to switch to a AML position next time. Of course while doing your KYC role you should try to learn more AML stuff at the same time so you can market yourself as a KYC-AML specialist in your future role lol.

Originally Posted by Unregistered

hi can anyone share the differences and comparisons between a personal banker for mass consumer market VS a personal banker for SMEs, other than the profiles of customers of cos. are they on the same payscale such as basic and comms across the banks?

Different pay scale and different comm structure. Personal banker is very sales driven, more customers, sell more investment products, sales sales sales. A SME relationship manager (they dun call them personal bankers), also has sales target but usually the bulk of the target is reached by getting existing customers to use the credit facilities more. Eg, use more of the loans, use more trade facilities, take more overdraft, take more loans. Getting new customers is secondary.

SME sales managers are the one more focused on getting new accounts which are then passed on to the relationship managers to manage / farm.

Originally Posted by Unregistered

Different pay scale and different comm structure. Personal banker is very sales driven, more customers, sell more investment products, sales sales sales. A SME relationship manager (they dun call them personal bankers), also has sales target but usually the bulk of the target is reached by getting existing customers to use the credit facilities more. Eg, use more of the loans, use more trade facilities, take more overdraft, take more loans. Getting new customers is secondary.

SME sales managers are the one more focused on getting new accounts which are then passed on to the relationship managers to manage / farm.

thanks, how different are the pay & comm structure? will their remuneration be about the same/more/less based on the same amount of work/effort put in ? does a SME personal banker (allow me to use this term for now) need to be certified in CMFAS?

im more or less quite well versed in what a personal banker do but cant seem to find much info regarding SME personal banker. how do they get new customers? is it fair to say that on the whole, it will be more challenging than a personal banker (mass consumer market)?

Originally Posted by Unregistered

thanks, how different are the pay & comm structure? will their remuneration be about the same/more/less based on the same amount of work/effort put in ? does a SME personal banker (allow me to use this term for now) need to be certified in CMFAS?

im more or less quite well versed in what a personal banker do but cant seem to find much info regarding SME personal banker. how do they get new customers? is it fair to say that on the whole, it will be more challenging than a personal banker (mass consumer market)?

Pay and comm structure are completely different due to the selling of completely different products. I am not so sure how much top performing consumer PBs earn but i have heard of top performing SME sales earning up to $100k commission per quarter (some banks pay their commission every 3 months). Their base pay i think is also slightly higher then consumer PBs.

Generally no need CMFAS unless you want to advise the SME towkay on investments or the company wants to do a IPO / M&A or buy debt securities.


SME bankers get new customers by cold calling companies, going to industrial estates like Tuas, Ubi, Loyang, Paya Lebar and go door to door to the companies, getting referral from branches, getting referral from existing SME customers.

Most banks also split their SME banking into different segments. The very small business segment, medium enterprises for slightly bigger companies, another segment for even bigger-listed companies and global corporate banking for large MNCs, GLS and local MNCs.

It is possible for top performing commercial bankers, those that focus on SME banking to exceed $1million total salary. The word around UOB where I work is that 7 individuals hit that amount last year.