The banking economy is reflected in every resident of the modern metropolis – almost everyone uses plastic credit or debit cards in stores or saves personal funds in the bank. The banking sector is an essential part of the economy of every modern country. It is vital because it regulates market relations, ensures the safety of people’s money, and provides loans. Banking jobs are popular Kuwait jobs for foreigners.
The main functions of banks.
The main functions of banks are:
- Competent management of customers’ finances;
- Providing cash and settlement services to households and businesses;
- Carrying out settlements by non-cash method, currency exchange;
- Providing services of saving, crediting, investing;
- Providing customers access to operations with securities;
- Providing custody services for valuables and documents, leasing safety deposit boxes and safe deposit boxes.
The functioning of the banking sector affects the state economy, so this sphere is always in need of specialists.
In their work, bank employees perform several operations, which can be divided into several categories: implementation of settlement and cash services, banking operations, lending to legal entities and individuals, receiving savings and deposits; checking the correctness of the documentation of payments, preparing various statements on current accounts, sales of securities, currency exchange; timely operating log; providing information of reference to bank customers.
What do you need to study?
It is essential to study the legal and organizational bases of the activity of credit organizations, the essence and technology of banking operations and transactions, the rules of accounting in credit organizations, threats to banking security and measures to eliminate them, and the legal bases of auditing activities. Also included in banking training is thorough training of graduates in the implementation of cash management, intra-bank control, accounting, handling of customer assets, customer liabilities, securities, and other operations. In addition, you should pay particular attention to the skills of reporting on the activities of a credit institution, application of methods and means of protection of banking information, execution of primary accounting documents, synthetic and analytical accounting of banking operations in the relevant registers of accounting.
A specialist in banking is a person with high mathematical abilities, an analytical, deductive mind, and good memory, striving to bring the beginning to the intended result. The bank employee accepts, structures, analyzes, and systematizes the received information. Concentration, diligence, purposefulness, and the ability to pay attention to details are the main features of a competent banker. Such a specialist cannot do without the ability to perform mathematical calculations quickly and accurately and answer clients’ questions in a meaningful way. He will need to be communicative and courteous in his interactions with people. He will need the ability to concentrate on his work thoroughly, and for career advancement will be necessary purposefulness, initiative, and readiness for self-education.
The job requires a thorough knowledge of economic disciplines, the structure of banking operations, and a healthy ambition. Successful completion of a short training course in the bank for young professionals after being hired guarantees successful career growth. Many banks practice an examination before accepting a candidate for a vacant position.
Regardless of their position, any bank clerk must be able to go into great detail and resolve controversial situations with lightning speed. Prolonged concentration, significant in this area, should not quickly lead to fatigue. The slightest mistake can entail great financial or material responsibility and just unpleasantness for the employee and the client.
An employee can single out leadership qualities separately in this industry. Possessing a passive character and a lead, an employee will not be able to work with clients and, in case of a conflict, will not react quickly, and most importantly, both the bank and the client are satisfied.
A modern banker should have a good profile education, understand banking products and life, and know perfectly well the psychology of people. He should have constructive thinking and be a conservative in a good sense of the word. An essential quality for a banker is working effectively in a team. It is necessary to have your position, lead a particular lifestyle, broaden your horizons, and force yourself to go to the goal and improve yourself. Some clients can give a head start on economic literacy to many bankers. And suppose an economically educated client comes across ignorance of a bank employee. In that case, he ceases to respect not the employee as a person but the bank associated with this employee in the client’s mind. The more professional, consistent, and committed employees are, the more successful the bank they work for, and the more dynamic and confident the state’s banking structure is.
A banking sector employee must have an education, most often in economics, and sometimes two university degrees (relevant for managerial positions). Studies show that this area has the highest percentage of work in the specialty or a related industry. However, the trend in recent years is that the increase in graduates with a banking degree does not equal the number of open positions.
Usually, former economics students get jobs in big companies, banks, concerns, or special institutes. However, some start private practices in the field and go into business.
A banker starting in this field has excellent opportunities for career advancement. Most private banks prefer to hire 3-4 year university students or graduates with no work experience. This is how they get hard-working, “greedy” employees. By educating them about their needs and instilling in them corporate values, the company, in this case, receives loyal employees, ready to grow and develop within the same structure. Starting as a junior employee or an assistant, in a few years, each employee has the opportunity to grow into a department manager. Clearly defined career programs make the banking industry very attractive to employees.