Agents, advisors, and RMs are the lifeblood of any bank.
And understanding their needs, struggles, and pain points is crucial to empower them with the right kind of support.
We spoke to Aditya*, a Relationship Manager (RM) at a leading bank in India, to gain some perspective into his day-to-day life, responsibilities, and hurdles.
We hope this gives you an insight into the voices of your Feet on the Street!
Hi Aditya! Talk to us about who you are and what you do 🙋🏻♂️
I until recently worked as a Treasury Relationship Manager in a leading bank in India.
My customers are people who export-import goods. I managed a portfolio of 15 customers, which meant I needed to know each of them like the back of my hand.
As a Treasury RM, what’s your biggest day-to-day goal or priority?🎯
The priority for us Treasury RMs is to enhance the portfolio of our existing customers. We don’t prioritize onboarding new customers. Often, we onboard just one or two customers a year.
Let’s flip the switch a little and take it all the way to the beginning. Why did you join banking as a career?🏦
I’ll be honest, I didn’t choose this career path initially because I was passionate about it. For me and many others, it’s easier to get a job in banking compared to other fields, like engineering, and the starting salary is good.
As an RM, you also get respect, which was a big draw.
So, if you had a chance to talk to the industry’s top executives, how can they make a job in banking more attractive?🤔
One of the aspects the banking industry should focus on is the salary structure for employees. This can be a great retention tool.
Apart from that, awareness is really important. In India, people still think that banking means a “clerk job,” but it goes beyond that. Today’s banks offer many job options such as risk management, data analysis, relationship management, and customer service.
Banks need to build a brand among youngsters around banking-related job opportunities. If you enjoy interacting with customers and are passionate about your job, you can become a Relationship Manager, and the opportunities for growth are immense.
What was the most challenging and rewarding part of your job? 🤷🏻♀️
My biggest challenge was staying updated with the latest technological advancements. My customers were well-informed and educated about the latest trends. They had been in the field for at least 15 years, even maintaining lists of competitors’ offerings. I needed to be well-prepared when I met them.
Additionally, the role of a Treasury RM was relatively new in my bank, so it was a challenge for me to stay updated.
The most rewarding part was when a customer agreed to get on board with us or accept an investment plan. It felt like all my hard work was worth it!
How has technology impacted your role? 👨🏻💻
Technology has ensured that manual errors and customer complaints are reduced. In the past, customer complaints were not a priority. For example, bank account opening was managed by clerks and verified by assistant managers. The process has completely changed now. KYC is essential, and if there are any discrepancies, the bank account will not be opened.
But if not leveraged properly, technology can become cumbersome and laborious.
So how do we use technology to make us more efficient? 📲
Often, we have a huge pool of data, and an app or tool that can sort this information and share it with the RMs can be very relevant. It would be useful to know when a particular customer should be approached, when to schedule meetings with prospects, or if there is a lead nearby whom I should meet. Banks have CRMs, but there should be personalized CRMs that make the RM’s life simpler. We also need to be properly trained about these apps.
As a ‘feet on the street’ RM, Aditya is always on the go and constantly working to keep himself up to date on the latest trends, tech, and information related to the products he sells.
Banks should increasingly invest in tools that can help make work easier and more productive for RMs like Aditya. Tools that can help them plan their days better, manage their relationships more effectively and organize data that is relevant for them – making them more productive and happy.
*Names have been changed to maintain anonymity