Telephone bankers work at call centers assisting customer with questions and banking needs. These positions require little education. The mean average annual salary for these jobs is about $38,000.
Essential Information
Telephone bankers remotely handle services that concern customers of money management institutions. They may work in large call centers and must have good customer service skills in addition to familiarity with the bank's policies and its computer software applications. Although no college degree is necessary to become a telephone banker, on-the-job training and classes are required for those who wish to take up this position.
| Required Education | High school diploma or equivalent |
| Other Requirements | Classes and on-the-job training |
| Projected Job Outlook (2019-2029)* | -2% for call center customer service representatives |
| Mean Salary (2020)* | $38,510 for customer service representatives |
Source: *U.S. Bureau of Labor Statistics (BLS)
Telephone Banker Job Description
Telephone bankers handle inquiries and concerns in order to eliminate the need for clients to travel to the bank in person. The types of issues they deal with usually concern customer deposits, withdrawals, transactions, problem solving or evaluating customers' eligibility and financial need for loans and grants. Telephone bankers must also be familiar with the policies and services of a bank in order to answer questions and offer these options as solutions. They primarily work with customers over the phone, but find solutions through bank computer software applications as well.
Telephone bankers often operate in open office settings alongside other personal bankers handling the same job. Along with the aforementioned job duties they must handle, telephone bankers can take on larger responsibilities when dealing with banking customers. Once a thorough knowledge of their bank's policies has been demonstrated, telephone bankers can even move on to offering customer's most important transactions, like mortgages.
Telephone Banker Job Training
Most banking institutions that seek out telephone bankers require that applicants complete classes and training courses before they start working. This coursework teaches future telephone bankers the policies of their bank, the computer software they must use for transactions and the proper ways to handle customers over the phone. Once completed, telephone bankers become fully eligible to start work.
Some groups that deal primarily with banking also offer training to telephone bankers. For example, the Edcomm Group Banker's Academy offers coursework such as telephone etiquette to those who wish to receive additional job training.
Salary Information
According to the U.S. Bureau of Labor Statistics, the mean salary for all types of customer service representatives was $38,510 as of May 2020. However, salaries differ among banking institutions. For example, PayScale.com stated that salaries for T.D. Bank, N.A. customer services reps ranged from about $29,000 to $54,000 in April 2021, while those for Wells Fargo ranged from $32,000 to $52,000 in September 2019.
Telephone bankers require a high school diploma or GED. Employers usually provide classroom and on-the-job training to new hires. The job growth outlook for these positions will decline through 2029.
