A Branch Manager is responsible for coordinating and overseeing all branch operations, including staff hiring, training, and supervision. Furthermore, they are the ones in charge of ensuring that all employees comply with the established financial regulations and restrictions. They also come up with appropriate strategies to increase productivity and performance levels in order to achieve the branch’s financial targets.
In addition to their managerial duties, they are also responsible for attracting new customers and partners, as well as retaining the already existing ones. Branch Managers speak on behalf of the bank when delivering financial reports to headquarters or its directive board on their branch’s efficient performance or on the aspects that need improving.
Here’s a non-exhaustive list of common tasks Branch Managers are required to complete.
- Creating, implementing, and evaluating the branch’s business plan:
- Designing and implementing financial performance plans, strategies, and any other operational activity; and
- providing recommendations to improve strategies that are not meeting the established goals.
- Hiring new employees, training, mentoring, supervising, and disciplining administrative staff in order to ensure the overall efficiency of daily operations:
- Assigning, overseeing, and monitoring administrative and financial tasks;
- keeping up-to-date on current banking regulations, policies, procedures, and protocols, and ensuring that employees are too;
- developing and implementing customer-service procedures;
- ensuring that goals and deadlines are met and that projects are led in compliance with the institution’s policies and procedures; and
- liaising with the head office and other branch offices to ensure the smooth management of operations and the achievement of overall business goals.
- Monitoring the financial transactions executed and the office activity performed at the branch office:
- Auditing financial transactions and any other action executed by employees;
- preparing quarterly reports, daily revenues, and other administrative reports;
- overseeing the completion of thorough reports and analyses on the bank operations carried out in the branch office; and
- analyzing office activity and employee performance, identifying trends, and making appropriate recommendations and adjustments to current work methods and systems.
- Overseeing office equipment maintenance, monitoring, calibration, and repair, as well as replacement of missing supplies, when necessary.
- Managing the existing budget.
- Building and maintaining strategic ties with the community, as well as networking with existing and potential customers in order to establish long-term, trustworthy relationships:
- Liaising with existing customers in order to get to know their opinions on the bank services and to solve any transaction problems that might arise.
- Being the link between the employees and the bank’s directive board.
- Ensuring all employees handle their clients’ activities in an accurate, unbiased, and profitable way, following high ethical standards when performing financial transactions.
- Ensuring that employees comply with current Banking regulations and internal procedures.
- Providing guidance, counseling, and consultation to employees in order to guarantee customer satisfaction.
- Monitoring budgets and ensuring sales targets are met, motivating staff to achieve objectives.
- Meeting with customers to solve issues or complaints and monitoring their feedback.
- Developing relationships with the community and other businesses.
- Communicating with colleagues of other branch offices.
- Keeping detailed computerized records and reporting all of the branch office operations and activities, including employee performance.
The average Branch Manager salary in USA is $49,254 per year or $25 per hour. This is around 1.7 times more than the Median wage of the country. Entry level positions start at $34,000 while most experienced workers make up to $69,000. These results are based on 761 salaries extracted from job descriptions.
- Strong interpersonal, communication and negotiation skills:
- Communicating clearly, both in writing and verbally, in order to create a clear and communicative environment with clients and employees;
- handling requests and inquiries in a professional, diplomatic, and transparent manner, keeping customers informed about decisions made and transactions executed;
- being able to present information and ideas to diverse groups, simplifying often complex and lengthy matters;
- conveying an engaging attitude and using an influential tone with a focus on developing long-term relationships, both internally and externally, to facilitate work efforts, alignment, and collaboration; and
- being able to deal with team members and customers in potentially adversarial situations using a calm, tactful, patient, and effective approach.
- Exceptional leadership and mentoring skills:
- Being able to lead and motivate employees, and to direct their work activities;
- modeling appropriate professional, ethical, and collaborative behaviors that induce trust and respect;
- pushing themselves and others to achieve results and exceed goals; and
- being resourceful, energetic, displaying a strong desire to take initiative.
- Strong sense of empathy and compassion:
- Being people-focused; willing to put the interests of clients and colleagues first.
- Outstanding organizational and project management skills:
- Being able to work independently and as part of a team in a fast-paced environment;
- being versatile, flexible, and willing to work within constantly changing priorities; and
- being able to prioritize tasks and responsibilities accordingly.
- Administrative and mathematical skills:
- Demonstrated proficiency in computer word processing, spreadsheet, database applications, banking platforms, and accounting systems.
- High levels of integrity, credibility, honesty, and confidentiality.
Aside from the skills listed above, these professionals are required to have a bachelor’s degree in Banking, Finance, Business Administration, Economy, or any other related field. Similarly, Branch Managers also need to acquire an extensive knowledge of clerical practices and procedures, as well as Banking management principles, including lending, investment, and partner relationships. They usually do so by completing a postgraduate degree in Finance, Economics, or Accounting. Any higher level of education will eventually allow candidates to secure higher positions and increase their earnings. Hence, Branch Managers will often pursue additional degrees and courses in fields such as Business (MBA), Management, Sales, or Marketing.
These professionals may choose to pursue Certified Public Accountants (CPA) or Certified Financial Planners (CFP) certifications. These are not obligatory requirements, but getting any of the aforementioned certifications will highlight the candidate’s professional skills. Moreover, the CFP certification proves an applicant’s ability to find the appropriate solutions for customers’ issues, as well as helping them reach their financial goals.
Experience is the most valued asset in this field; hence, most Branch Manager positions require a minimum of 5 years in the Banking field. However, in addition to work experience (e.g. having worked as Loan Officers or as Assistant Branch Managers) and an academic background, most banks and financial institutions require candidates to complete a training program to qualify to become a Branch Manager.