Management Careers in Online Banking
The job responsibilities of Internet banking managers will vary, depending on what area of Internet banking they manage.
Since some banks outsource the design of their Internet banking projects and products, managers at these banks will not be supervising designers. Banks that have their own in-house design and production employees may have managers responsible for ensuring that these employees’ projects are getting completed on time and according to project specifications. These managers may also be responsible for completing some part of the design process, or oversee it through project management. There are other Internet department divisions as well, and they may also hire managers.
Most Internet banking departments offer customer service representatives for customers who may have trouble with their online transactions. Managers of these departments will be in charge of supervising these employees and making sure they are providing the best quality of customer service to the customers they interact with. Some of these managers may take part in resolving some account disputes or problems.
Internet banking managers also have to keep an eye on department staffing needs. If the design and production departments are lagging too far behind schedule and the bank approves, the manager may need to hire additional staff members or freelance designers or production experts.
Managers of customer service representatives will watch statistics related to the number of incoming calls the department is receiving, how long customers have to wait on hold before speaking with a customer service representative, number of “lost” calls (customers who choose to hang up before speaking to a customer service representative) and similar data, to determine whether staffing levels are sufficient to meet demand. They may also be responsible for training existing and new employees to improve the quality of service.
Like other banking managers, Internet banking managers may need to provide leadership and motivation. Since managing these departments may involve working closely with both employees and customers, you should enjoy working with people in this position. If you enjoy managing a team of employees, this may be the right career path for you. Internet design departments can provide creative outlets, and some people can find this especially rewarding.
According to the U.S. Bureau of Labor Statistics, the future outlook for bank managers in general is good, and the overall number of banking jobs is expected to grow over the next ten years. These are general outlooks, not specific to Internet-related department. However, given the increased use and demand for Internet banking products, it is likely that these departments will continue to grow and require new employees.
Most Internet banking managers are expected to hold a bachelor’s degree. If you are managing design and production groups, your degree will need to be in a technical field related to Internet design. You may also be required to have formal project management training and certification. Some Internet positions may require master’s or doctoral degrees, depending on the position.
Internet banking customer service managers will need to have a bachelor’s degree in a technical field related to Internet design as well as some education, training, or experience in customer service. Some banking institutions may require these managers to earn a master’s degree in business administration.
Knowledge, Skills, and Abilities
Internet banking managers will need to possess a unique combination of knowledge, skills, and experience. For Internet banking managers performing a more technical role, you will need to have technical knowledge related to the Internet and developing Web-based products and services, as well as an understanding of banking products and banking customers’ needs. Most banks usually require a minimum of three to five years of previous experience in the financial services industry. You may also be required to have at least one to two years of experience in Web applications related to money transactions, and one to two years of experience in project management.
Managers who supervise Internet banking customer service reps will also need to have the technical experience plus two to three years of managing customer service employees. You may also be required to one to two years of experience in project management.
Since Internet banking managers are responsible for managing employees, banks expect these employees to have excellent leadership skills, and be able to make decisions for the department and customers, when applicable, based on bank policy and products and services available. The manager may also be required to have excellent organizational and critical thinking skills, as well as presentation skills. Internet banking managers should be able to motivate their team of employees to provide excellent customer service or quality products and designs.
Because some Internet managers interact with the public on a daily basis, they should possess excellent communication skills. They also frequently juggle multiple tasks and priorities and so should have good time management skills. The ability to interact with people in a positive way is also important for Internet managers to possess.
The average salary for banking managers (in general) can vary widely from bank to bank and state to state. The average annual salary of financial managers according to the U.S. Bureau of Labor Statistics is $70,000, but that includes managers of many departments within a bank. Depending on the location of the bank, and what department you manage the salary can be as low as $49,000 and go up to $70,000. More technical positions may earn slightly higher salaries.
Potential Career Paths
Internet banking managers have several potential career paths, especially at a large bank. If the Internet banking manager supervises a smaller department, he or she could be promoted to a larger, more prominent department. Internet banking managers could also be promoted to manage multiple departments. Internet banking managers may choose to find employment with larger organizations where they can have more responsibilities and earn a higher salary. Executive positions are usually not available in this path, although successful employees can become regional managers or directors.