Welcome to my finance world…

Hi everyone

As I have been working in finance industry for a long years, today I decide to write down something about 'my work world'. From living in Jersey and Guernsey and using local bank's services and products, I could say, that there is a big difference how banks organize they everyday work here and in Latvia.

Certainly, banking and finance are working with one main target - give you hand to manage your money things and on that earn money for themself. And every kind of this organization has her own approach to solve out that. Some of them offer a limited set of products and services others offer range of products and services for individuals like you and me and some are working for a large corporations with very high annual income. In the same time others are interesting in the persons in the street and small family business. It is all about selection.

Overall banking and finance are very interesting, people-oriented industry and very challenging for people within.
In this area you should all the time be ready for new things, because there, as well as everywhere, exist huge concurrence. There is serious fighting for each client, for best results, highest income and so on. Banks managers all the time are seeking more cost-effective and efficient ways of doing things.

As well it is very important to follow developments in information technology area and to think about customers and organization security in all aspects.
There is necessary from time to time invent new products and services which will met customers needs and help them more effective manage their finances.

There is always great necessity on regular basis to find out customers needs (needs have behaviour change as the lifestyle change) and expectations and do as possible as can to satisfy them, because happy customer for every organization is gift.

More often banking sector focusing on sales to find new customers and keep them with wide selection of products and services. And, of course, bank staff should take every opportunity to sell.

In this great changing environment where everyday news possibly could affect finance sector, you should follow all changes and if you want to be on top, have learn a lot and developing regularly. Mostly it is not enough to know one or two finance product. Good specialist have had clear view and understanding of most finance products from just simple bank account’s products, till more difficult.
Well, so far about environment I used to live for about 7 years.

Further, to get clear about this complicated business sector, I am going to show you some routine bank work in my colours and views. At first, as banking area is very wide, I will be more specific and abstract myself from all finance industry and will take small piece, but not less (even more) important, of banks structure – front-line of branch. Further, such kind of bank who is oriented on satisfaction of individual needs and offer all range of well known products and services.

Firstly, let’s begin with working hours.
Banks in UK, as well as in Jersey and Guernsey, where I have more experience dealing with, traditional has 35-hours week, which usually is a little changing depend on needs and life style of customers. Most of banks are working from Monday till Friday, and there is some exceptions who are working some hours on a Saturday. In Latvia, you will always find a branch of bank who is working 7 days in a week from 8am till 8pm. And it is common thing for both – there is no lunchtime in branch everyday work. So, what is very specific for my country organizations – usually staff are working longer hours (it is all because of very busy schedules) as they are paid for.

About bank account.
In Latvia everyone from everywhere in any time of working hours is allowed open any bank account and necessary just a identification document. But in offshore like Jersey, it is more complicated.
For example, if you decide to open an account in Jersey (the same for Guernsey), the first thing you will need is approval address, and valid is just bills from place you live and the second one – passport. Besides here exist a list of rules what you as a new customer can get and what not. For instance, some banks do not issue cheque book while you are not a bank customer for some period, the some story for credit cards, internet banking and telephone banking. The last two is the first what bank staff will sell you at the beginning in Latvia.

Multifunctional staff.
Mostly, in Jersey, I suppose not just there, when coming into bank branch you will meet front-line service staff-cashiers who cash a cheque, check details of account, pay money into account, or transfer money. More experienced cashiers buy and sell traveller’s cheques and foreign currency.

If you think that the same is everywhere you have not been in Latvia. In Latvia, most of front-line so called cashiers do almost everything. They are super-staff. They do all I mentioned above plus opening current, saving accounts, sell all basic products and services, like internet banking, telephone banking, credit cards, debit cards, provide with information about mortgages, investments, travel and other insurance, buy and sell some kind of shares, give you small loans and overdrafts. Advanced cashier even could provide you with pension plan. And it is not all.
What do you think about abilities of Latvian banking specialist ?

So, this is the first impression of front-line job in banking area here and there. How do you like that ?
Second impression I leave for next time - such as security solutions in each country, which in some points are completely different. As well – as I have experience in branch manager work, I will share my opinions about management styles in banks.

See you soon…

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