What is a Banker?

Sometimes, the word “banker” is used interchangeably with the word “bank,” though they are not exactly the same. A bank is a financial institution that primarily acts as a payment agent for customers who need to borrow or lend money. While “banker” can often be synonymous with “bank” for legal purposes, generally, the accepted use of the term is to refer to the person who owns, operates, or manages a bank.

Just as there are many types of banks, there are many types of bankers. An investment banker advises his or her clients on high level financial matters such as investment strategies, corporate takeovers or mergers, or the handling of publicly traded stock in a client’s company. This work generally involves high levels of financial analysis, and requires a strong background in finance and economics.

A mortgage banker differs substantially from a regular banker in that the mortgage banking industry is not required to follow state or federal laws that regulate the consumer banking industry. A mortgage banker must meet standards set by the state in which it operates, according to their department of banking or real estate. They usually must also be licensed in the state in which they do business, but this requirement may vary from state to state.

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The job of the banker in the world of commercial banks or retail banking may vary widely from corporate banking. In retail banking, the banker is generally the owner or branch manager of the bank, and is responsible for the general day-to-day operations. These might include such tasks as developing and maintaining positive consumer relationships, planning effective sales strategies, tracking the performance of current financial products and making projections for the future. In the competitive banking marketplace, it’s important to offer products and services at attractive interest rates, and remain responsive to the needs of customers.