The Branch Manager’s role is crucial to financial institutions’ operations. They are the leaders of the branch office of a bank or financial institution; hence, they are in charge of ensuring their team meets its goals and objectives within the pre-established deadlines.
With the aim of maintaining efficiency, Branch Managers supervise all the operations held at a branch location, including, but not limited to, the following: hiring employees, reviewing the approval of loans and lines of credits, handling marketing activities, performing customer assistance, and building good relationships with the community.
In addition to their supervisory duty, they are also responsible for attracting new customers, as well as increasing the sales of financial products.
Here’s a non-exhaustive list of common tasks Branch Managers are required to complete.
- Creating, implementing, and evaluating the branch’s business plan:
- Developing and reviewing tactical and operational plans, procedures, and systems, in compliance with the institution’s strategic and financial goals, policies, procedures, budgets, deadlines, and other related requirements.
- 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, and ensuring that employees are up-to-date, on current banking regulations, current policies, procedures, and protocols;
- 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.
- 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.
- Contributing to ongoing professional business development activities:
- Working collaboratively with other branch offices to ensure the institution’s objectives are met; and
- contributing to the growth of the branch’s customer base by establishing connections with the community to attract new customers.
- Ensuring all employees handle their clients’ activities in an accurate, unbiased, and profitable way, following high ethical standards when performing financial transactions.
- Providing guidance, counselling, 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.
- Ensuring that employees comply with current Banking regulations and internal procedures.
- Communicating with colleagues of other branch offices.
- Developing relationships with the community and other businesses.
- Keeping detailed computerized records and reporting all of the branch office operations and activities, including employee performance.
The average Branch Manager salary is $61,470 per year or $32 per hour. This is around 1.9 times more than the Median wage of the country. Entry level positions start at $43,000 while most experienced workers make up to $86,000. These results are based on 96 salaries extracted from job descriptions.