A client-facing specialist, a relationship manager advises bank customers on their finances and the financial resources available to them.
They typically manage a diverse client portfolio and work with high-net-worth individuals, governments, and financial institutions (such as pension funds and insurance companies). To make informed decisions and address risk management and compliance concerns, professionals in this area must first understand a client's financial priorities and risk appetite, as well as have a thorough understanding of the industry.
Relationship building is critical in this role; the person should quickly establish himself as the client's primary point of contact and trusted advisor, and then maintain and improve that relationship over time, resulting in increased profitability and client satisfaction. In order to create new revenue, relationship managers must also find and develop new customers. Preparing and presenting presentations and pitches to potential customers, as well as maintaining a smooth onboarding process, are common responsibilities.
Key Responsibilities
Managing and maintaining productive client relationships, finding and managing solutions to address a broad variety of client needs, and promoting goods and services are all examples of proactive client relationship management.
Efficient client management generates and grows revenue sources.
To align the bank's offering with the client's needs, develop a thorough understanding of the client's financial needs and demonstrate good product and service awareness.
Recruiting new clients and selling goods to them; coordinating with the sales team to ensure the quality of leads referred meets the appropriate level.
Conducting KYC checks and risk assessments as part of the onboarding process for new clients.
Managing credit risk in delegated client relationships.
Keeping accurate client details up to date and taking ownership of client service requests and inquiries.
Making proactive client calls and responding to client requests as soon as possible.
Collaboration with other Relationship Managers to increase service and revenue generation.
Preparing senior management presentations to inform them of new company growth plans and strategies.
What is their significance?
Relationship managers play a critical role in maximising how profitable clients are to the bank as a whole, and they will determine whether or not a customer keeps (and expands) their relationship with the bank. Effective relationship management enables the institution to prioritise and distribute resources efficiently, with the specific goal of maximising service levels in order to increase customer satisfaction and market share.
The essence of the relationship manager's job necessitates excellent interpersonal, communication, and listening skills, as well as the ability to inspire faith and trust in others. Individuals must also be able to conduct research and analysis while paying close attention to detail, as well as present and articulate complicated details clearly and simply. Sales and negotiating skills, as well as drive and initiative, are required of relationship managers.