What is it like to work in the bank?

Before you start making a choice of working in the bank you must first ask your self what are the challenges am going to face working with a bank? One of the common questions you should also ask is how do bank make their money? And what gains will it be if you are working for a bank?

Usually, monies come to Banks through borrowing from individuals, businesses, financial institutions, and governments with surplus funds (savings). Through the process of taking deposits, making loans, and responding to interest rate signals, the banking system helps channel funds from savers to borrowers in an efficient manner.

Banks earn come from interest they earn by lending out money to other clients. The funds they lend come from customer deposits. However, the interest rate paid by the bank on the money they borrow is less than the rate charged on the money they lend.

It’s very lucrative working with the bank, and at the same time the risk is very high too but can be managed, depending on your readiness and alertness.

                                                                                                            Photo source: Google

Bankers at all time must know and be ready to uphold bank ethics:

Ethics can be defined as a system of criteria and measures examining the values, norms and
rules underlying the individual and social relations on such moral grounds as right and wrong
or good and bad. Professional ethics regulates the relationships of members of the relevant
profession with each other and with society, and defines organizational ethics and in-house
behavioral culture by imposing certain rules for resolution of problems originating from
inside or outside the organization.

Performing the investment and saving functions by playing the role of a unifier and mediator
in the society between parties offering and demanding funds, banks, as a part of the marketplace, mainly and naturally target the profitability and productivity principles, which requires them to operate in strict compliance with certain professional and organizational ethics principles.

Departing from the objectives of growth of the banking system, enhancement of banking service quality, best use of resources, creation of a fair and honest competitive environment among banks, and prevention of unfair competition, banks are required and expected to regulate their relations with each other and other organizations, and with their customers, shareholders and employees in accordance with these ethical principles. 

In summary, the bank must observe the following ethical culture:

(a) Integrity:

Stick to the principle of integrity in all their relations in the course of their operations; and

(b) Neutrality:
Departing from the basic principle of “Respect towards human underlies the success.”, do not
ever discriminate among their employees and customers, and refrain from biased behaviors;
and Abstain from any discrimination of ethnical origin, religion, financial and social status, or sex in the provision of their services; and

(c) Reliability:
Provide clear, understandable and accurate information to their customers within the frame of
mutual trust in all their services and operations, and perform their customer services timely
and completely; and

(d) Transparency:
Keep their customers clearly, understandably and frankly informed about their rights and
obligations and benefits and risks regarding the products and services offered to them; and
before giving any product, service or advice, efficiently assess their customers and financial
capacity, status and needs of their customers, and offer their products and services
accordingly; and

(e) Supervision of Public Benefits, and Respect to Environment:
In all of their activities, do not only target profitability, but also take pains in supporting and
sponsoring social and cultural events and activities in light of the principles of supervision
of public benefits and respect to the environment; and

(f) Fight Against Laundering of Proceeds of Crime and Combat Against Financing
of Terrorism: 

Within the framework of international norms and national applicable laws and regulations,
adopt it as an important principle to combat against the laundering of proceeds of crime,
corruption and similar other acts, and act willingly to cooperate with each other and with
other relevant entities and organizations and concerned official authorities, and take the
required actions in their own organization, and organize training programs for their personnel;
and

(g) Information Abuse:
Take all kinds of measures and actions in order to prevent abuse of insider information of
themselves and their customers.