A Relationship Manager has to mainly juggle his time in dealing with different clients, understanding their requirements, and selling the appropriate product to the client. RMs for a commercial bank have to remain updated with the bank’s products and communicate them to the target audience.
A typical day in the life of an RM (entry level):
- You take a look at all the meetings lined up for the day: you have 2 client meetings and 2 internal meetings
- You run to the first meeting and help your client (a big corporate) decide on the right terms for a 10 year loan.
- On coming back, you initiate the paperwork on the loan and also a term deposit another client wants to start.
- You rush to an internal meeting where the product team is discussing a new product being rolled out. You discuss the viability of the product and the target customers to whom this product will appeal.
- You then meet some clients who have come to the branch and solve their queries (an unscheduled meeting). Sometimes, these unscheduled meetings might take up a lot of time, since the RM has to ensure that every client gets satisfactory answers to his queries.
- Review periodic targets and analyze the reasons if targets are not met.
- Final meeting with a client, another internal meeting with the compliance team, some more paperwork and then you are done for the day!
Salary and perks:
- The starting salary for a Commercial Banking RM is around INR 7-10 Lakhs / annum depending on the bank
- MNC banks often pay higher (~INR 12 Lakhs+) along with a variable bonus
A RM has to learn to multi-task and make the most of his time to ensure that clients maintain a long-lasting relationship with the bank, and also help develop a new client. Losing a client in this cut-throat competitive world impacts the goodwill, hence, the RM has to ensure that clients get excellent services. He is responsible to report to the management about any grievances faced by the client which cannot be resolved at his level. Thus, this job profile is beneficial for those who love people management and communicating with clients from various sectors.