Core Competencies for Each Financial Industry Job Role
In the financial industry, different job roles require different core competencies.
For each job role, some core competencies are more important that others, and your evaluation of candidates should give extra attention to assessing those few critical attributes. Some attributes are nice to have, but the core competencies should be considered “must have.” Don’t overvalue one competency at the expense of others. Star performers typically have strengths across a range of competencies for their optimum selling role.
Competencies are the skills, abilities and motivations that actually cause effective and/or superior performance in a job role. A characteristic is not a competency unless there is evidence that indicates that possession of the characteristic precedes and leads to effective and/or superior performance in a job as measured on a specific criterion or standard.
Distinguishing competencies are those skills or abilities that differentiate superior performance from average or poor performance such as a salesperson setting goals higher than the goals required by the organization.
Here are some of the core competencies and sample job roles for each type of selling. Take a look and see if you’re valuing the competencies for each role that are going to make the biggest difference for your bottom-line revenue.
Service Selling
Core competencies:
Achievement Drive, Initiative, Energy, Organization Skills, Sociability, Empathy
Sample job roles:
• Teller
• Receptionist/Greeter
• Contact Center Rep (In-bound service)
• Loan Processor
Consultative Selling
Core competencies: Achievement Drive, Optimism, Adaptability, Social Leadership, Creative Quick Thinking, Organization Skills
Sample job roles:
• Personal Banker/Universal Banker
• Customer Service Rep.
• Member Service Advisor/Personal Banker
• Contact Center Rep (In-bound sales)
• Consumer Loan Officer
• Internal Mortgage Originator
• Insurance Consultant
• Investment Officer
Competitive Selling
Core competencies: Achievement Drive, Drive to Persuade, Optimism, Resilience Energy, Organizational Skills
Sample job roles:
• Business Development Officer
• Small Business Banking Officer
• Trust Officer–Employee Benefits
• External Mortgage Originator
• Wholesale Mortgage Lender
• Contact Center Rep (Outbound Sales)
Complex Selling
Core competencies: Achievement Drive, Empathy, Self-Control, Planning & Analytical Thinking, Social Leadership, Organization
Sample job roles:
• Commercial Loan Officer
• Trust BDO/Administrator
• Wealth Management Advisor
• Private Banker
• Cash Management Officer
Sales Supervision
Core competencies: Achievement Drive, Empathy, Developing Others, Optimism, Collaboration, Planning & Analytical Thinking
Sample job roles:
• Business Unit Manager
• Regional Manager
• Branch Manager
• Sales Manager
• Assistant Branch Manager
• Operations Supervisor
• Contact Center Supervisor
