Universal Banker vs. Teller: What Are the Differences?

A career in banking can offer many opportunities for growth and development. Two common positions in this industry are that of a universal banker and a teller. Though both roles are important in the functioning of a bank, there are several key differences between them.

In this article, we discuss the differences between a universal banker and a teller, and we provide additional banking positions you may be interested in pursuing.

What is a Universal Banker?

A Universal Banker is a cross between a teller and a personal banker. They are responsible for handling all types of customer transactions, including deposits, withdrawals, loan payments, and money transfers. They may also open new accounts, issue debit cards, and provide basic customer service. Universal Bankers typically work in banks and credit unions. Some may also work in retail stores that offer financial services, such as check cashing and money orders.

What is a Teller?

Tellers are responsible for handling customer transactions at banks, credit unions and other financial institutions. They greet customers, assess their needs and provide them with the appropriate services. This can include cashing checks, withdrawing or depositing money, issuing loans or processing credit card applications. Tellers are also responsible for keeping track of the institution’s money and ensuring that all transactions are completed accurately. They may also be responsible for selling money orders and cashier’s checks, as well as providing basic information about the institution’s products and services.

Universal Banker vs. Teller

Here are the main differences between a universal banker and a teller.

Job Duties

The duties of a teller and a banker may differ depending on the size of the bank or financial institution where they work. Typically, however, bankers handle more complex tasks within a financial institution than tellers do. They may, for example, process loans, manage investments and oversee the operations of a particular department in a bank. Tellers, in contrast, typically perform basic transactions for customers, such as accepting deposits, processing withdrawals and helping individuals with simple banking questions.

A universal banker performs many of the same tasks as both a teller and a traditional banker. As a result, they may spend equal amounts of time interacting with both customers and colleagues throughout the course of their day.

Job Requirements

Bank tellers typically need at least a high school diploma to enter the field, though some employers prefer candidates with some college experience. Many tellers start their careers working part-time while they finish school. Some tellers also pursue certification through the American Institute of Banking (AIB), which offers programs that teach tellers about various aspects of the banking industry, such as customer service and fraud prevention.

Universal bankers typically need at least a bachelor’s degree to enter the field. Many universal bankers start their careers working in entry-level positions, such as tellers or customer service representatives, before being promoted to a universal banker role. Some universal bankers also pursue certification through the AIB or other organizations, such as the Certified Financial Planner Board of Standards (CFP).

Work Environment

Bankers and tellers work in different environments. Bankers typically work in the bank’s offices, where they perform administrative tasks such as reviewing financial statements or meeting with clients to discuss banking options. They may also travel to meet with clients or attend conferences related to their field.

Teller jobs are more customer-facing than banker positions. Tellers interact with customers daily, helping them complete transactions and answer questions about products and services. Because of this, teller jobs often require a friendly personality and excellent communication skills.

Skills

There are several similarities in the specific skills used by universal bankers and tellers. Both positions require excellent customer service skills, as they will be interacting with customers on a daily basis. They also need to have basic math skills to perform their duties, such as counting money and making change. In addition, both positions require good communication skills, as they will need to be able to explain financial concepts to customers and provide them with information about products and services offered by the bank.

There are also some differences in the specific skills used by these two positions. Universal bankers typically need to have more comprehensive knowledge about banking products and services than tellers. This is because they are responsible for providing information to customers about a wide range of topics, including loans, investments and saving plans. In addition, universal bankers may need to use computer skills to perform their job duties, such as accessing account information and processing transactions. Tellers, on the other hand, typically only need to know how to use the teller system to process transactions.

Salary

The average salary for a universal banker is $39,289 per year, while the average salary for a teller is $39,865 per year. Both of these salaries may vary depending on the location of the job, the size of the bank and the level of experience the employee has.