9 Banking Interview Questions and Tips That Will Give You an Edge Over Others

Getting an interview for a job is always highly pressuring and overwhelming. It is best that you always be prepared because the limited time you have with the interviewer will decide whether you will get hired or not. Less than one hour will make or break your future. And it’s always good to make an impression. 

When you are getting interviewed for a banking job, chances are you will get more specific questions about banking and finance. At a bank, it is essential to have a banking and finance background for you to be able to carry out your tasks. 

To help you prepare, we have compiled nine banking interview questions and the answers that will give you an edge over others. We will be skipping the general questions that most interviewers ask to get to know you but we will focus more on the banking-specific questions. 

Here are some examples:

1. What Skills and Prior Experience do You Have That We Can Benefit From in Our Bank? 

In any job, the interview will always have some form of a question about your skills and prior experience. For a banking interview, you will especially have to highlight the skills that you will be using for the job position. 

It is important that you highlight your customer service skills, cash handling, and technical skills. Also, it would help if you have undergone an in-person training course in the past. You will have to be well-versed in handling customer concerns, as you will have to face them all day. Good cash handling skills such as basic math skills, making balances and financial principles are also commonly used in banking. 

Lastly, technical skills such as proficiency in Microsoft Excel or other types of specific software that your bank uses are also a must. There are many courses and Microsoft Excel training online is available if you are not well-versed in the Microsoft suite. This is useful not only for bank jobs but other corporate jobs in general.

2. Why Do You Want to Pursue Being a Banker? 

It is best to answer this question truthfully and personally. You can dig up some personal experiences as to how you came to like banking so much. Maybe you have an innate talent or are drawn to environments where money is being handled. You can also state any past experiences with finance jobs that you had. 

Highlight your best memories and your fondest moments of your banking experience. An interviewer will most likely pick someone who is passionate and looks like they would have a natural affinity for their banking job. 

3. What Types of Accounts Can You Open in A Bank?

This type of question measures your technical banking ability. They are trying to see if you are familiar and that you know what industry you are trying to enter. There are 4 common types of accounts that you can open: 

• Savings Account 

This is the best way to keep your savings fund. They usually have higher interest rates and a limited number of transactions. 

• Checking Account 

This is usually an account where people get their wage deposited, their bills paid from and where money to be spent is kept. 

• Money Market Deposit Account 

This offers more interest than a typical savings account. It’s a mixture of a checking account and a savings account in terms of features. Your transactions in this type of account may also be limited. 

• Certificate of Deposit or CD account 

In this type of account, your money may earn more interest. The drawback of a CD account is there is a time frame as to the movement of your money. This time frame usually lasts for more than a year. 

4. What is the Difference Between a Credit and a Debit Card?

If you have a bank account and use a credit or a debit card, chances are you already know the answer to this.

A debit card uses your funds from your checking account in real time. A credit card will be charged to your line of credit. This will be paid at a much later date. Payments are usually made monthly and your interest rates may vary. 

5. How Would You Deal With an Upset Customer? How Would You Resolve the Situation?

This question gives your interviewer a glimpse into your personality and how you would handle pressuring situations. This is a normal occurrence in any establishment and a good employee should be able to handle this situation gracefully. 

The best thing to do would be to remain calm and actively listen to the customer. Try to figure out the cause of their problem and start from there. 

It would actually depend on what the problem is but you should always follow the bank protocol once you pinpoint the issue. Try to deal with it thoroughly and be understanding of the customer the whole time. 

6. How Would You Deal with a Co-Worker Mishandling Bank Funds? 

The best way to deal with a co-worker mishandling bank funds would be not to make a scene and to report to a supervisor immediately. Making false accusations would not be a good look for you. 

If you have a hunch that your co-worker is doing something wrong, you can ask your supervisor or manager to take a closer look as they have the authority to do so. 

7. How Would You Convince a Prospective Client to Choose Us as Their Primary Bank? 

In order to convince a client to choose your bank, you must know what your bank offers, inside and out. Only by knowing what your company offers can you start marketing your products effectively. 

The next step would be to discuss with your client what it is that they need. Once you find this out, you can align their needs with what your bank offers. This would be the most effective way of convincing them to patronize your bank. 

8. Why is an Applicant’s Debt-To-Income Ratio Important? 

An applicant’s debt-to-income ratio shows how responsible they are with managing their debts. If an applicant has a high debt-to-income ratio it shows that the majority of their monthly income is being used to pay their debts. 

This is important because you may have applicants with high debt-to-income ratios that want to apply for a credit card or a new line of credit. Since their current statistics show that they may already be having a hard time paying debts, it would not be wise to approve their application. 

9. How Does a Bank Earn Profit? 

A bank earns their profit by lending out money and charging an interest rate. They get this money from their depositors and they earn interest from their debtors. Banks also earn fees from their customers during certain kinds of transactions. This cycle of borrowing and lending money to people makes banks important financial institutions. 

Conclusion

In a banking interview, the interviewer will likely ask questions that will gauge your knowledge about banking and finance and see your personality. Make sure you know the key information that the specific job role you applied to should know. 

Great communication and confidence is also a good plus when you present yourself during an interview. Most importantly, show them that you’re willing to learn. Good luck on your banking interview and we hope our tips help you!