HIGH-FLYING jobs in private banking have always topped the career wish lists of many aspiring bankers.
Boom time in Asia meant demand was high for personal wealth managers of high-net-worth individuals - until the current downturn.
Recruitment and marketing advertisements depicting executives dressed impeccably in business suits and wearing million-dollar smiles were everywhere.
The ongoing financial crisis has, however, dented the gold that lined a private banker's career.
News and rumours of mass layoffs at private banks and wealth management firms have stolen some of the lustre from the profession, at least for now.
Young upstarts looking to fill the gap left by their lofty dreams of a career in private banking could perhaps consider business banking as a better, albeit often underrated career.
For a long time, business bankers were seen as the poorer cousins of private bankers - in terms of career and personal growth - but that may not be the case for long, three veteran business bankers told The Straits Times.
'Life's a lot more colourful now because it is a lot more personal,' said Ms Kavita Bedi, who took over as general manager of SME Banking at Standard Chartered Bank Singapore in March.
'I grow with our customers as they grow with the bank...It's an eye-opener for me to see how uniquely different each of our customers is, as they come from the different markets in the region that transcend cultures,' added the banking veteran.
Misconceptions that business bankers typically deal only with a business entity are largely unfounded, as most work directly with business owners.
'The size of small and medium-sized enterprises (SMEs) allows our bankers to acquaint themselves on a more personal level with the customer,' said Mr Tan Chor Sen, head of emerging business at OCBC Bank's enterprise banking unit.
'It's not uncommon for the SME banker to be dealing with the proprietor himself, or with a partner of the firm. Good interpersonal skills, with the ability to build rapport, are essential.'
Mr Ng Cher Chye of United Overseas Bank (UOB) agrees, noting: 'A few things are important but, first and foremost, their interpersonal skills must be there.
'They must be able to relate practically to customers, especially SME owners who typically come from diverse backgrounds.'
However, Mr Ng, a senior vice-president at UOB commercial banking, believes the winds of change are sweeping through the SME landscape. As a different generation of entrepreneurs emerges, SME bankers will need to adapt.
'There is this extremely sophisticated second generation of SME entrepreneurs coming of age; they are trained overseas and bring about a different challenge,' he says. 'As bankers, we must develop a keen interest in industry and read widely so that we can add value to their businesses.'
Stanchart's Ms Bedi agreed, adding that in today's fast-paced environment, SME bankers must keep abreast of market trends and regulatory updates.
'It's also important for SME bankers to be attuned to their customers' business mindsets and changing needs,' she said.
'For example, many SME owners are self-made businessmen and some of their approaches to business could be pragmatic, as they have learnt to take calculated risks from their past experience down the years.'
It takes experience, good judgment, foresight and knowledge to excel at being an SME banker. UOB's Mr Ng says it can take up to five years to become an established relationship manager (RM).
He said: 'They perform the role of a credit analyst for their first one or two years. If they learn fast, they can become credible RMs within four years, when they fully understand credit structuring and are able to source for risk mitigants and attain credit consensus.'
But, as OCBC's Mr Tan points out, there remain many other misconceptions about what makes a business banker.
One, is that you need a banking or finance degree to qualify, and a $5,000 business suit when meeting clients.
'Our bankers do not necessarily come from any specific discipline, but they must enjoy interacting with people,' said Mr Tan. 'And there is no need to make a fashion statement, although they do need to learn to dress and conduct themselves appropriately when meeting customers who can come from a very wide range of backgrounds.'
On whether SME bankers are born or bred, Mr Ng's reply was candid: '50-50, but some of them are just born talkative, which is good,' he quipped. 'But of course, you must talk strategically and engage the customers on their level.'
The job, however, is not all talk. SME bankers will find themselves carrying the weight of their customers' aspirations on their shoulders, which for Ms Bedi was what drove her desire to help her customers succeed.
'Our customers, like all of us, have a dream, but instead of just daydreaming, they choose to set pragmatic goals to realise their aspirations,' she said.
Mr Ng notes that a career in business banking can be extremely rewarding, as business bankers play a significant role in helping customers fulfil their entrepreneurial aspirations.
'When you woo and win a new account, then see it grow from a small SME into a large regional or even global company - that, I promise, will give you great job satisfaction,' he said.
Said Mr Tan: 'As these bankers learn the ropes and get a good grasp of the job and responsibility, they move on to become team leaders or even business heads.
'(But) those who are especially interested can make a lateral move to become product specialists or credit controllers.'
Similarly Ms Bedi says Stanchart adopts a 'strength-based' approach in leadership development and even offers opportunities to work abroad.
She said: 'Leveraging on their strengths, we take risks on our people, moving them into cross-functional and different geographic roles, as well as leadership and people management roles early in their careers.'
According to Mr Tan, an experienced SME banker may be sought after for a position in private banking due to the wealth of contacts he or she possesses.
'There are also some who have made successful career switches to become chief financial officers or chief executives of SMEs.'
This article was first published in The Straits Times on December 01, 2008.
