Bank interview questions | Top 15 frequently asked questions!

Bank interview questions | Why choose a career in finance?

The finance landscape continues to witness a boost, thanks to the constant developments in various domains across the globe. The finance and banking business offers a variety of opportunities for graduates from many academic disciplines, including corporate banking, customer relationship management, research, and tax analysis, among others. Check out how you can crack the interview round with the top bank interview questions and answers – 

Bank interview questions | Which questions to anticipate?

Q1. Why do you want to join the banking sector?

Answer- I believe I am a good fit for this industry since it demands both attitude and aptitude. The banking industry is a well-organized and rational domain. It also requires competent communicators with high customer service abilities, strong leadership qualities, and an analytical approach. Given my previous experience, I believe I have been successful in inculcating these traits in myself. Because I possess ‌these characteristics, this is an excellent career choice for me.

Q2. Why do you want to work with our bank?

Answer- Yet another one of the basic bank interview questions includes why a candidate wants to work with a particular bank. Here’s how you can answer the question.

I heard on a job board you were looking for new roles on the West Coast to support your expanded activities there. I spotted your posting there and conducted some additional research on the new branch you’re constructing, which excites me since I know it will provide me an opportunity to work with a well-established bank like yours. A Wall Street Journal story also informed me you are growing up in Mexico. I am proficient in Spanish and would be happy to assist with liaising whenever needed.

Q3. What motivates you to work in the banking sector?

Answer- Finance has always captivated me, and I’m constantly interested in learning more about it. Based on my interests and talents, a career in personal banking seemed the correct decision when I started college. I have outstanding communication skills and am adept at problem-solving and making choices under duress. So, I thought I could put these abilities to good use by giving individuals sensible financial advice and assisting them in achieving financial stability, so a job as a personal banker sounded appealing.

Moreover, I am a fast and accurate worker who is also self-motivated. This makes working in the bank more enjoyable. Despite having a responsible and diligent working attitude, I can stay focused on my task.

Q4. What can you bring to the table?

Answer- Bank job interview questions also include how you can add value to the bank. Here’s how you can answer the question.

Because I have dual degrees in economics and statistics, I consider myself the best fit for this post. I’m a keen observer who can use my mathematics knowledge in the present market. A sociology minor helps me connect with business and clients even more. I interned at a multinational corporation and gained excellent experience.

I recently received my bachelor’s degree in finance and am looking forward to gaining professional experience. Interning at a bank allowed me to work in several jobs, including account managers and managing directors, in both branches and corporate headquarters. Since I have a solid experience in statistics and economics, I am convinced that I will be able to contribute that expertise.

Q5. Do you have a concern about working in the banking industry?

Answer- My major worry is the distance from my residence to my home, as I like to spend as much time with my family as possible. Spending more time while commuting may prove to be counterproductive. And therefore, I think working for your Sydney-based firm would be ideal for me.

Q6. Tell us about your strengths

The interviewer would also like to know more about your strengths and weaknesses. Hence, this forms the gist of the upcoming question asked in bank interviews. Here’s how you can answer it.

Answer- I’d say I’m pretty good at troubleshooting. Because of my experience in the financial and economic field, I can understand bank-related difficulties and can fix these in a better way.

During the initial years of my career, I have developed my communication skills, which can substantially help if I am required to work within a team.

Q7. How would you want your co-workers to perceive you?

Answer- I want them to think of me as a trustworthy person who they can rely on in the event of a crisis. I wish to be friendly with everyone and genuinely hope that I am deserving of their friendship. 

My co-workers should perceive me as an easily approachable person, so they ‌ connect with me whenever they have a query. I believe a relationship like that can be highly favourable for growth.

Q8. Why did you quit your previous job?

Answer- I did so since it was too far away from my home and making regular commutes was quite challenging. My time there was also on a contract basis. My contract just expired last month. As a result, I’m looking for work. There was little space for professional growth and improvement in the prior organization because of the nature of my employment. Stability in the workplace is something I value, but stagnation is not.

Q9. What are the problems that you have overcome?

Discussing the previous problems you’ve overcome can form the crux of some important questions for a bank interview. Here’s how you can answer the question.

Answer- One of the most difficult challenges I’ve faced was securing my ideal internship at a prominent investment bank, only to dislike the experience. This pushed me to reconsider my professional path, but it ultimately paid off in the long term. I decided to take a break from the fast-paced world of global business and pursue an internship with a local firm like this one, which I truly liked.

Q10. What are the recent trends in the banking industry?

Answer- Digitization, enhanced mobile banking, cloud banking, digital-only banks, fintech businesses, and biometric authentication are some of the developments that have caused substantial transformations in the banking sector. 

Other trends include the use of a real-time payment system like the Unified Payments Interface to conduct inter-bank transactions on mobile devices and the use of AI chatbots to provide personalized banking solutions. Furthermore, blockchain technology has the potential to help banks achieve greater regulatory compliance while also making lending safer and faster. Smartwatch technology and wearable gadgets have also grown in popularity, reshaping the future of retail banking.

Q11. What do you think are the current needs of the banking sector?

This is one of the most important ones in the banking process interview questions. Here’s how you can answer the question. 

Answer- For long-term growth, I believe banks should aim to distribute savings evenly across all industries. To make banking procedures more efficient, banks nowadays require skilled and sophisticated management practices. Banks must meet the credit demands of all segments of society while also improving credit management and reducing non-performing assets (NPAs) and bad loans through effective measures.

Q12. What is a line of credit?

The banking sector interview questions also include technical questions, such as this. Here’s how you should answer the question. 

Answer- A line of credit, or LOC, is an arrangement between a bank and a borrower to offer a specific amount of credit on the borrower’s demand. The benefit of this arrangement is that the borrower can withdraw any amount (up to the maximum limit or credit limit) at any time and just pay interest on the amount withdrawn rather than the total loan payment. As a result, the borrower can change the repayment amounts based on their demands or cash flow.

Q13. What is a Non-banking financial company?

Answer- Financial institutions that provide banking services but do not have a banking license are known as non-banking financial companies. A non-banking financial corporation (NBFC) is a firm that deals in loans, shares/stocks, and other financial products. These institutions are not permitted to accept public deposits. Loans and credit facilities, retirement planning, money markets, underwriting, and merger operations are all services provided by NBFCs. 

Q14. What is a KYC policy?

The banking sector interview question further extends to more technical questions, such as information about KYC policy.

Answer- KYC (Know Your Customer) must be shown to verify a person’s identification for banking procedures. An identification proof with a photograph and an address proof are the two fundamental obligatory KYC supporting documents that are required to confirm one’s identity when opening a bank account, fixed deposit, mutual fund, or insurance policy‌. Before opening a bank account, issuing a credit card, or issuing an insurance policy, financial organizations may need you to provide income proof.

Q15. Tell us something about BSBDA

Answer- Basic Savings Bank Deposit Account is abbreviated as BSBDA. BSBDA stands for ‘no-frill accounts,’ which allow anybody to create a ‘zero balance account.’ or a bank account with no balance This BSBDA aims to increase financial inclusion by offering banking services to the poorest members of society. BSBDA is required for all scheduled commercial banks in India, including foreign banks with branches in India. 

Key takeaways

• The interviewer can ask you any technical, personal, or behavioural bank job interview questions. 
• The recruiting manager wants to know about your banking experience and ability. As a result, you must be ready for any sort of question that comes your way. 
• So, regardless of your academic degree, having confident body language, strong eye contact, and a firm grasp of basic ideas and banking words are essential for interview success. 
• Maintain your understanding of the country’s financial position and banking policies by reading newspapers and informative periodicals.
• Before the final round, you might attend practice interviews or study questions with example responses. This will assist you in dealing with high-pressure situations and coming up with the best solution.

We hope you enjoyed reading this blog. In case of any queries, reach out to us or drop a comment below!

Liked this blog? Read next: MBA in Finance | Top 7 things you must know!

FAQ

Q1. How can you prepare for bank interview questions?

Answer – You can prepare for a bank interview in the following ways – 

• Know the bank
• Ensure that you highlight your strengths
• Submit authentic educational and experience records

Q2. What degrees are best to secure a banking job?

Answer – The following degrees are the best to secure a banking job – 

• Bachelor’s degree in business
• Accounting bachelor’s degree
• Degree in information technology
• Bachelor’s degree in business administration 
• Bachelor’s degree in law

Q3. Can I go for a banking course after the 12th?

Answer – Yes, you can opt for a banking course after the 12th.