Nature of Work:
Banking, credit and other investment managers plan, organize, direct, control and evaluate the activities of financial establishments or operational departments within such establishments, or credit departments in industrial and commercial establishments. They oversee business development and manage overall performance in accordance with established strategic directions and policies. Banking managers are employed by banks, trust companies and credit unions. Credit managers are employed by credit departments in department stores, utility companies, car dealerships, insurance companies or other industrial or commercial organizations. Other investment managers are employed by credit card companies, consumer loan companies, mutual fund investment firms, mortgage investment companies or other financial establishments concerned with extending loans and financing and investments.
Banking managers perform some or all of the following duties:
- Plan, organize, direct, control and evaluate the branch operations of a bank, trust company, credit union or similar financial institution or of a department in such an institution responsible for administering personal and commercial loans, buying and selling securities, operating investment funds, administering trusts, settling estates or other related activities,
- Ensure the institution’s policies and procedures are followed according to established guidelines and make recommendations for improvement,
- Network to develop business relations, promote the sale of loan, investment and other banking services and attract corporate and individual customers,
- Interview corporate and individual customers and respond to customer enquiries,
- Analyze, review and approve or reject loan and credit applications in accordance with authorized limits,
- Monitor processing of loan applications and credit investigations,
- Oversee preparation of monthly financial and branch progress reports,
- Recruit personnel and identify their training needs,
Credit managers perform some or all of the following duties:
- Plan, organize, direct, control and evaluate the activities of a credit department in an industrial or commercial organization,
- Administer corporate, commercial and personal loan accounts,
- Advise customers on the commercial and personal financial services corresponding to their needs,
- Evaluate and review loan and credit applications and collateral and make recommendations,
- Approve or reject credit applications, establish credit limits and determine repayment plans or schedules in accordance with authorized limits,
- Ensure collection of overdue or delinquent accounts,
- Ensure credit policies and procedures are followed according to established guidelines and applicable legislation,
- Prepare credit and loan reports,
- Recruit credit personnel and identify their training needs.
Individuals who perform the majority of the above job description may be eligible for consideration under Quebec Immigration rules.
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Canadian banks are beefing up efforts to attract newcomers by offering such incentives as multilingual service and lower fees.
Immigrants are one of the fastest growing demographics in Canada, while population growth within the country is relatively stagnant. Some projections estimate that by 2036, over 70 percent of population growth will be from immigration alone. Increasingly, Canada’s largest financial institution are recognizing and attempting to tap into this potential market.
“It’s really somewhat of a clear-cut business case,” says Royal Bank’s director of multicultural markets Paul Sy. “The forecasts are quite clear that Canada is an aging population. Moving forward, newcomers are really the key source of growth and will be fuelling the … growth of the Canadian economy for years to come.”
One of the newest strategies to attract newcomers is to offer unsecured credit cards, which allows those with little or no credit history in Canada to obtain credit cards with higher limits. Some advocates warn that this could potentially do more harm than good if newcomers are not familiar with credit systems and run up their debt without being able to pay.
Still, say financial experts, most newcomers are highly educated people who would make desirable clients at these institutions. Most are motivated to succeed, and likely to be loyal to companies which give them a chance to do just that. The fact that banks are now sending recruitment specialists abroad to further tap into this market shows just how valuable these newcomers are.
Source: Globe and Mail