What important qualities (eg. determination, astuteness) should interested candidates embody in order to have a higher chance of success as a Bancassurance Specialist? What challenges do bancassurance employees face daily?
Being a Bancassurance Specialist at DBS requires flexibility and an ability to learn quickly. To have a successful bancassurance career, candidates must combine product marketing with retail and financial planning, and utilise a broad range of skills and knowledge. Candidates should also enjoy learning on the job and rising to the challenge.
As a Bancassurance Specialist, one needs to always keep abreast of the latest happenings in the markets, be prepared to analyse new information provided by the clients, and have the patience to establish a strong relationship with them before designing and customising a financial plan that will best cater to their individual needs.
How can job seekers enter the banking & finance industry as a Bancassurance Specialist? What important qualifications should candidates have?
Candidates must meet the following criteria – they should be degree or diploma holders in business administration, finance or related disciplines; have a minimum of 1-2 years of sales experience in the insurance or financial services industry; have excellent communication abilities and the capability to work with stakeholders at all levels; and possess strong numerical skills with a keen ability to plan and project business financials.
How is a typical day like in the life of Bancassurance /DBS employee (eg. meet with mentor in the morning, work in downstream department in the afternoon and finish up day with personal assignments)?
As a Bancassurance Specialist, one is required to support the team in delivering a comprehensive suite of banking and financial services. A typical day for a DBS Bancassurance Specialist involves a short meeting with the team and team supervisor in the morning before proceeding to conduct financial planning interviews with clients. Besides helping clients grow and maintain the integrity of their portfolios, bancassurance specialists also assist clients on simple daily service processes such as internet banking and any banking queries they may have.
Throughout the day, bancassurance specialists make several cold calls and venture out to meet new clients. At the end of the day, bancassurance specialists re-analyse the various portfolios they are in charge of to ensure that they have addressed their clients’ needs before completing any other personal assignments.
What do you think are the rewards of working at a bank compared to other fields and industries? How different is working at DBS Bank as compared to other banks in the region? What are the unique perks of working at DBS?
DBS is a leading financial services group in Asia, with over 250 branches across 16 markets. Headquartered and listed in Singapore, DBS is a market leader in Singapore with over four million retail customers and also has a growing presence in the three key Asian axes of growth, namely, Greater China, Southeast Asia and South Asia. The bank’s strong capital position, as well as “AA-” and “Aa1″ credit ratings that are among the highest in the Asia-Pacific region, have earned it Global Finance’s “Safest Bank in Asia” accolade for five consecutive years, from 2009 to 2013.
At DBS, we are uniquely placed to deliver banking the Asian way. As a bank that specialises in Asia, we leverage our deep understanding of the region, local culture and insights to serve and build lasting relationships with our clients. The broad customer base that the bank has also allows staff to focus on adapting to the structured sales and client management process, and continuously develop their skills.
In addition, DBS believes in empowering its people to develop professionally and personally. The DBS Academy provides structured training programmes to ensure that all employees are provided with ample training and career development opportunities to constantly upgrade their skills and hone their competencies. After we have assessed our learning and development needs, we can capitalise on the myriad of programmes offered to realise our career aspirations as well as continuously value-add and stay relevant to our clients in a rapidly evolving Asia.
Are there any training programmes that candidates have to go through before becoming a DBS employee? Please describe one such programmer.Upon joining the bank, bancassurance specialists will undergo rigorous training programmes on personal effectiveness and financial knowledge to better prepare them for the role.
How is the career advancement prospect like in DBS, and what can a Bancassurance Specialist do to progress in his or her career?
At DBS, learning and development opportunities are abundant. Through the rigorous curricula offered at the DBS Academy, bancassurance specialists are equipped with both technical and client management skills to bring the best that DBS has to offer to each client.
With DBS’ strong support for the professional and personal growth of our staff, we are able to realise our career aspirations as we can specialise in the Bancassurance business and progress across the Consumer Banking Group and Wealth Management Group. Bancassurance specialists also have the opportunity to work in both the DBS and POSB franchises, and to be a part of the bank’s internal mobility programme. The DBS internal mobility programme facilitates internal transfers and helps employees to grow their careers across departments, businesses and geographies.
In your opinion, how is the job market like a) currently and b) in next five years for candidates interested in pursuing a career in Banking, Finance and Accountancy?
Careers in banking continue to be highly sought after because the banking and financial sector is a dynamic one, especially in a fast-growing region like Asia. Bancassurance is one of the fastest growing sectors within the banking and financial services industry. Over the next five years, it is likely that the industry will develop significantly and will present one of the most exciting career opportunities in consumer banking.
What financial advice can you give to new job seekers or fresh graduates starting out in their careers?
As soon as you land your first job, start saving monthly and work out investment plans. It is important to start planning for the future and build up a nest egg, even if it means that you can only afford $50 a month. Plan to increase your contributions as you get older, but for now, contribute as much as you can.
Employee Profile Name: Cherie Lee Current position: Bancassurance Specialist Years of working at DBS: Over a year Dream job: Relationship Manager Interests: Fashion, travel, Pilates, gym, listening to progressive music, chilling out at cafés with friends Words that describe you: Witty, confident, friendly and caring Favourite thing about working at DBS: The culture and our strong focus on Asia!