Business Economist – Banking and Financial Services

Business economists for banks and financial services support economic decision-making processes in various operational functional areas. They create analyzes and concepts, carry out projects and monitor the success of their measures.
You will analyze and design market-driven products and customer services for credit institutions such as banks, giro centers, savings banks or building societies and financial services companies as well as for financial investment advice. As soon as the concepts have been coordinated and approved, they implement them, monitor their success and, if necessary, adapt them to changed circumstances in product management. The business economists ensure that all business processes are optimally supported by information and communication technologies. They also acquire and advise private or corporate customers. To do this, they analyze their individual economic situation and develop needs-based investment and financing concepts. They carry out risk analyzes or ratings as well as credit checks. In the Treasury department, you monitor the financial position and control financial transactions such as financial investments or borrowings.

Business economists for banks and financial services primarily find employment

• at banks and credit institutions
• at financial services companies

They also find employment

• at management consultancies
• at tax consultancy and auditing companies

The salary level for Business Economist – Banking and Financial Services in Germany is: from 5295 up to 7100 EUR per month

Why is?

Business economists for banks and financial services plan, organize and monitor the business activities of a bank or a financial services company.

Prepare decisions

If, for example, new laws come into force that have an impact on taxes and duties, business economists for banks and financial services examine whether product adjustments are economically sensible or necessary in terms of content. You develop a new investment product, an updated tax-saving model or an innovative financing concept, check which customers - such as companies and wealthy private individuals - can be addressed with it. They also examine whether the services offered are still in line with the market. They carefully collect the current status, e.g. based on customer surveys and describe the initial situation. Business economists evaluate the potential of technical developments in the context of electronic banking, develop creative ideas for customer loyalty programs and analyze the product and service offers of competitors.

Supervise and control business processes

They ensure that business processes in the customer-oriented area as well as in administration run smoothly. If you are looking after an investment or financing product, you use key figures to monitor how well it is presenting itself on the market. You create advertising material and implement marketing measures, provide customer service with information materials and improve the product on the basis of feedback from the market. Together with specialists from IT and graphics, business administrators for banks and financial services develop information and communication technologies that support all business processes.

Since banks and financial service providers have to adhere to strict laws and guidelines - from the risk protection of deposits to accounting rules to regulations in international payment transactions - business economists perform administrative and control functions. For example, they identify and evaluate the risks of banking or corporate activities and implement measures to minimize them or optimize earnings.

To advise customers

In the customer-oriented area, they look after important customers or complex system concepts. You can also specialize in a certain area, e.g. on the support of private or corporate customers, on the trading of real estate and stocks, on investment or financing advice, on portfolio management, on rating analyzes or risk management. They are in contact with private or corporate customers in the office or in the field and try to convince them of the advantages of their products. Depending on the principles of corporate policy laid down by management or the board of directors, they address specific customer groups in a targeted manner, position their company in the bancassurance business or specialize in certain niches. In the private customer business, they inform customers about financing models, about money and capital investment options or about debt rescheduling programs that they adapt to the individual situation of the customer. In the corporate customer business, they also work on restructuring concepts, they assess the restructuring ability of companies, analyze and evaluate loan documents, existing restructuring agreements and balance sheets. Finally, they develop solutions with the customer and prepare the draft resolutions. To ensure that a potential business only entails an acceptable level of risk for the company, they always carry out the prescribed risk analyzes or ratings as well as credit checks.

Diverse fields of application

In addition to specialist tasks, the business economists also take on management activities. You are responsible for a banking or finance division, such as a real estate fund or direct banking business, a project or an administrative area. In addition, they can work as management consultants for banks and financial service providers. They are also commissioned with foreign business on behalf of customers or for the account of the bank, carry out securities, foreign exchange or precious metal transactions or advise companies on going public. As treasurers, the business economists take on the procurement and disposition of capital, draw up medium-term financial plans and protect the company against financial risks. The aim of their work is to ensure the profitability and liquidity of a company.