{Interview} QnA-Bank: Banking related Interview Question & Answer

Question: Why do you want to enter banking? Why are you joining bank after your qualification? Why join bank? What is so special about banking?

Guideline: These questions provide a wonderful opportunity for you to express the desire you have in joining banking sector.

Take note of the fact that while framing your answer for this question, take these factors in to consideration:

• Banking is a fast changing environment
• Retail banking is now very competitive – from telephone banking, retailers and etc Banking is thus now largely sales driven.
• You can even talk about IT getting changes and clearing banks offers a wide range of career opportunities for graduates – not just in branch banking but also in financial services, consultancy and corporate banking.
• Possibility of growth: As banking sector is the fast growing industry in India, so with bank I will also grow.
• Job security: Everybody seeks for the stability in job. Down the line, it will provide me and my family a peaceful life.
• Prestige in society: By providing loans and banking services to the people gives a sense of prestige in society.

These factors if included in your answer will make the answer look professional. Possibility of growth in banking sector is very high these days. Also all the persons join banking mainly because of the job security it gives. Add to this the element of respect you get in and around your house.

Banking is one of the fastest growing sectors in India with more stable and high growth and more over providing wide range of career opportunities for graduates. So I want to take this opportunity to join in this bank.

So frame your own answer accordingly. Mention the 3 factors have mentioned above in your answer. While presenting your answer in the interview, have a smile in your face and look at all the interviewers one by one.

Present the answer in a diplomatic manner so that the interview board might feel that you are not just displaying your ambitions only.

Question: What is the importance of Marketing in Banking?

Guideline: This question can be seen mainly for candidates who have done their MBA and have applied for the bank job. Many of these candidates would have done their MBA in marketing which makes the question quite more relevant.

So how do you go about answering it. There is no need to for you to say specifically that you have done your MBA in marketing or so your achievements. You need to explain the procedures and the situations that may arise in banking.

Let us see a model answer

Banks mainly deals with lending and deposit activities. In the case of lending, when the customer approaches the bank for a loan he would have done his research. He would definitely have considered other banks before applying for a loan in our bank. So either low interest rates or the customer satisfaction would have helped him to apply for loan with our banks. So it is natural that an MBA holder in, marketing can analyze the situation well and can respond to the needs of the customer. Similarly in the case of deposit customer satisfaction is predominant. The customer needs to feel that the bank respects the hard work he had done to earn the money which he is going to deposit with our bank. So it is all about understanding our customers and marketing the bank well. It is what a marketing graduate can well do.

Question: Have you applied to any other areas apart from banking?

Guideline: Here off course your answer will hold some other finance or sales and marketing careers – insurance or accountancy, altogether these careers should have skills related to banking.

Question: How do you feel about committing yourself to another three years of exams?

Guideline: The professional examinations that you will almost certainly be required to take as part of your training are not always difficult in themselves, but do require determination and focus - especially as much of your study will be done in the evenings after a hard days work. You should also be aware of the range of qualifications open to you – many of the large clearing banks offer the opportunity to gain qualifications in marketing, personnel or accountancy – not just banking.

Question: Tell me about an experience in which you had to use tact?

Guideline: Tact and diplomacy are important qualities in retail banking – the customer is (almost!) always right. You may have to tell an account holder diplomatically why they can’t have a loan for example, without provoking them into moving their account elsewhere

• To answer this type of question, think through everything you have done in the last five years – school, university, sports, clubs, societies, travel, vacation jobs etc. and try to think of situations where you had to demonstrate this and other qualities – do this before your interview.
• If you have completed a number of employer application forms, then you should already have done this as this type of question is now common on application forms.

Question: Who are our major competitors and what differences do you notice in our products?

Guideline: The company will be expecting that you have done your research on the industry generally. You should be familiar with the bank’s products and services – literature on these can be picked up at any branch. Read the banks brochures and annual reports – these may be in the careers information room.

Be aware of current trends in the market and try to find out what each bank is doing in these areas.

Question: What significant trends do you see in the future for this industry?

Guideline: This is your chance to shine. You will be fully familiar with the economic situation as it relates to banking or how recent legislation affects it. How will you be familiar? Because you will have done your research and preparation properly.

• You will have talked to people about the bank, you will have been reading trade magazines, journals and newspapers, and you will have poured over annual reports or anything else you can get your hands on direct from the bank.
• You could talk about tele-banking, the limited range of services now being offered by the supermarket banks, the effects of technology and competition and much more.
• The Employment Files in the Careers Service library are an obvious first place to look. The Internet is also an excellent source of information. Be ready to have more than one significant trend to discuss!

Question: Tell Me About Yourself?

Guideline: Describe yourself or tell us about yourself or introduce yourself are the same forms of IBPS interview questions asked in different ways. So let us prepare an answer for that question.

"To answer this question, do not state your gender, age or personal interests when answering, but keep the information relevant to the banking position. Focus on your math or finance background, a brief explanation of your previous jobs and responsibilities, and why you have a passion for this particular field, whether teller or banking manager."

This question will be one of the first questions you will have to face in the interview. So if you fail to answer well, you will lose the first impression with the interviewer. Always remember that “first impression is the best impression”. So let us see how to answer this question.

Here is a model answer for you

Sir my name is Rahul. I am a very straightforward person who likes to take things as the way it goes in a composed way. Life is all about how you think positively and I feel that a positive outlook at any aspect in life will shape our character. I also like to take new challenges in lfe which indeed makes the man/woman I am. I always try to better myself in all the forms of life and I believe that it is these continuous efforts to produce better results that have helped me reach here.

Many candidates go on what they have done with their schooling, where they have studied and so on. Remember that in the interview board all the interviewers know who you are. They want to know about your frame of mind than your academic results. So prepare an answer in the above format.

Do not just copy the answer. Take a note and pen and start preparing your own unique answer in the same format. Remember that you need o give them a unique answer. Also be truthful in listing your abilities

So prepare your answer and only then leave this page. You may also post model answers in the comment section for us to verify.

Question: What is Your Biggest Weakness?

Guideline: This question can confuse even the best candidates. Everyone would have doubts whether to be truth full in explaining all your weaknesses in front of the interview board or to answer only what is required. The best way to counter this question is to think and answer what the interviewer wants to hear. He does not care about the fact that you are poor in playing football. He is only interested in qualities that in some way relates to the job.

What the interviewer is looking for:

• ·  The candidate should be able to identify his/her weaknesses
• ·  Candidate is making an effort to reduce this weakness

Take these ideas-

• ·   You are work addictive. So your friends scold you
• ·  You want every work you do to be perfect. Many guys do not like you because of that.
• ·  I try to plan a project ahead of the stipulated time. But many feel that you just need to complete it on the deadline day.

Skills tested in the question:

• ·  Knowledge about himself.
• ·  Efforts to reduce the weaknesses.
• ·  Open mind to accept his problems in front of others.

Also do not forget to say that you are trying to reduce this weakness to an extent.

Never say to the interview board that you do not have any weakness and that you are perfect. No one is perfect and everyone knows that. Such an answer can put you on the back foot for rest of the interview.

Here is a model answer for you.

I was not a well-organized guy .I used to leave my books here and there and never used to arrange them. But later I understood the mistake. Whenever I wanted a book in need Inever got it, because all the books were lying here and there. So I decided to make an effort to arrange everything properly in my life. Not just books. But I try to make myself an organized guy everywhere. I am becoming more successful now with continuous efforts.

You can also try another way of answering. You can easily tell them your weaknesses and along with that tell the interview board what steps you have taken to ward off that negatives from your character.

So this is just a model answer. Try to think of any weakness that you may have. Twist that weakness to your advantage and prepare your own answer. Make sure that you provide a positive outlook in your answer to the interviewer.

Question: What are your Strengths?

Guideline: These questions are a sure shot chance for you to showcase your skills in front of the interview board.

But before answering you need to sit down and think what factors you are really good at. Do not just right all the good points in your answer. Be truthful and first write down your positive qualities. Here is a list of qualities I have compiled which may help you.

Pick the qualities that suit you. Always be truthful in this.

• ·         ·         Technical knowledge
• ·         ·         Organized life
• ·         ·         Efficiency in work
• ·         ·         Good listening skills
• ·         ·         Confidence level
• ·         ·         Initiative in work
• ·         ·         Creative mind
• ·         ·         open minded
• ·         ·         logical thinking ability
• ·         ·         analytical thinking
• ·         ·         quick learner
• ·         ·         genuine nature
• ·         ·         warm
• ·         ·         inventive
• ·         ·         rebellious
• ·         ·         direct
• ·         ·         generous
• ·         ·         insightful
• ·         ·         Friendly nature
• ·         ·         Computer skills
• ·         ·         Analytical skills
• ·         ·         Communication skills
• ·         ·         Problem solving skills
• ·         ·         Positive attitude

Now you know what you are good at. So just say it in a proper response.

Here is a model answer

I am good at problem solving skills and i enjoy solving such problems. I love challenges and i always try to complete ant given work in time. Whenever i do any work I concentrate highly on it and no pressure used to affect me. I experienced this in my college project when I had to complete the project I did in a very less time due to the negligence from he part of my project partners. But in the end I made them understood the significance of the project and we completed it in time. That was a happy incident for me.

Always try to include any experience you had in your answer. That will make then answer look well and it will definitely create a good impression with the interviewers.

So prepare your answer and only then move forward.

Question: What are your Hobbies?

Guideline: These questions are generally known to everyone. And everyone can answer this question with easiness.

But make sure that the intention of the interviewer while asking this question is different. He wants to know how well you know your hobby he wants to know whether you are saying the truth about your hobby. So make sure that you do not lie in front of your interviewer while answering the question. Remember that truth always wins.

Normal hobbies

• ·         ·         Listening to music
• ·         ·         Reading books
• ·         ·         Playing cricket
• ·         ·         Clay modeling

You must think what your hobby is and write it down in your notebook now. You also must be prepared for the list of follow up questions you can expect from the interviewer.

For example: if you said your hobby was reading books

He may ask you these questions

• ·         ·         Who is your favorite author?
• ·         ·         Why do you like him as a author?
• ·         ·         What is special about his books?
• ·         ·         What type of books do you read?
• ·         ·         Which is the latest book you read?

And so on.

So whatever hobby you choose make sure that you know adequate facts about that hobby and try to think of questions yourself related to the hobby. So write down the hobby in our note book. Now start thinking of the possible questions your interviewer will ask in your interview. Write down at least 10 related questions and prepare individual answers for those questions.

You know your hobby. So it is you who can ask more questions than your interviewer. So change this question to your advantage.

Question: Can you explain about the gaps in your career or in your studies?

Guideline: Gaps In your career or in your studies are common. But this is not one of the easy ways to the job. If you got any gap you have to work out a possible reason for the gap. Many would d say I was down that year with a terrible disease. But keep in mind that you will have to show them the proof such as medical certificates if ever you decide to go with such answers.

Gaps can really be caused because you decided to take a break from your career and develop your skills with a bit of training. In fact this can go in your favor as the interviewer would spot an ambitious candidate in such a person. So it totally depend don the reason you provide the interviewer with.

So if you don’t have a favorable reason to say to your interviewer, try to remember any favorable incident /project you had done during those times. It might be small or irrelevant but such things can save you from the wrath of the interviewer while addressing them.

So fill up the gap with something relevant. If you can find something relevant to the banking sector it would add value to your profile as you may explain it to them like this

Here is a model answer for you

I always wanted to join banking. But I felt that I did not have the adequate qualification or knowledge to do well there. So I took a small gap from my high paid job and went on to work private with a small private firm in the banking sector. Of course I was not in any official position there and the payment also was not too good, But that experience helped me understand the banking sector much better in terms of practical experience.

So prepare an answer that suits your gaps if ever there is any. If not you do not have to worry about this question.