I interviewed Sandy Maric

I interviewed Sandy Maric; he is a mutual funds representative at RBC Royal Bank. Among the things that caught my attention through the interview are how the bank system helps him to approve a loan product to a costumer. The straightforward requirements RBC handles in order to borrow money to the people. During the interview, Sandy was kind and gentle, we had a nice sort of conversation instead of a strict session of questions and answers. We got along in a great way and the conversation allowed me to get to know about which is the process the bank had to approve a loan product and other important issues involved the credit consumer lending practices.
I started asking him what I should do to get a loan product, “You need to get a no monthly fee Student Banking account, in order to qualify for a pre-approval credit card does not require a credit history with a limit up to $ 2,000”. He also explained that RBC has special programs do not need credit history to help other newcomers to Canada. These programs will give them a credit card that they can use to build a good credit history. Any other credit/loan application require income application, that give client employee status or if the client is self-employee. The self-employee costumer needs to bring all the tax information.
Credit cards are easier to approve than mortgages that have more restrict criteria on TDSR and extra criteria that is the GDSR. Speaking about TDSR Sandy mention that a client can qualify for certain loan amount with an average between 30%-44% to the TDSR. If a client has a TDSR between 40%-44%, but also has a good credit history or high income the bank system might approve a loan amount less than the client is requiring. Even though the client is not happy with that, he has to go to the ratification center. The ratification center will more in depth, it will ask for more detail documents.
This process can apply for credit card or line of credit. The difference is in the amount of money. A line of credit is for more than $10,000 and it has a better rate of interest, so usually is for a better clientele based on relationship that the costumer has with the bank. The client with good relationship or high income could reach an interest rate of prime or for the average clientele is prime plus 3%-5%. In order to maintain himself update about important changes, Sandy checks the bank system every morning to see if updates in interest rates, new products, requirements. He also has internal letters that tell him what is going on in the world in mortgages, loans, finance, etc.
In one day on his work, he arrives to the bank at 8:30 and he has 1 hour before the bank opens to check his e-mails, review his agenda, and sometime make some calls. Also at the morning he has a meeting where he and his coworkers talk about some special clients or important issues. Then usually he has a bunch of meetings with clients. He has a time where he calls clients, this calls the bank named proactive calls. The bank system show up the potential clients he has to call based on promotions, changes on interest rates, new products that matches with a specific client or applications people made through the online platform.
Through our conversation I noticed the bank systems is a powerful tool and they have all the information there. He explained to the bank handle straightforward requirements and steps to follow in order to approved a credit/loan application. The bank system is analytical, for example if the credit/loan application is from a person who is already a client, the system already has the credit history, movements in the accounts, income information and pre-approved the total amount of the application or just a partial amount. From a new person he need to type basic information like name, address and make the income application. After that the person has to sign an agreement that allowed the bank system to look through the credit history.
Also, now exist many online application where the people can apply through RBC webpage. One of the online tools for clients is credit score, which calculate their scores, tells what their score means and witch activities could affects to it. In RBC web page the people can apply for credit cards, there is mortgage calculator, apply for pre-approved mortgages and debt consolidation calculators. With all the online applications the system will gather all the data, match to the product that fits on each client and give the information to Sandy in order he can calls them and offer this products.
Then we talk about the collection center whom is in charge of the clients that are not making their payments. If is something like somebody suddenly skip one monthly payment the collection center will tell him, and he has to call the client to see what is happening, an give the client some information or recommendations to avoid serious impact in the client credit history. But if is something more serious where the bank requires to start a garnishee process the collection center will deal with that and if is one of his clients he will received a notification about the bad relationship that client is having with the bank.
At the end of the interview he told me how he was trained for his position. He told me that every bank do it differently. He started as a teller, learn the teller system to grow over. He completed online bank course that taught him about bank products, how the RBC computer system works. Then he had to still doing other courses on his free time, and his first days were people around that helped him out if he got stuck on something.

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