What it does: Provides credit and insurance services and solutions based on depositor and borrower requirements.
Best known for: Extends unsecured loans to the under-served market in South Africa. The bank’s depositors are also the shareholders.
Staff stats: Around 2,000 employees.
The good bits: Plenty of room for personal learning. Opportunity to gain work experience in the finance industry.
The not-so-good bits: Salary is reportedly below industry level. Long work hours and limited career advancement.
The FINBOND Mutual Bank story
Finbond Mutual Bank is a mutual and savings bank located in the city of Pretoria, South Africa’s fourth most populous city. It started operations in 2003 as a financing company and received its mutual banking licence in 2012.
Owned by its depositors, the company operates with the goal of encouraging savings and providing benefits to members. Depositors in a mutual bank like Finbond are essentially stakeholders in the firm and are entitled to vote at shareholder meetings.
As of 2019, the company grew its network to 694 branches, of which 435 are located in South Africa and 259 are located in North America. Its total assets rose to 3.4 billion rand (US$227 million) and revenue to 2.6 billion rand (US$174 million). Cash received from customers amounted to 7.2 billion rand (US$418 million), 64% of which is generated in US dollars.
The culture
Management is said to extend its full support to employees to perform as effectively as possible. As such, employees can approach and be open with their superiors at any given time to deal with work-related problems, challenges and issues. The managers’ guidance and knowledge-sharing enhances employees’ skills and capabilities.
The workplace is likewise friendly and accommodating as employees interact daily with colleagues and customers. They engage in positive communication with one another throughout the day. Employees ensure that they render warm and efficient service to clients and build a healthy business relationship with them.
Social contributions
Finbond contributes through cash donations to the charitable institution Tshwane Place of Safety Association which focuses on providing orphaned and abandoned babies and infants infected with HIV with good homes, care and shelter.
The recruitment process
Finbond looks for candidates who are reliable (punctual, honest, no criminal records, and clean tax records) and with adequate interpersonal, sales and numeracy skills.
Applicants can complete the job application online on the company’s website. They can also apply through other recruitment portals, staffing agencies, employee referrals, or in-person.
Human resources (HR) contacts shortlisted candidates to arrange for a written test and interview in its head office in Pretoria. They must carry their resume and other relevant documents such as updated police clearance, tax records, ID, and photos.
The written test determines their general skills and proficiency in English, math, logic, and data analysis. An HR interview will follow to find out their overall attitude, values and behaviour. Interview questions may include:
Successful candidates will take the final step of the hiring process with the panel interview with area managers. They ask typical questions related to the position. These may include:
Remuneration
The following are the available positions for graduates and their reported monthly salaries (in rand): business development coordinator 18,000-24,000; administrative assistant 10,000-14,000; management trainee 12,000-16,000; loan processor 10,000-13,9000; teller 7,000-9,000; credit analyst clerk 13,000-17,000; research analyst 17,000-23,000; credit analyst 16,000-21,000; fraud analyst 12,000-16,000; research assistant 9,000-11,000; receptionist 7,000-9,000; customer service representative 8,000-11,8000; human resources specialist 12,000-16,000; accounting assistant 9,000-11,000; phone banker 7,000-9,000; data processing clerk 5,000-7,000.
Career prospects
Employees have the opportunity to develop their personal learning and gain industry knowledge in the financial sector. For one, the organisation provides a comprehensive Policy and Training Manual to guide managers and employees in best practices in the financial industry. Employees’ performance is measured monthly and regular feedback is given to them.
The company claims all employees receive regular training on all policies and processes. Emphasis is placed on ensuring that employee competency levels match the required levels through training and development, and that every employee has the necessary skillset in order to perform their work function at optimal levels.
Furthermore, management is focused on staff development. Continuous training is offered to staff by regional training managers, particularly on compliance and improving their capabilities, as well as through the distribution of a Training and Compliance Manual to all employees.