According to McKinsey, the banking industry has undergone a major shift over the past decade with branch downsizing, the implementation of online banking services and the adoption of other state-of-the-art technologies. On top of this, the pandemic and the digital age have forced banking along with many other sectors to make further changes to adapt to new ways of working.
As a result, the organizational structures of many banks have been disrupted, forcing managers to redeploy their talent to more needed areas.
Research indicates that redeploying talent is up to 20% more effective and cost-effective than hiring and firing employees. But, in order to do so successfully, it is necessary to rethink training to enable the effortless transition to new roles and responsibilities.
Understanding the inner workings of a banking organization can be challenging, especially for new employees. That’s why, in this post, we explore new strategies to improve training in this sector.
Solutions to improve bank employee training
Regulations, technological disruptions and high employee turnover are just a few of the challenges faced by the banking sector. This means companies have to adapt the training they offer in order to adjust to the changing needs and trends of the industry. Below, we explore four solutions to consider:
Improve the onboarding processes
Onboarding new employees can be overwhelming, and is especially dangerous for the banking industry, which faces a 28% attrition rate in their employees’ first year. That’s why onboarding programs must ensure a clear learning path that helps them to understand and quickly adapt to a job.
Onboarding should begin before the first day, meaning you should maintain constant communication with the new employee, inform them of what to expect next, how to complete all the necessary paperwork and get them excited about their responsibilities.
Foster loyalty through professional growth
As we’ve already seen, thanks to the automation of roles, structural changes and the loss of talent, the banking sector undergoes changes on an almost daily basis. For this reason, it is important to earn the loyalty of employees through opportunities for growth and development.
Providing them with the chance to learn new skills and competencies will make them feel recognized and willing to grow with the company in moments of change.
Invest in reskilling and upskilling strategies for the future
A recent survey reveals that 62% of banking industry leaders say there is a widening gap between supply and demand for digitally experienced professionals. To turn this situation around, it is necessary to offer employees reskilling and upskilling programs that prepare them to take on the new technological challenges demanded by the banking sector.
In this way, employees will remain relevant, and the company will not have to assume the costs involved in hiring new talent. Within these programs, it is also necessary to include training in soft skills such as leadership, resilience and empathy, which prepare employees to manage changes and face uncertainty.
Promote the move to digital training programs
Traditionally, bank employee training has left little room for major changes. Today, however, continued training has become not only an advantage, but a necessity. In order to offer up-to-date content that adapts to the developments of the industry, online training is a great solution.
The reason is simple: online training allows employees to develop continuously and in a more agile way. Nowadays there are also multiple e-learning solutions with advanced data encryption so that security, an important consideration in this industry, is not an issue.
Success story: Knowledge, communication, gamification, and training in one app for ING
These changes (and those to come) may seem like a challenge for the banking sector, but some banks have already implemented successful training programs for their employees. One of them is ING in Spain, the first 100% mobile bank and one of the largest retail banking benchmarks nationwide, with almost 4 million customers.
In order to continue growing sustainably, without losing sight of the customer as its main objective, this company needed a tool that would allow them to simplify their internal processes, in addition to sharing their values and way of working with all employees. All this while staying true to the DNA of the brand: mobile, digital, innovative and efficient. With the help of isEazy Engage, they were able to achieve this.
This app made it possible for them to develop projects such “Why we are ING”, and offer training, knowledge, communication, and gamification, in multiple languages, to segmented groups of over 1,100 professionals who work at ING Spain.
What began as an onboarding app, has become a flexible and versatile tool, which enables companies to develop their talent, evaluate and inform, and communicate quickly and effectively with collaborators. As isEazy Engage develops new features and updates, ING has discovered new ways to communicate with its employees to increase engagement.