The banking sector has been subject to significant changes over the years, from the implementation of ATMs and contactless debit cards to the rising dominance of fintech across the UK.
As banking businesses enter a new decade, however, there are several unique considerations and market developments that will continue to come to the forefront, most of which will greatly affect internal operations.
With this in mind, it is imperative that employees of all different ages and backgrounds are up-to-date with specific developments. In particular, several developments are occurring when it comes to:
- Client and customer relationships
- Open banking
- Compliance
Client-Centric focused banking relationships
Here at MDA Training, we believe that client centricity is crucial in the banking sector. Whether it’s corporate, retail, investment or anything else, clients will form the basis of any banking business and will inherently serve as an indicator of quality of service.
While the traditional banking model has been structured with a clear focus on products, as banking is a typical necessity for the everyday consumer, there is now much more time and effort spent on improving the experience of all customers.
Particularly aided by the development of open banking, which has increased competition within the sector, businesses need to ensure that their employees are doing their utmost to attract and, perhaps more importantly, retain clients.
According to Qualtrics, 56% of customers who are leaving their bank say the bank could change their mind. This reinforces the idea that despite increased competition, ensuring that customers are satisfied and want to remain with your bank can be crucial in ensuring continuity.
Catering to the development of open banking
We have previously published four key statistics on the development of open banking, all of which highlight how consumer attitudes and business models are adapting to accommodate the widespread data now available within the sector.
From an employee perspective, open banking unveils a plethora of opportunities to streamline and enhance the consumer experience at every stage, particularly within the retail banking sector, where mortgages, savings and overdrafts will all come into play.
Some of the biggest companies in the UK (Santander and Natwest, to name a couple) have begun embracing open banking in order to allow their customers to manage their finances more accurately.
Of course, while opportunities come to the forefront, this means that competitors have the same opportunities, meaning it is crucially important to ensure that employees are aware of how open banking works and how they can use it to their advantage.
Effective compliance training in the workplace
While client centricity and open banking are relatively new developments within the banking sector, compliance and regulation training is something that has been around for many years. With new rules and responsibilities to adhere to, however, it remains as relevant today as it always has been.
Developments such as Brexit, market manipulations and corporate cultures are continuing to have an impact on compliance as we move into a new decade, meaning it is vital to ensure that employees are working within regulatory frameworks to avoid costly punishments for the business.
Here at MDA Training, we adopt an experiential approach to compliance training, offering a series of products and lesson-learnt modules, all of which include examples of well-known examples of banking failures. We encourage employees to apply these examples and insights into their own areas of banking while considering factors like equities, credit, derivatives and more. Download our sample programme here.
At a time where banking appears to be embracing innovation and prioritising consumer experiences more than ever, there can be no doubt of the importance of creating and implementing a training programme that focuses on specific market developments across an entire organisation.
This is evident when you consider how the biggest banking corporations are already taking note of the market developments that are set to dominate this decade and beyond, creating and implementing solutions to best serve their needs.