The banking sector in the UK and beyond is facing its most uncertain period in years, as the political and social climate continues to produce economic uncertainty.
When it comes to preparing a business for the challenges that lie ahead in all sub-sectors of banking including corporate, commercial and private, leaders need to identify and understand these challenges in order to make real improvements.
Whether it’s navigating the significant changes associated with Brexit, keeping up-to-date with emerging technologies and FinTech, or preparing employees for the future with an effective business banking training programme, there are always ways in which processes in this sector can be improved.
We’ve highlighted three of the challenges currently facing corporations both large and small in the banking sector, and how business banking training can be utilised to begin to overcome them.
Emerging technologies and FinTech
Banking has seen a complete revolution in terms of its accessibility since the turn of the 21st century alongside the development of innovative technology in society. It has arguably benefited from innovation more than other professional industries.
FinTech has ensured that it is now easier than ever for individuals and businesses to access their finances through apps, smartphones or any other device, without having to visit a banking branch directly. The birth of facial recognition technology has also made it possible for an individual to login to their online banking without even pressing a button.
This, of course, means that competition to incorporate the latest groundbreaking technologies in the banking sector is extremely high, making the market even more saturated for years to come.
According to Fintechnews, 33% of revenue share in financial services is now taken up by FinTech, and with this number set to increase year on year, businesses simply cannot afford to ignore the latest innovations if they are to compete on a wider scale.
To make the best use of the emerging technologies present, leaders should be implementing new technologies and services into their business banking training programmes to ensure that employees possess the commercial skills to stay on top of any significant changes to how they provide services for clients.
Business banking training to ease the uncertainty surrounding Brexit
It’s no secret that the eventual impact of Brexit will cause the most sizeable shift in the UK banking industry for many years, if not ever. For businesses large and small, it remains to be seen what effect the United Kingdom leaving the European Union will have.
According to research conducted by consultancy EY, financial services companies have committed to moving around £1tn of assets out of the UK into Europe, which could be devastating for the industry as well as the wider UK economy.
As well as inflicting economic turmoil, Brexit can prove to be a nervous time for employees in the banking sector, as several roles could be at risk due to a lack of stability on an organisational scale. To ease tensions in the workplace regarding Brexit, leaders should be constructing their business banking training courses to communicate any changes that may occur, which can help employees to feel valued, thus boosting their commercial skills of any developments.
While communicating any changes to employees may be difficult, as leaders will still be mostly unaware of the impact of Brexit, opening a transparent form of communication between employees and management as soon as any information becomes available can be the difference in retaining talented individuals and ensuring continuity.
Skills gaps and business banking training
Prevalent skills gaps in the banking industry appear to be affecting a varied number of corporations. According to research by Robert Half, 49% of senior leaders in the financial services sector see finding skilled candidates as the biggest worry over the next twelve months.
To identify the individuals that the business is looking for, a skills gap analysis can be implemented into business banking training by leaders to deal with any shortfalls in specific areas of the company, as well as discovering any employees who are underperforming within their role.
A skills gap analysis consists of a business defining the knowledge and application required to complete specific tasks and then comparing the current level of the workforce to meet these requirements. In banking, this can be particularly beneficial as employees are expected to undertake a wide range of responsibilities within their role.
The results of a practical skills gap analysis will enable business leaders to structure their recruitment efforts to close any significant gaps, which can prove to be vital in an industry where the competition to secure the most talented individuals is growing.
To successfully navigate through the various changes that the banking sector promises to provide for even the largest and smallest corporations, leaders need to ensure that their entire workforce possesses the knowledge to cope with any developments taking place. In creating a business banking training programme that allows employees to develop their commercial skills concerning broader industry issues, the business is more likely to be prepared.