The banking sector can become incredibly difficult to work in as processes, laws and technologies are constantly evolving. It can leave employees confused and lacking a solid grip on how banking operates if they are left unaided.
The Financial Times commented that the banking sector can become so convoluted and hard to understand that “The professionals struggle to see what is really going on… The top executives pretend they understand, but they do not.”
This extent of confusion at even the highest levels of the business hierarchy is clearly unacceptable, and concerning for any banking business. Ensuring that business banking training programmes are optimised can be an effective solution to this issue, as this can serve to equip your employees with the knowledge that they need to understand how banks operate.
Why is it important that employees understand how banks work?
It is essential that banking employees have an in-depth understanding of how your bank operates in order to carry out their duties to the best of their abilities, feel comfortable within their roles, and make professional decisions that will positively affect the success and profitability of your business.
It is especially important that individuals in leadership positions, who are possibly managing your banks largest accounts, have a comprehensive and detailed understanding of the inner-workings of banks. Without this understanding, it is possible that they are both mismanaging their accounts and giving poor advice to employees who seek them out for guidance.
How business banking training works
There are several learning methods that can be used to deliver an effective business banking training programme.Here at MDA Training, we believe in learning by doing, as we know that when individuals learn through interactive and experiential methods, they are more likely to retain learning material, and be able to confidently take the lessons they have learnt and apply them to real-life situations.
We offer a range of unique, immersive business simulations to give banking employees a comprehensive understanding of commercial, retail and investment banking.
We run six experiential simulations, they are:
Run the universal bank
A fully immersive experience specifically designed to emulate a universal bank, and its multiple functions. Delegates experience typical customer interactions, their core product offering, and how the divisions work together to provide a full-service bank.
We can tailor the simulation to your bank’s specific structure, products, strategy, mission and values.
Run the retail and commercial bank
This highly engaging simulation explores retail and commercial banking business, set in the context of today’s credit climate.
Individuals are led in this experiential experience to manage significant areas of their bank, including finance and risk management, treasury, cash settlement and operations, relationship management and credit.
Run the investment bank
This is an entirely unique theatre simulation that equips participants with an overview of investment banking. Over the course of a day, participants run their own ‘bank’, which is mirrored to the structure of the business they work for, rotating through the various areas to learn how they work and how each division interacts with the other to provide value to both clients and shareholders.
Know your customer
Tailored to reflect your bank’s know your customer and financial crime policies, this simulation is aimed at heightening understanding of what information your bank requires to be obtained in order to make an informed decision, the triggers for due diligence and the signals to watch for in evaluating the on-boarding of customers.
Know your products
In this simulation, participants are given the opportunity to step into the shoes of the typical corporate customer in order to experience a range of banking products and services from a different perspective.
This allows practical insights into why clients use particular products and services, and also what is appropriate for each stage of the business' growth and financial needs. The simulation covers the product suite for business sizes from start-ups to large multinationals.
Know your control framework
This simulation involves participants acting in the capacity of a task force. Participants are required to review the actions and behaviours of an internal team trading credit and identify any control failures.
This simulation will help individuals to understand the technical product issues associated with inappropriate trading, and also the HR issues and pressures that exist in a team between peers and also between seniors and juniors.
In summary
At MDA Training, our business banking training simulations give individuals the opportunity to refresh their knowledge and gain a deeper understanding of the current financial climate as well as precisely how your bank operates.
This, in turn, will enable employees at all levels to carry out their roles accurately, and with more confidence, thus securing a return on investment due.
For a full description of our experiential learning programmes that are tailored for the banking sector, please click here.
FOR MORE INFORMATION ON THE BUSINESS BANKING TRAINING PROGRAMMES WE PROVIDE FOR THE BANKING SECTOR, CONTACT MDA TRAINING TODAY.