With the United Kingdom expected to leave the European Union in just a matter of weeks, the future of the banking sector is still unclear. The potential implications of Brexit toward financial services across the nation are yet to be confirmed due to the increasing uncertainty of the terms in which the country will end its relationship with Brussels.
Despite the ambiguity surrounding Brexit, business leaders in the banking sector can implement effective training methods to ensure that their workforce is adequately prepared for every possibility. Transaction banking training, private banking training and general business banking training can all be improved by introducing preparations for Brexit.
Commercial skills training
Training employees to possess relevant commercial skills is critical to the progression of banking businesses, and the need for these skills is even more significant with Brexit imminent. The Bank of England warned last year that a no-deal scenario could sink the UK into a recession, one that could be worse than the previous financial crisis recession.
Although the direct impact of Brexit on the banking sector is uncertain, business leaders can structure business banking training to give employees knowledge of all the possibilities that could occur with their specific roles and any potential industry changes that need to be communicated to clients quickly, to maintain the client relationships that drive the business.
Transaction banking training
Potential changes to legislation and stricter regulatory processes mean that transaction banking training needs to be designed to provide employees with the robust interpersonal skills required to communicate any Brexit-related changes to clients and customers. The benefit of this is that employees can engage with their roles with a clear understanding of what is required, and customers are less likely to become disgruntled with being in the dark regarding Brexit.
Private banking training
The need for excellent relationship management skills is already a priority in private banking training, allowing those in the sector to communicate with impact and listen effectively to deliver their goals. By focussing on providing appropriate client service skills, alongside credit skills in the face of Brexit as part of private banking training, the relationships built over the years with important clients are more likely to be maintained.
Honest and open communication
Brexit is an uncertain time for clients with interests in private banking and transaction banking; however, employees working in the sector will also have significant concerns regarding the future of their roles and the future of the industry in which they operate. By adopting a transparent communication process as part of business banking training, employees are more likely to receive sufficient answers for their concerns and are more likely to engage with their roles undeterred by Brexit, thus improving productivity.
Despite the potential negative impact of Brexit on the banking sector, business leaders can get ahead of the game by preparing their workforce to be able to work effectively regardless of the outcome to minimise dissatisfaction and maintain the global relationships that lay the foundations for a successful banking company.