Traditionally, leading banks have always been successful on the basis of providing the best products; allowing their customers and clients to manage their finances with ease.
In recent years, however, the rise of customer service and relationship management has forced banks to adapt their approaches and methods in order to remain competitive.
Developments in open banking, as well as increasing customer expectations, means that it is no longer enough for banks to merely offer quality products. A typical customer now wants to easily make changes as well as having more control over their finances.
While relationship management has taken on a significant role in banking strategies and approaches all over the world, the importance of products training cannot be undermined.
Without strong products and knowledge of these products, businesses are only setting themselves up to fail. Particularly with economic uncertainty looming as a result of the coronavirus pandemic, more and more people are going to rely on their banks to provide sound advice and products to help wherever possible.
With banking employees currently operating remotely, ensuring that they are up to speed with everything from credit to risk management must be conducted virtually.
How banking products training can be conducted virtually
Genpact have recently highlighted the importance of customer service in the coming years, citing that real-time relationships, biometric security and curated experiences will contribute to success in the future of the industry.
For a bank to be able to maximise these opportunities, however, they must ensure that their employees know their products inside out.
Making this happen would have typically taken place in-person. However, banks across the world now have to adapt their methods in regards to learning and development, ultimately relying on digital and virtual learning methods, and products training is not exempt.
Particularly relevant for new hires and graduates who still need to immerse and familiarise themselves with the products on offer, virtual training can go a long way in ensuring continuity, even during a global pandemic.
E-learning, microlearning, interactive PDFs, film-making activities and facilitated digital sessions are all methods that banks can utilise in order to ensure that their employees possess an expert level of knowledge related to specific products, thus helping to match the growing importance of customer service.
MDA Training’s approach to virtual products training for banks
Our expert consultants possess several years of experience in providing fully virtual and fully digital products training for leading banks across the world.
We adopt an approach which aims to achieve the development ambitions of our clients, which in turn paves the way for real behavioural change.
Centred around experiential learning methods and virtual simulations, your people will develop skills related directly to your bank, improving in areas including:
- Bonds, FX & Commodities
- Equities and Credit
- Derivatives
- General CIB
- Financial Modelling
- Risk Management.
Delivered virtually via Zoom or WebEx, our programmes are perfect for enhancing an existing training programme or a stand-alone training solution.