How banking technology is transforming the financial sector for good
With all sectors undergoing digital transformation, the use of technology in banking is no different - but the road to a technological future has not been without its hurdles for the banking industry.
Often the largest barrier to adapting to technological advancements is the prevalence of legacy systems and external constraints, such as regulatory pressure.
For many banks, the Covid-19 pandemic became a litmus test for how well they had adapted or could adapt to a digital-first mindset, putting their workforces, strategy, and technology architecture under pressure.
The crisis proved that the use of technology in banking was more crucial than ever and gave a much-needed reality check on digital transformation and the lack of staff trained for such eventualities.
However, banks found themselves rising to the challenge despite initial setbacks, adapting to the new reality. Working fast to rebuild a business model that prioritised banking technology and revolved around a digital core that would support a flexible workforce, an agile and responsive operating model emerged to handle changing customer needs.
As the dust begins to settle and banks find themselves able to look to the long term once more, the question is whether, after the rapid adoption of new measures and business models, can banks maintain this level of agility and innovation beyond the pandemic? At the forefront of continuing a similar pace is training staff to deal with the rapid changes and new banking technology innovations.
Preparing for the use of technology in banking
Data has played a large role in the banking industry for a long time. Essential for understanding current situations and extrapolating further down the line, data analytics plays a key component in decision making.
One leap forward in banking technology has been the introduction of artificial intelligence and machine learning. These new technologies have the potential to future proof banks, helping to create a foundation for an era of automated decision making.
Currently, most data analytics are designed to support human decision-making, and banks' internal structures and data architecture reflects this.
Often these structures are part of legacy systems, requiring the restructuring of working styles and retraining for departmental staff.
At MDA Training, we specialise in providing tailored training solutions for banks and the wider financial services industry. Our learning solutions are designed to meet your specific needs, is up-to-date and always set in the context of your bank.
Our approach to training is experiential and practical to ensure your staff can easily apply their learning directly to their roles in the workplace.
Just like the technology innovations driving change in the banking sector, at MDA Training our digital training solutions for banks are constantly evolving too, embracing leading edge technology platforms and software development to offer our clients unparalleled interactivity, engagement and flexibility. Explore some of our unique digital learning solutions here and get in touch for a free demo.
Readdressing how your employees work
The height of the pandemic saw a large shift in how the workforce operated - sending employees home and relying on technology to facilitate productivity.
This seismic shift in where the employees are based proved that employees didn't need to be in the office to perform their role; instead, they could work almost anywhere, and productivity wouldn't drop.
What was once a necessity now proved to be a successful measure, with many banks capitalising on technology and recalibrating their expectations for their employees.
Much like the changes in data brought about during the pandemic's peak, working from home possibilities also advanced rapidly.
To make the most of this and continue as seamlessly as possible, friction points need to be addressed and smoothed out to stop them from getting worse.
The impact of information technology on banking operations and working procedures means that the workplace culture must also change.
As something that should constantly be adapting to the times, the workplace culture must also incorporate the tools at hand; today's banks should be rethinking how their employees work and communicate and ensuring remote and in-office employees are seen on an equal footing, and provided with the skills and setup to drive performance in their roles.
Tailored training solutions to support digital transformation in the banking industry
We take the time to understand the real needs that are driving the learning the learn initiative. At MDA Training all of our solutions are unique to our clients and set in the context of your bank, your clients, your products, your values and your strategy.
As we emerge from the pandemic, some of our clients are returning to in-person training events and programmes. Some are choosing a hybrid model of in-person and virtual events. Either way, we can help.
At MDA Training we offer a learning experience that is effective, engaging and interactive regardless of whether it is virtual delivered or in-person.
Get in touch today for a free demo of our unique activities and simulations that so many of our clients choose to utilise in their events, workshops and programmes.