A report released by EY earlier this year outlined exactly how consumers have changed their banking behaviours in light of the coronavirus pandemic.

Packed full of relevant statistics and information, the report states that the following shifts in how customers manage their finances are to be expected:

  • People are using online banking more frequently.
  • The crisis will accelerate the decline of cash.
  • Ethical and transparent banking will become more important for consumers.
  • Flexible and secure banking will continue to be key.

While all of these shifts in behaviour are important in their own right, they are intrinsically linked to advancements in digital banking and being able to manage your faces solely online.

While banks have continued to adapt their operations to best serve consumers of all demographics and backgrounds, it is important to continue to train and develop employees in order to ensure that they possess a clear understanding of the services and products that are on offer.

In order to do this, care must be taken to create and manage an interactive training solution that will engage and resonate with an entire hierarchy of employees.

The acceleration of digital services for banking consumers

As with the majority of markets worldwide, banking has embraced and immersed technology and innovation in order to better serve their clients and customers.

As we covered in our blog on the statistics of open banking in 2020, the majority of market leaders in the industry are now investing in open, flexible products and services as opposed to traditional in-person consultations.

In fact, it was reported back in 2018 that the UK had lost two-thirds of bank branches in 30 years, which is said to be directly linked to advancements in online services and a reduced need for cash.

When you pair this with the reluctance of many to visit a branch for their own safety during the coronavirus crisis, it becomes clear how important digital services are going to be for the foreseeable future.

We have already seen examples of new services that have been developed or improved as a result of COVID-19, including Natwest’s video banking service, allowing customers to speak directly with an advisor virtually, at a time and place that suits them and HSBC’s significant improvements to their ‘HSBCnet’ app.

While the development of online banking and the ease-of-use applications that are now widely available pose significant benefits for consumers, the importance of human interaction and customer-centricity must not be understated in this industry.

Without dedicated employees to manage and oversee technological innovations, the business is bound to disengage with customers and harm continuity.

Why customer-centric banking training is vital in 2020

Training is vital when it comes to improving awareness of specific products and services, and it can also be utilised to put employees in the shoes of a prospective client or customer, experiencing a wide range of digital products and personalised services from the other side of the fence.

By learning in this way, employees will gain practical insights into what is appropriate for each stage of the business' growth and financing needs, as well as how customers engage or perhaps even struggle with the latest developments in open banking software.

At MDA Training, we offer a unique, interactive virtual learning simulation that achieves this.

Supported by a range of digital solutions and delivered entirely on Zoom, WebEx or Microsoft Teams, employees step into the shoes of a typical corporate client and experience the challenges they face, from start-up through to international maturity, as well as assessing how the bank can support them at each stage of their growth.

Our programmes are led by world-class training facilitators, all of whom possess several years of experience in client and consumer-centric banking, helping to provide a memorable, engaging and fun training event that employees can apply to their roles immediately.

For an insight into how this programme works, please watch our video below: