Due to being a complicated and ever-changing industry, businesses in the banking sector should be looking for training methods that will engage their employees and make a significant difference in their long term performance.
Interactive training is the way forward in this respect. These training methods are well documented as increasing the retention of information and engagement of individuals. In turn, this can help drive results on an organisational scale as the training is applied in the workplace.
What is interactive training?
Interactive training allows individuals to learn through actively engaging with the material that they have been given. This, in turn, will enable delegates to explore the material in greater detail, and to learn by doing.
What are the benefits?
There are many benefits associated with utilising interactive training in the banking sector; the three key benefits are:
- Better retention of information
- Improving confidence
- Boosting morale and collaboration
Better retention of information
The Learning Pyramid, adapted from the NTL Institute of Applied behavioural Science, shows that interactive learning methods, such as discussion and working with others have far higher rates of retention than more passive learning methods such as through a lecture or reading.
This is especially important to note with banking training as, due to the complicated nature of the sector - such as meeting client expectations, keeping informed about compliance and legislation etc - it is crucial to engage delegates with the information that they are being presented with, in order for them to gain an in-depth understanding of the material that will allow them to enact it in real-life situations.
By using interactive training in banking, delegates are likely to retain a much higher amount of learning material. This ultimately reduces the risk of having to pay for further training for employees on the same subject, which could save businesses a substantial sum over time.
Interactive training can be a great confidence booster for individuals, which will, in turn, improve their performance in the workplace. This is at the benefit of banking businesses as improved confidence leads to better decision making, leadership and relationships with co-workers. In banking where fast, informed decisions often have to made, this is an important skill to instil in employees in the sector.
In addition, interactive learning increases individual confidence is by allowing participants to run through workplace situations as though they were in real life, which allows them to gain a clear view on how to get the best out of the situation at hand in a risk-free environment.
Interactive training can also boost the confidence of employees by allowing them to gain a better understanding of their strengths and weaknesses. By tackling this head-on, individuals can begin to work on their less developed skills, while using their strengths to greater effect on a day to day basis.
Improves morale and teamwork
Interactive training often involves individuals having to work in teams or pairs in order to role-play or debate the learning material.
This is a great way to boost morale and improve the teamwork of employees, as this allows individuals to interact with each other in a safe environment. This encourages feedback between co-workers, and strengthens relationships within the workforce.
Interactive training can also benefit leaders in this way, as through better understanding the strengths and weaknesses of employees, they can manage their teams more efficiently, playing to each team members strengths. This is important when it comes to improving overall performance in different departments, which will ultimately benefit the business by driving success on an organisational level.
By utilising interactive training as a part of banking training programmes, it is possible to provide individuals with more confidence in their roles, better relationships with co-workers and a stronger grasp on the learning material than they would have had through a more passive learning experience.
Here at MDA Training, we offer interactive training as a part of our banking training programmes, and can tailor our training material to your bank’s services to deliver the most effective learning experience.