As financial decline looms over the UK following the most severe business disruption we’ve seen for many years, it now appears to be clear that we are heading for a nationwide recession.
While this will prove to be a challenging period for the majority of businesses, banks find themselves in a rather unique position where they are able to moderate and mitigate the financial damage for their customers. One way in which to do this is by developing effective credit skills and credit management.
Most banks will, of course, pride themselves on excelling in credit management, but ahead of the biggest crisis the industry has faced since the 2008 Great Recession, the capabilities of so many people and organisations are set to be put to the test.
Prioritising credit skills during a recession
The importance of credit skills in the banking sector is something that we have previously explored, as it helps to form the foundations of several experiential business simulations on offer here at MDA Training.
Regardless of whether we’re in a recession or not, practical credit skills are paramount in managing and sending loans, financial accounting, write-ups and much more. Especially in the digital age where consumer expectations continue to grow alongside the development of services available, adapting credit skills has been vital for several years.
Now that banks are finding themselves with their backs against the wall in a precarious position, the priority will shift to extending credit, providing consumers with the best possible service, implementing credit forbearance and staying in control of potential losses. In order to achieve these things, ensuring that employees have the necessary credit skills in place is vital.
MDA Training’s approach to credit skills in banking
Our blended, experiential approach to credit skills is closely aligned to both the credit culture and internal processes of our clients.
While our programmes are typically delivered using in-class workshops as well as experiential activities like business simulations, we are currently unable to carry out face-to-face training due to the ongoing coronavirus outbreak.
We are, however, able to provide our digital and virtual solutions, which include interactive PDFs, workshops and observational films which help to embed and sustain key learning.
Our expert consultants have several years of experience in credit skills and credit management, including processes during a recession. The ‘7 Step Credit Skills Learning Pathway’ we use can be adapted to suit the remote workforce. For more information, please click here.