Credit skills are absolutely essential for any business operating in the banking sector. The practical and competitive nature of the industry means that it is not enough nowadays for employees to merely understand the basics of delivering financial services.

From managing loans to overseeing client accounts, each banking business will have a specific and rigorous process for their operations based on market developments, company cultures and internal processes, to which employees must adhere.

With this in mind, it is vital for businesses to ensure that employees:

  • Possess the credit skills relevant to the business
  • Can implement these credit skills within their internal processes

Why are credit skills important in banking?

The methods of operation that are adopted by even the largest banking corporations in the world would not be possible without the right credit skills to back them up.

Regardless of what sub-sector the bank operates within, credit skills are necessary for a range of client services, including:

  • Consumer lending
  • Managing and sending loans
  • Financial accounting
  • Credit write-ups

In the modern market, it is imperative that every employee has the tools necessary to enable them to enhance the customer experience with credit solutions that will drive credibility within the business, thus ensuring continuity on an organisational scale.

Particularly crucial for graduate employees, who are unlikely to fully understand the credit culture of the business from the very beginning of their careers, implementing a clear and accurate representation of what needs to be done can go a long way in securing operations.

MDA Training’s approach to credit skills in the banking sector

Here at MDA Training, we encourage individuals to think outside the box and move away from the traditional methods that have served them in the past.

This is particularly important for credit skills and the wider banking sector, as the rise of challenger banks has increased competition and disrupted market trends on a national scale.

When it comes to developing credit skills, we have created a ‘7 Step Credit Skills Learning Pathway’ which serves to introduce individuals to relevant credit skills, embed them within the context of their business and later sustain the learning to improve retention. The seven steps are:

  • Business alignment surveys
  • Digital learning toolkits
  • Modular technical workshops
  • Simulation - ‘Enhancing the Customer Experience’
  • Simulation - ‘The Lending Challenge’
  • Sustaining learning back in the workplace
  • Mentoring workshops for line managers

Our approach is delivered using a range of innovative methods, including digital learning, experiential activities and interactive solutions. For more information, download our credit skills pathway here.

Developing credit skills across an entire hierarchy will always be of the utmost importance to any reputable banking business. Therefore, it is essential that when it comes to getting employees up to speed, leaders are able to implement a training solution that fulfils the needs of the business, ensuring a significant return on investment in the meantime.