The banking and financial sector is undeniably a linchpin of the global economy. With a vast array of services, products, and regulations, it remains one of the most dynamic yet challenging industries, with specific problems facing its institutions
In this article, we'll delve deeper into the top pain points the banking industry faces and explore how a centralized training platform and quality courses can be the solution to navigate these challenges effectively.
Pain Point #1: Regulatory Compliance and Changing Laws
The banking sector is perpetually under the microscope of regulatory bodies and with a myriad of ever-evolving regulations, banks often find themselves in a tight spot. Additionally, some banking compliance and credit union training change from country to country and even state by state, making it difficult to keep up with.
Statistics like the one below further underscore the financial implications of this challenge.
"The cost of compliance for large businesses could amount to a staggering $10,000 per employee. Compliance costs for global banks and large brokers with over 20,000 employees can exceed $200 million annually."
- Competitive Enterprise Institute
Solution: A centralized corporate banking training program can be pivotal for financial institutions, ensuring all employees are consistently updated on the latest regulations. A training platform with real-time updates ensures that the entire organization is aligned, reducing the risk of costly oversights.
Through our partnership with Course Libraries, organizations using Knowledge Anywhere's Learning Management System have access to over 50,000 pre-made, professional online courses. Here are just a few courses about corporate banking training and financial compliance training: Compliance Training for Banks, Banking Compliance Training. Fair Credit Reporting Act, FDIC Training, Fraud and Anti-Fraud training, Identity Theft Training, Non-Deposit Investment Products, OFAC Compliance, Regulation B, Regulation BB, Regulation C, Regulation D, Regulation DD, Regulation E, Regulation GG, Regulation O, Regulation Z, RESPA Training, Right to Financial Privacy Act, UDAAP, and more!
Pain Point #2: Cybersecurity Threats
The digitization of banking services has been a double-edged sword. While it offers unparalleled convenience, it also exposes banks to cyber threats, and there are real costs to banks if employees are not trained properly.
The banking industry incurs the highest cybercrime costs, averaging $18.3 million per company annually.
- Accenture Study
Solution: A comprehensive commercial banking training program focused on cybersecurity can be the first line of defense. A centralized platform ensures uniform training across all departments, creating a cohesive defense strategy for Security Awareness Training and Cybersecurity Training.
Having a banking compliance training program that monitors and tracks employee progress is also important because it shows a paper trail - if your institution is ever audited or questioned, HR, Compliance, Training Administrators, and Learning and Development Managers
Pain Point #3: Anti-Money Laundering (AML) and Fraud Prevention
Money laundering and fraud are persistent thorns in the banking sector's side.
2-5% of global GDP is laundered annually, representing a staggering $800 billion to $2 trillion.
Solution: A centralized banking onboarding process with a focus on anti-money laundering training (AML training) and fraud training can be transformative. By ensuring that new hires in every position are adept at spotting suspicious activities, you can fortify a bank's defenses against these illicit activities and make every employee a security asset.
Pain Point #4: Digital Transformation and Technological Advancements
The wave of technological advancements is reshaping the banking landscape and new systems, processes, and ways of working are constantly changing. Remember, it wasn't that long ago in human history when the internet was not used in professional settings!
Making sure your team doesn't fall behind the times is essential in the financial industry.
The majority of financial sector executives (73%) perceive consumer banking as the one most likely to be disrupted by FinTech.
Solution: Investing in a finance training program that covers the latest technological advancements ensures that employees are equipped to harness new tools and platforms effectively.
A centralized training platform ensures that all staff, irrespective of their role, are tech-savvy and can contribute to the bank's digital transformation journey.
Pain Point #5: Customer Service Excellence in the Digital Age
According to a PwC survey, 32% of customers might leave their bank after just one bad experience, emphasizing the importance of impeccable customer service.
Solution: A well-structured banking onboarding process that emphasizes customer service training can bridge this gap. By teaching employees effective communication skills and the nuances of digital customer interactions, banks can ensure that their clientele receives the gold standard in service.
When talking with a training provider, make sure they have the following features if customer service is important to you:
- A training platform that quantifies soft skills. So often, it's difficult to put numbers to qualifiable metrics. But through a centralized platform, you can measure courses taken, badges and certificates earned, hours studied, quizzes aced, and so much more.
- Quality training content specific to your employee's role and company's industry.
- A training vendor that prioritizes customer service themselves, so they practice what they preach.
Where to Find Comprehensive Banking Training Resources
In conclusion, the challenges facing the banking industry, while formidable, are not insurmountable. With strategic planning and a comprehensive pharmaceutical training program with a commitment to excellence, pharmaceutical companies can navigate these hurdles and continue to play their pivotal role in global healthcare.
For banks looking to invest in a robust training solution, Knowledge Anywhere offers a number of courses tailored for the banking and financial industry, as well as an easy-to-use Learning Management Platform. Schedule a meeting with one of our training experts today or sign up for a free 14-day trial and discover how you can seamlessly manage, track, and optimize your corporate banking training program.
Learn how you put education at the center of your organization with these great articles and resources.