Training and development in banking sector ppt

Learning and Development for the Banking Industry

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Learning and Development for the Banking Industry

Learning and development are essential in the banking industry. This study aims at providing insight into the different learning and development methods that are being used in the banking industry. Most importantly, focused will be put on new methods being used in the modern era of technology. Key players in the banking sector such as policymakers, financial advisors and technology experts play an important role in ensuring that the banking sector keeps up with the rising use of technology as well as different market trends and demands. In order to succeed, learning and development have to be incorporated. New methods of running the banking sector can only be imparted through education and fresh learning in the already existing banking experts. Despite the desire to conform to new trends, the banking industry is faced with problems such as lack of cooperation between the bankers. This is also coupled up with the slow uptake of technical aspects which can be essential in improving collective action and cooperation in the banking sector. Therefore, stakeholders should spearhead learning and development in the banking sector for it to remain relevant in the modern day where online banking and the use of cryptocurrencies are becoming a threat. According to Kapucu, Hu, & Khosa, 2014, problems can be solved with the use of networks which can be used by different organisations to integrate knowledge and distribute it amongst employees and stakeholders. This lead to collective actions towards improvement of the banking sector.

Learning and development have a lot of benefits to the banking industry. The banking industry depends on employees who are the most valuable asset. As a result, training and development of employees are crucial. This importance is beneficial in the alignment of goals that the banking sector has set. On the other hand, learning and development serve as a protection mechanism in safeguarding the banking sector especially when the country is faced by difficult economic times as well as a possibility of economic recession. It is also notable that employee training leads to the ultimate success of the banking sector as well as other industries.

Learning and development have their importance. For instance, employees in the banking industry such as tellers, managers and executives must maintain compliance at all times especially when it comes to adherence to different banking regulations. This can be enhanced through frequent training of employees so that they can improve and develop their skills. In addition, the employees maintain their aspects of qualifications that led them into the banking sector, (Lewis, 2015). Above all, employees remain compliant despite frequent changes in regulations affecting the banking industry. Some of the forms of training and developments that employees in the banking industry are subjected to include anti-money laundering training, sales training, cash flow management and budget management. With the increase in online banking, employees have to be trained on how to detect money laundering and illegal transfer of money across the globe. Improvement in how to detect such activities is also important. On the other hand, managerial training can also be used to enhance skills on supervision, communication skills as well as conflict resolution.

Learning and development have been boosted by the availability of E-learning, current employees can be encouraged to take up online classes and conferences which will not interfere with their work routines. In addition, it is cheaper to provide E-learning lessons to employees who in turn enrol at their own convenience hence reducing costs such as transportation, purchase of learning materials and absenteeism due to tight work schedules. Some of the platforms include video conferences, virtual classrooms, as well as learning management systems.

Increasing competition in the banking sector drives employees to join sales and marketing teams in their banks. This requires one to have a lot of knowledge about the banking sector, especially when presenting different products to clients. Learning can be enhanced through formal development and training of employees. The Bureau of Labor Statistics hints that many financial managers are advocating for frequent learning and development so that employees can conform to new techniques of acquiring clients in the banking sector, (Russell et al., 2017).

By adopting ‘improvement science’, the banking sector will be able to compete favourably and remain strong despite the tough economic times. This technique can be used to enhance different skills that employees have so that the banking sector grows. In addition, there is a need to improve the infrastructure so that they can conform to new learning and development techniques being used in this century.

References

Lewis, C. (2015). What is improvement science? Do we need it in education?. Educational Researcher, 44(1), 54-61.

Russell, J. L., Bryk, A. S., Dolle, J., Gomez, L. M., LeMahieu, P., & Grunow, A. (2017). A framework for the initiation of networked improvement communities. Teachers College Record, 119(7), 1-36.