By Hector Payne, Chief Learning Officer, Alpha Development
The banking industry is undergoing a period of significant change because of emerging technologies, changing customer expectations, and evolving regulations. To remain competitive in this fast-paced environment, banks must focus on their employees’ skills and capabilities. As PwC’s Laurent Probst says in this video, “It’s not a training expense anymore, it’s an investment for the future”.
In this blog post, we’ll explore the importance of reskilling and upskilling in financial services, and offer some strategies for implementing successful training programs.
Why Reskilling and Upskilling Matter in Financial Services
- Emerging technologies are transforming the industry.
The rise of FinTech and the increasing use of AI, blockchain, and other technologies are transforming the banking industry. To remain competitive, banks need to keep pace with these changes and ensure their employees have the skills and knowledge needed to work with new tools and systems. Learn more about Alpha’s Digital Skills programs. - Customer expectations are evolving.
Customers now expect more personalized, convenient, and accessible banking experiences. Banks need to reskill and upskill their employees to provide these experiences, using data and analytics to understand customer needs and preferences. - Regulatory requirements are becoming more complex.
Banks are required to adopt new reporting standards, manage risk more effectively, and comply with ever-evolving regulatory change. Reskilling and upskilling employees can help ensure compliance and reduce the risk of regulatory violations.
Strategies for Reskilling and Upskilling
- Identify Skills gaps. The first step in developing successful reskilling and upskilling programs is to identify skills gaps within the organisation. This can be done through assessments, surveys, and interviews with employees and managers. Once skills gaps have been identified, banks can develop targeted training programs to address them. Learn more about how Alpha’s Assessments & Analytics can help.
- Provide on-the-job training. On-the-job training is an effective way to reskill and upskill employees in the banking industry. This can include shadowing experienced colleagues, participating in cross-functional teams, and job rotations. These opportunities allow employees to learn from others, gain new experiences, and apply new skills in real-world situations.
- Offer hybrid learning. Online learning platforms offer a wide range of courses and programs that can help employees develop new skills and knowledge. But they alone are not enough. These platforms allow employees to learn at their own pace, at a time that suits them, and can be accessed from anywhere with an internet connection. However, they need to be coupled with workshops and applied learning environments that bring in context and opportunities to try out their skills.
- Connect with the business through mentorship and coaching. Mentorship and coaching programs can be effective ways to support employees’ development and encourage knowledge sharing within the organisation. These programs can be informal or formal and can be provided by internal or external mentors.
