Training for a Competitive Edge in the Banking Sector

Banking is a sector that can greatly benefit from increased training efficiency, reduced costs, and consistency. Sure, what industry wouldn’t benefit from these things? Yet banking remains a complex industry, subject to frequent influence from the broader community. Yes, money really does make the world go round, and the banking industry is there to ensure that it goes round smoothly.

Of course, banks are constantly improving their customer service, processes, and protocols, but keep in mind that they are also subject to regulations and standards implemented at a government level.

So, what does a bank need, to train their staff in the most cost- and time-efficient way, to a standard that is consistent across their branches and offices? Training for financial institutions is no longer optional. In this article, we’ll explore what makes learning a competitive advantage for banks and financial services firms.

Keeping ahead of the pack

For industries that are responsible for the secure handling of the global economy, banking and finance are hugely competitive and fast-moving. To keep their edge, a bank needs training that is scalable, standardized, flexible, and targeted. A mistake in a bank won’t just cost an organization – it can cost the community millions.

It’s crucial they keep up with the latest developments – both locally and globally. Banking staff need to be across the financial, political, and social environments they’re operating in. They’re not only subject to legislation and regulation, but must also keep up with the increasing number of ways the community access their funds. To deliver the most effective interactions, customer-facing staff require extensive product and process knowledge, and impeccable soft skills. On top of this, staff are handling sensitive data, so information security awareness is an absolute must.

Sound like a lot? That’s because it is. But don’t worry, all this information can be conveniently conveyed via online training – at a local, regional and global level. Online training makes complex, constantly evolving information micro-sized and easy to consume on the go. Managers can keep on top of the latest internal guidelines, operational procedures and policies, and staff can stay up to date – in real time.

Why P&N Group are trailblazers

From humble beginnings some 40 years ago, one of the largest customer-owned banking Groups in Australia, the P&N Group, now comprises P&N Bank in WA and BCU in NSW and Qld, with over 560 staff working across three states. Each retail bank brand has a branch network, a contact center, and a mobile lending team across their geographic region, as well as online banking and digital mobile banking.  The two brands are supported by a shared Group Services team based across all three states that includes functions such as People and Culture, IT, Risk, Operations, Finance and Administration, and Transformation. The P&N Group requires effective online training that aligns with their core value of “Improve and Learn” with regular training that ensures their staff remain compliant with both banking regulations and workplace obligations.

I have found Litmos to be a fantastic tool to develop skills outside of the day to day to practical work required of my role.” – P&N Group Team Member

The Group delivers online training to staff via targeted learning paths, with tailored learning specifically designed for different roles and teams. And since the digitization of their induction program, they’ve saved three hours per person, per month.

Online training has assisted the P&N Group to create efficiencies in their existing processes, resulting in a significant improvement in staff engagement levels. With a high volume of staff spread throughout the respective branch networks, access to digital learning solutions are not only efficient, but effective. P&N Bank staff have a strong appetite for professional development with around 410 visits per month to their Litmos Training Content library. The culture of learning at P&N Bank has grown to such a point, that an internal survey resulted in an average satisfaction rating of 4.78 out of 5. A key factor in the increased engagement has been gamification of the P&N Group’s learning programs where staff can earn points and badges for critical learnings they complete.

The Litmos platform makes it simpler to fit learning and upskilling into my week. Many of the courses are in short, ‘biteable’ chunks and presented in an engaging and interactive way to make learning more enjoyable.” – P&N Group Team Member

The Litmos Learning Management System (LMS) was also key in supporting learning during COVID-19 and ensuring that the Group’s workforce remain agile and can learn fast. Staff were also able to take advantage of the Litmos Training Content collections and courses on hygiene and working from home. The LMS also facilitated the organization’s recent merger integration learning activities with BCU which took place across the WA and East coasts whilst COVID-19 was in full force.

With their customers at the heart of everything they do, and the right tools and practices in place, the P&N Group staff members work together with passion, energy and enthusiasm to create better experiences not only for our members but each other.