The changing training requirements of banks
Some time ago Treasurer Search published an article of our expert Michiel van den Broek. We believe that the topic of changing training requirements is still relevant – for banks and maybe even in a broader context.
Michiel van den Broek writes: Needless to say that the changing processes and services at banks are driven by the rapid information technology developments. This shift also impacted number and composition of bank staff.
During years of training bank staff, I experience a growing demand for financial basic knowledge, for example:
- What are core activities of banks and how do these generate different types of income.
- What are the characteristics of various financial products such as equities, forwards and interest rate swaps.
- How do I calculate the settlement amount of a financial transaction.
- What determines the value of a bond.
- What risks do banks run and how to manage risk.
- How is the processing of financial transactions structured.
Sufficient financial basic knowledge contributes to better communication and understanding that enhances development & implementation of IT projects. Another important advantage is the lower operational risk: fewer errors, faster identification and problem solving due to better awareness and understanding.
At the same time I experience lower popularity of traditional training, such as self-study or classroom programs. There is more demand for interactive and easily accessible training via live online classrooms that that can offer next possible advantages:
- More flexible scheduling.
- Missed lessons can be viewed (all classes are recorded).
- Easy access: no need for a training location.
- Highly interactive.
- Lower costs.
- Higher frequency, more participants.
The improved software and increased internet speed reinforce the trend towards live online classrooms.
The changing training requirements at banks is therefore both content and form. There is more demand for financial basic knowledge through online facilities.
Michiel van den Broek – Bank training and treasury consultancy Hecht Consult