What Are the Benefits of In-Company Training for Financial Institutions?

In every industry, professional training fulfills a very valuable need to keep up-to-date with all developments in the sector and compete in the international marketplace. This is certainly true of financial institutions such as investment banks, asset and fund managers and as a result of this there are numerous training programs available for institutions like this today.

For businesses in the finance sector, there is the choice of attending many popular public courses that take place around the globe. These can include a variety of useful topics, such as risk management and operations, corporate governance training, corporate finance, wealth management, UCITS Funds, FATCA Compliance and many more.

On the other hand, there is an equally large number of in-company training courses, which can be specifically tailored for the institution in question. Courses that are constantly in demand worldwide include those on operational risk management, corporate finance, asset management, regulatory and compliance and much more.

Whether you and your institution are looking for corporate governance training or instruction in the area of regulatory compliance, there are many advantages to taking in-company training over registering for public courses; here are a few of the major reasons why.

The first of these is that it is essentially a more cost-effective option to receive any training in-house. Although there are many public training courses in key locations around the globe, to give two major examples – sending a large number of staff members to these locations can cost the institution unnecessary time and money.

This, however, may not be such of an issue for financial institutions that are situated in locations where many finance and management training courses are run. If this is the case, the costs associated with travel may be significantly reduced and therefore the option to attend a public training course becomes financially viable again.

This does, however, mean that the learners will have to travel to their public training course on the specified dates and at the specified times; in-house training, on the other hand, gives the institution the possibility to organize the training at their convenience.

With the variety of different specialists working for a financial institution, in-company training programs can allow the company to plan training to fit in with everyone’s schedules. Logistical issues regarding travel are also eliminated, as participants are simply required to make their way to another part of the building not leaving their work places for too long.

Probably the biggest advantage of in-company training programs, however, is the fact that these can be customized very specifically to the institution or company organizing it. Case studies and examples are a fantastic way to bring some of the harder-to-grasp concepts to life, and these can come directly from the business itself.

The training provider will also be able to cover specific topics depending on the institution and the employees it is delivering training to. It will also be able to cater for different levels of learners, whether they are complete beginners or have a more advanced knowledge of the topics covered. This also avoids some of the generic themes of public training courses.

There are many advantages of opting for in-house training courses rather than requiring employees to participate in public ones. These include saving on time and logistical costs, benefiting from customized course content and drawing on real company examples, and having the training conveniently fit into company schedules.

Regardless of the whether you settle for a public training course or an in-house one, the most important factor in the success of the course is the quality of the program and instructor. The best programs are delivered by trainers who have been working within the sector so they understand very well the challenges of the business and can relate well to participants. Make sure that you seek out a training provider that can meet all of the needs and requirements of your company.

Financial Institutions

There are many financial institutions around the world today. These help to take care of your everyday finance needs. These can be anything from money to buy your graduation dresses or more serious affairs like poor credit auto financing which will help you to get an automobile even if you have bad credit. All these financial institutions make life a little enough for those that are not so fortunate with money. If there is a necessity or a medical emergency that requires immediate financial back up then you can rely on such institutions to lend you the money. The money that you take out of the bank is called a principal. This is the amount that is given to you and part of the amount that you need to pay back.

This is the primary amount. The additional payments that you would have to make along with the principal are the interests. The interest is what the bank charges you for their services to you. This is usually a percentage of the principal. This is for the services that the banks give you and is how the bank makes money. Most of the times, these interests depend upon the amount of money that you are taking from the bank.

Also the interest might vary because of your credit history. There are many institutions that would like to make sure that you have a capability to pay the loan back. Therefore they would ask you to show some form of collateral. This can come in form of cash or property or investments. If you have some form of collateral with you then it is very easy to take loans. There are many that reduce the rate of interest depending on your collateral. However, you should make sure that you are responsible in what you put as collateral or you might end up incurring a big loss.

Message to Financial Institutions – Live by Rate, Die by Rate

Does the bank or credit union you manage compete with other financial institutions strictly on interest rates? If yes, do you notice that your customers walk out the door as soon as they find a better rate? Its like you have a revolving door. How much does it cost your marketing department to run ads to keep them coming through the door?

Here is a thought. If your company adopts a better customer management strategy, you would not have to worry about losing customers because of competitor’s rates. This is because with the right customer management strategy in place they would always come back to you for all of their banking needs! Some of the pieces in a customer management strategy are having the right people in place, doing the right things to provide excellent service to your customers, and doing it consistently every time. This is not the easiest model to adopt, but once you put it in place your revolving door will be replaced with an escalator. As you bring new customers into your bank or credit union, expand their relationship with you by cross selling other products and services. This will increase the likelihood that they will stick with you even after that CD or loan matures.

If your organization needs help in creating its own customer management strategy. Sometimes it takes an outside expert with independent analysis and ideas to evaluate your bank or credit union and to advise you what you are doing right and how you can do things better.