Four Reasons Your Financial Institution Should Invest in Training

Boosting staff knowledge leads to greater job success and reduces turnover

Staffing at banks and credit unions has been impacted in recent years by high turnover, early retirement of long-time employees, more demanding requirements and the disruption of M&A activity. All these challenges can lead to employee shortages and a lack of experienced employees. 

One way of navigating these changes is through comprehensive training for employees. This is supported by Crowe’s most recent Bank Compensation and Benefits Survey, which found that nonofficer staff turnover at financial institutions in 2023 was 19.8%. And the top reason employees cited for leaving a financial institution? According to 44.6% of respondents, it was lack of career development and advancement.

Here are the top four reasons why financial institutions should prioritize training, and what Fiserv provides to help our institutions.

1.  Hire the right candidate, regardless of experience

It’s increasingly challenging to identify and recruit job candidates with previous experience at financial institutions. However, understanding the banking industry and its products is critical for successful everyday operations. This gap leaves financial institutions understaffed or staffed with employees who don’t have the expertise to succeed.

This impacts the customer and member experience. It also puts a strain on existing experienced employees.

Experience aside, what kinds of qualities does your financial institution look for in employees? For many of our clients, the ideal job candidates are detail-oriented problem solvers with a passion for innovation. 

The right training and development program can enable institutions to hire employees with great potential and train them in all matters banking and finance. An established training program at a bank or credit union can help new hires understand their role and become successful at it – regardless of experience. For example, on-demand training for three to four hours a day, combined with shadowing an experienced staff member, can get staff up to speed in half the time, according to internal Fiserv analysis. 

To support institutions, Fiserv University offers Basics and Essentials certifications for Fiserv cores and their surrounding products. This gives new hires a detailed learning track to understand how to use the products they’ll be working with daily.

2.  Create product experts

Often, seasoned employees serve as the de facto product experts at financial institutions. When those staff members leave for other organizations or retire, however, glaring knowledge gaps can suddenly appear. Staff training and development can help banks and credit unions establish a deep and wide roster of product experts within the institution, thus limiting the impact of any one person’s departure. (Automation of manual tasks can also help, so knowledge isn’t limited to one person’s spreadsheet.)

Product experts act as internal resources for other staff members using an organization’s products. These experts ensure continuity and a high level of expertise. They help other staff members solve problems and, in general, help to keep the institution moving forward.

Opportunities for staff members to build their skills at your institution through advanced level certification courses and training events can create a promising environment for professional development. One client I spoke with told me that having a product expert on her team made an immediate impact on the institution. The product expert was able to question their current processes and make them better, which is giving other staff more time to focus on achieving the bank’s goals.

3.  Track and close training gaps; improve operational efficiency

Product experts aren’t the only staff members who can benefit from training and development programs. One client told me that some processes are challenging for staff to master, but the institution had no way to systematically identify where their employees were struggling. Without those insights, it’s hard for a bank or credit union to understand how to help.   

An effective training and development program can give management a clear view of where their staff is struggling. That’s why Fiserv University launched the Performance Scorecard, a full report of training data viewed alongside support inquiries, with tailored reviews from the Fiserv team to identify how to close knowledge gaps and, as a result, improve operational efficiency. 

Banks and credit unions should also aim to establish a training and development program that’s always meeting staff and institution needs. Aim for continuous improvement of course offerings, and be sure to look for a training provider that offers expanded opportunities for educational events, giving your team several opportunities to learn from an instructor, both in-person and virtually.

4.  Streamline processes and be ready for organizational change

So far in 2024, M&A activity has been somewhat muted, but the possibility of acquiring, being acquired or merging is fairly common today. If and when the time comes, combining processes with those of another bank or credit union can be tumultuous and distract from an effective organizational integration. 

Understanding the full capabilities of products not only maximizes growth opportunities within an institution – it also prepares the organization for potentially disruptive future events. 

To be ready, be sure your training provider doesn’t only deliver on-demand training for your institution, but also tailored training programs. Advisory Services from Fiserv University, for example, can create a fully customized training package for your institution, help you navigate change and be a resource during challenging times.

Fiserv is here to help

At its core, Fiserv University is all about building a strategic partnership between Fiserv and your institution. Whether your institution is challenged with onboarding new staff, struggling to retain employees, or creating new growth opportunities in your market, the expanded services of a robust training and development program can help your institution reach its goals. 

To learn more about these new training options, visit Fiserv University.