Do you want your new employees and future leaders to:
- Understand the intricacies of banking?
- Have the financial acumen needed to contribute during important meetings?
- Know your bank’s strategy and goals?
The best way to give your people the opportunity to apply and understand your bank’s challenges and opportunities is through business simulations.
Josh Bersin, HR Industry Analyst notes,
“In today’s ever-changing world, it is hard to provide training that makes a real impact.”
“…business simulations are so popular and provide an engaging experience that encourages learners to apply their knowledge in their job profile.”
“Learners retain only 5 percent of what they hear and 10 percent of what they read, but they remember more than 50 percent of what they learn through discussion and interaction.“
Simulations Emphasize the Big Picture
Banking is getting more and more complex every day. Most new hires or future bank leaders do not understand:
- How a bank makes money
- Balancing risk management and growth opportunities
- Importance of non-interest income
- Aligning operations with strategy
- Investing in new technologies and how that affects the bottom-line
We’ve received feedback that offers insight into how a simulation improves understanding of these complex topics:
“It takes you out of your comfort zone and challenges you to learn the bank’s financials and how banks work. It also helped my public speaking skills.”
– 2020 PSI Executive Banking Suite Simulation participant
“The course was highly informative and a lot of fun! The simulation helped bring the lessons to light because you can visually see the impacts of decisions.”
– 2020 PSI Executive Banking Suite Simulation participant
Banks LOBs Are Not All the Same
New hires and future leaders that understand retail banking know little about commercial banking, investment management or asset-liability management.
A simulation that encompasses a full-service institution can provide your bankers’ knowledge about how each line of business makes money, measures performance and works in tandem to achieve strategic goals.
Simulations Allow Learners to “Walk in the Shoes” of Banking Execs
In the past, bank simulations were reserved for mid-to-upper-level managers at expensive banking schools.
Today, they are affordable and easy to implement in a virtual or live environment, using your bank’s specific goals and metrics.
As you navigate the challenges associated with developing employees during Covid-19, virtual business simulations provide an immersive learning experience that will accelerate employee development.
A tailored banking simulation provides your new employees and future leaders with an experience that mimics real banking institutions, including yours. They get the experience of running a bank to help them:
- Prepare for the “real-world” realities at their bank
- Learn the importance of strategic thinking and execution
- Link C-level business decisions to financial performance
- Expand their network by teaming with employees across the bank
Why wait to teach them what they should have known when they started at your bank?
Contact PSI for your free Executive Suite Simulation demo today for more information.
More insights from PSI Executive Suite Banking Simulation participants:
“This has been the best session in our Leadership Program. Great combination of leadership development and core banking knowledge.”
– 2018 PSI Executive Banking Suite Simulation participant
“One of the best courses I’ve ever taken – I now have a better understanding of the tremendous balancing act to execute strategy and deliver for our shareholders.”
– 2019 PSI Executive Banking Suite Simulation participant
About the Author
Chris Lawton, a founding partner at Performance Solutions International (PSI) has been providing training and consulting services to various industries and clients for the last 29 years (after a career in public accounting).
Performance Solutions International
PSI is the leading provider of industry-focused training, custom learning solutions, and learning consulting services to empower your professionals with the knowledge, skills, and tools they need to succeed in today’s highly competitive environment.