A career as a next generation bank leader offers opportunities in technology, digital marketing, customer relationship management, cybersecurity and more! As the banking industry evolves, your leaders must also adapt.
Think about it, almost every aspect of a leader’s world has changed over the last few years. The way we lead, and train needs to change too.
Next Generation Bank Leaders Need to Lead Differently Because Workforce is Changing
With Millennials making up a majority of the workforce, it’s important to note that typically millennials have a high expectation of how their companies should conduct business and what they stand for. Understanding this and adapting your leadership style to support this will help build a workplace that’s forward-thinking, nurturing and inclusive company.
Give Workers a Voice
Establishing employee engagement committees, that meet regularly, can provide your leaders the feedback they need when reviewing company policies. A next generation banking leader will take time to speak with employees. They make a point of listening to their employees and do this because they know it’s the key to reducing turnover.
Next Generation Bank Leaders Embrace Tech
With all the new fintech available on the market, the next generation of bank leaders needs to be able to lead and coach their clients to adopt new tech.
Banker-client relationships were built on trust. Now, with the introduction of high-tech competencies that provide high-touch personal service, bankers are called to be just as, if not more, tech-savvy than their clients.
According to a Deloitte report, 57% of millennials surveyed would change their bank relationship if another firm offered a better technology platform. Ironically, at the same time, the report showed that 84% of millennials seek financial advice (and knowledge).
With Next Generation Bank Leaders called to lead differently, they need access to the training and development to not only meet the needs of your staff, but also your customers.
Tips on How to Effectively Develop the Next Generation of Bank Leaders
Build Career Paths and Ladders
Provide an outline to training programs by career track to provide clarity on what is required to reach the next level of leadership. Every member of your team should have a plan for self-development, department development, and ultimately how the overall business goals will be met. Learn more about creating career paths in our free ebook: Career Pathing: Put Your Employees on the Path to Success.
Enable Access to Unique and Meaningful Training
Millennials seek learning opportunities differently than older generations. They seek continual ways to improve their work and make a big impact. By providing them on-demand and high-quality training content, millennials have control over which skills they want to work on and which ones fit into their day-to-day. This method will fit seamlessly into the work your next generation leader is already doing – getting them ready for the future.
Enable Your Current Leaders to Be Good Coaches
Empower your teams to empower their teams. By investing in your current leader’s coaching skills, they can, in turn, help develop the next generation of bank leaders. Every interaction with their own direct supervisor, an employee in the training department or a member of senior leadership could change into an opportunity to develop leadership skills and strategic thinking.
Close the Experience Gap
Leaders who are confident and have experience develop these skills over time. In order to close that gap, you must engage all potential next generation bank leaders frequently to be involved in institution problem-solving. Becoming an experienced leader comes with just that, experience.
The key to your institutional success is to develop your next generational bank leaders to be prepared for the future of banking. Provide them the training and coaching they will need in the future, today.
Build a High-Performance Team
OnCourse Learning provides 750+ compliance training and professional development courses that protect your institution from the frontline to the board room. As you plan your 2022 compliance training programs, check out our comprehensive course catalog.