At first glance, developing training in-house might seem more cost-effective than using a third-party partner. But what many organizations overlook are the hidden hours, required expertise, and ongoing regulatory demands needed to develop, maintain, and scale high-quality bank training.
Anyone thinking about a shift to in-house training development needs to put serious consideration into several factors. This article shows you why building compliance and professional development training internally often costs more than it saves, and why quality third-party training providers will save you more in the long run.
The True Cost of Developing a Single Bank Training Course In-House
This chart breaks down all those hidden costs that need to be considered when developing a single in-house bank training course.
|
Task |
Time (hrs) |
Rate/hr |
Subtotal |
|
Subject Matter Research & Writing |
80 hrs |
$85 |
$6,800 |
|
Editing (12% of 90 hrs) |
10.8 hrs |
$50 |
$540 |
|
Design (20% of 90 hrs) |
18 hrs |
$50 |
$900 |
|
Development (55% of 90 hrs) |
49.5 hrs |
$50 |
$2,475 |
|
Production (13% of 90 hrs) |
11.7 hrs |
$50 |
$585 |
|
Total Cost per Course |
— |
— |
$11,300+ |
And that’s just for the initial version.
The Real Cost: What Banks and Credit Unions Often Overlook
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Ongoing Maintenance
Regulations, best practices, and examiner expectations change frequently. Third-party providers monitor this 24/7. Your internal team may not have the bandwidth or expertise to stay ahead. -
Time to Launch
Internal teams often underestimate the time to complete a polished course. Delays in deployment mean compliance risks and training gaps. -
User Experience Matters
High-quality instructional design, learner engagement, scenario-based learning, and assessments are difficult to replicate without experienced course developers. -
Scalability Challenges
Building one course might be feasible, but building and updating an entire curriculum across departments and roles is another story. -
Opportunity Cost
Every hour your internal team spends building training is an hour not spent on strategic initiatives, managing change, or improving business outcomes.
What You Get with Third-Party Bank and Credit Union Training
OnCourse Learning has more than 75 years of experience serving banks and credit unions, perfecting our approach and making training seamless for our clients. Our online bank and credit union training courses are crafted and delivered by industry experts.
Here’s what you get from OnCourse Learning:
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Expert-led content developed by compliance professionals.
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Instructional design rooted in adult learning theory.
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Built-in maintenance, updates, and regulatory tracking.
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Formats for all learning styles: microlearning, webinars, adaptive learning, and more.
Getting Bank Training That Works for You
Building one course can cost $11,000+ and take 170+ hours – before you account for maintenance. Multiply that across your curriculum, and you’re looking at significant time, cost, and compliance risk.
Let us help you stay focused on your business while keeping your training compliant, current, and effective.
FAQs About the Cost of In-House Bank Training
Q: What are the costs and time involved in developing a single training course in-house?
A: Developing one comprehensive course in-house can take 170+ hours and cost more than $11,000. This includes tasks like subject matter research, writing, editing, design, development, and production. And that’s just for one course. It doesn’t including ongoing updates or scaling for a full curriculum.
Q: Why should I choose a third-party provider over in-house training development?
A: Creating training in-house may seem cost-effective initially, but it often comes with hidden costs like extensive development time, ongoing regulatory updates, and the need for experienced instructional design. OnCourse Learning eliminates these hurdles by providing expert-led, ready-to-deploy training that's scalable and constantly updated to meet changing regulations.
Q: How does OnCourse Learning save time for internal bank training teams?
A: By outsourcing training needs to OnCourse Learning, your team can focus on strategic initiatives instead of spending hundreds of hours on course development, maintenance, and compliance tracking. This allows you to prioritize business growth and operational efficiency.
Q: What types of training does OnCourse Learning offer?
A: OnCourse Learning specializes in providing bank training and credit union training, including compliance training, professional development, and role-based courses. Our offerings are designed to meet the needs of financial institutions of all sizes.
Q: How does OnCourse Learning ensure compliance with regulatory standards?
A: Our industry experts continuously monitor regulatory changes, examiner expectations, and best practices. This ensures that all our training courses, especially compliance-related ones, are up-to-date and meet industry standards without requiring any extra effort on your part.
Q: What unique features does OnCourse Learning offer in its training courses?
A: Our courses are expertly crafted with features such as:
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Instructional design based on adult learning theory.
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Interactive formats like microlearning, webinars, and adaptive learning.
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Built-in updates, regulatory tracking, and maintenance.
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Engaging learner experiences, including scenario-based learning and skill assessments.
Q: How scalable are OnCourse Learning’s bank and credit union training solutions?
A: Our training is designed to scale effortlessly across your entire institution, whether you need compliance courses for multiple departments or tailored development for specific roles. We handle the heavy lifting so you can deploy effective training with ease.
Q: Can OnCourse Learning support my employees’ diverse learning styles?
A: Yes! We offer training in various formats, including webinars, microlearning, video tutorials, and adaptive learning, ensuring that we cater to all learning preferences and deliver an engaging experience for every employee.
Q: What industries does OnCourse Learning serve?
A: OnCourse Learning specializes in training for the banking, credit union, and mortgage industries, with a history of more than 75 years of experience in these fields.
Q: How can I get started with OnCourse Learning?
A: Getting started is simple! Check out our bank training and credit union training solutions can align with your institution’s goals and compliance needs.
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