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Jobs in finance: how to stay ahead in retail banking

05 October, 2020Rob Thompson

Digital disruption and evolving customer expectations are transforming the way banks operate. So, what do you need to learn if you're already working in a retail bank or looking for a customer-facing job in financial services? Which skills will help you progress in today’s rapidly evolving banking sector?

How has the Covid-19 impacted retail banking?

lone man in neon tunnelThe move to digital has been a steady force in banking and finance for years, with app-driven challenger banks and automated processes joining the marketplace. The Covid-19 pandemic made branch banking impractical, increasing the demand for digital banking.

Secondly, Covid-19 has left many customers vulnerable – including some who’d never have expected to face financial hardship or uncertainty.

Fraudsters have also been taking advantage of the confusion caused by the pandemic and lockdown. In June, banks reported a huge rise in scams related to Covid-19 – mainly aimed at the elderly and vulnerable. Criminals have been targeting financial products, including savings and current accounts.

Which skills do retail bankers need to update?

  1. The financial sector, including banks, is required by law to support vulnerable customers. The Financial Conduct Authority (FCA) requires firms to ensure “their staff have the skills and capability to address the needs of vulnerable consumers”.

    That means, you need to be able to identify vulnerability and act on it accordingly – whether that’s through communication with a customer or analysing customer data.
  2. To keep up with the way banking is changing, you need to know about digital innovation and how it’s impacting customer services and bank processes.
  3. If you’re already working in retail banking – or any other customer-facing role – you’ll know that customer expectations vary. Some need support moving their banking online, others may be frustrated on occasions when they have to actually talk in person.
  4. Improving your communication skills and understanding how customer expectations and behaviour are changing, will help you manage your customers better.
  5. And of course, you need a solid and up-to-date understanding of regulatory requirements and what they mean for your role in customer services.

How can you update your retail banking skills?

The Certificate in Digital Retail Banking (CertRDB) will expand your knowledge of regulatory requirements, products and services – and the many delivery channels available to customers.

CertRDB is a distance learning qualification, which you can follow at your own pace and study over up to 12 months 

The qualification is delivered on an omni-channel digital learning platform, so you can study anytime, anywhere and from any device. There are stacks of learning materials to support you as you study, including core texts, videos, animations and webinars.

When you’re ready to take your multiple-choice exam, you can sit it at a test centre or, through remote invigilation at a date of your choice.

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Find out about our Certificate in Retail and Digital Banking (CertRDB)