Training and Development in the Banking and Finance Industry - Term Paper Example

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The objective of this paper is to examine how the banking and finance industry has been able to meet the challenge through innovative organizational training and development programs. The author states that motivation is essential for retention and succession planning in today’s scenario…
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Training and Development in the Banking and Finance Industry
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Download file to see previous pages During the past two decades or so, regulatory, structural and technological factors have significantly changed the banking environment throughout the world (Angur et al., 1999, cited by Yavas et al., 2003). In the financial services industry products and services are created through a complex range of activities involving a large number of staff members within the organization (Mistry, 2006). The financial services industry is one of the fastest expanding segments in terms of growth in employment and GDP. The financial sector includes the insurance companies and the brokers but the banking industry is a major component in the financial industry. In the United States, it has generated $209 billion in 1990 and is ever expanding. In addition, deregulation has led to various mergers and acquisitions, increased competition and diversification into new lines of business. This has been necessary to improve profitability. To gain competitive advantage, banks across nations have concentrated on human capital as one of the greatest assets. Yavas et al., assert that service quality is a critical measure of organizational performance. High service quality leads to customer satisfaction, loyalty, the recommendation to others, reduction in complaints and retention of customers.  The German banking system comprises of a wide range of services ranging from retail banking to corporate banking to asset management (Olsson, 1996, cited by Yavas et al.,). Apart from the private banks (owned by private investors), savings banks (owned by communities and districts of federal states) and cooperative banks (owned by members), foreign banks are allowed to enter the German market and compete with domestic banks. Non-banking institutions like insurance and car companies also provide retail bank services. This has increased overall competition in the field, stressing on higher levels of service, increasing the importance of training and development.  ...Download file to see next pagesRead More
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