The Challenges of Sales Enablement and Training in the Financial Industry
In the fast-paced world of banking and payments, sales enablement and training play a crucial role in ensuring the success of financial institutions. However, these areas often face numerous challenges, from limited resources to outdated training materials. In this blog post, we will explore the difficulties faced by sales enablement teams and shed light on the need for improved training approaches in the financial industry.
Limited Focus on Sales Collateral
Sales collateral creation tends to take a backseat in the financial industry. With numerous responsibilities competing for attention, developing sales collateral becomes the last priority. This analogy highlights the challenge faced by sales teams: they have a million things on their plate, and creating sales collateral is often at the bottom of their to-do list.
Outdated and Ineffective Training Assets
One of the key challenges is the reliance on outdated and ineffective training materials. Compliance training is heavily emphasized due to regulatory requirements, leaving little room for comprehensive sales training. Moreover, training often focuses on process, procedures, and systems, neglecting the critical aspect of engaging with clients. As a result, sales teams struggle to deliver accurate and relevant information to customers.
Resource Constraints and Content Development
The challenges faced by sales enablement teams vary depending on the size of the financial institution. Learning and development teams, responsible for content development, may lack subject matter expertise, requiring constant coordination with sales teams. This back-and-forth process not only consumes time but also leads to outdated training content. Conversely, smaller institutions often lack the necessary resources for comprehensive training, resulting in ad hoc and ineffective approaches.
Lengthy Training Process
The process of creating training assets, whether for products or sales methodologies, can be time-consuming. The coordination between sales teams and learning and development departments, rounds of reviews, and the need for instructional design contribute to a lengthy process. For complex topics like sales of financial products involving change processes, engineering, and problem-solving, developing effective training may take six to nine months or more.
The Pitfalls of Traditional Training Approaches
Traditional training approaches often fall short in maintaining engagement and knowledge retention. Training is frequently viewed as a punishment or a checkbox exercise rather than a valuable learning experience. One-time training events or multi-day off-site sessions can be motivational, but the knowledge retention after 30 days is dismally low, leading to diminished effectiveness.
The Need for Improved Training Solutions
To address these challenges, financial institutions must adopt improved training solutions. This includes leveraging technology to create engaging and interactive training assets, such as videos, simulations, and gamified learning experiences. Regular reinforcement of training content is essential to combat knowledge decay. Moreover, providing sales teams with up-to-date and easily accessible collateral through centralized platforms can enhance their effectiveness.
Sales enablement and training in the financial industry face significant challenges, ranging from resource constraints to outdated training materials. However, by recognizing these hurdles and embracing innovative training approaches, financial institutions can equip their sales teams with the knowledge and skills needed to thrive in a rapidly evolving industry. Empowering sales enablement teams with the right tools and technology is vital to ensure efficient and effective training.