How much does your bank spend on training with your vendor? You may respond that it is ‘too much!’
Have you ever walked away from a training opportunity because of the cost? Probably! In my opinion, that’s wrong. The ‘you’ll pay later’ kind of wrong.
If cost is the only issue, think of it another way. How much training would your bank take advantage of if training were offered at no cost? If it were free, would it be worth the time? It would be great if vendors no longer charged for application training, for release previews, or for release training. Unless you know that the vendor is offering a sub-par training program, and some training programs are not as effective as others, I recommend taking all training programs offered by your vendor. The cost will pay off over the long term.
What are the advantages of a solid training program? First, by spending time together, you would be building a better, more solid relationship with your vendor.
Without a doubt, your bank would have fewer issues with the system. There would be fewer errors. Your financial institution would receive greater value for the money spent. In fact, in many cases, I have seen where the lack of system knowledge, not system capabilities, has driven banks to search for a replacement vendor and system. Hand-me-down training often dilutes what is available. So, by all means, utilize vendor training when cross-training employees and when preparing for turnover.
A training program provides you with a more comprehensive understanding of your system. If you don’t know the capabilities of your system, then you are not maximizing its potential. I see that in core evaluations all the time.
With training, the bank staff would be more satisfied, there would be fewer service calls, and financial institutions would be less inclined to look at alternative vendors and systems. Every vendor should encourage all clients to receive as much training as possible.
If training is not in your budget…or if your vendor’s training charges have gotten out of hand, tell them! Try to negotiate a training plan, possibly a package that includes that includes virtual training and classroom training if available. Don’t pass on opportunities to provide your staff with the most complete level of training to maximize results at your financial institution.