Life should be a continuous learning process. It is essential to stay current and prepare for the future. Throughout life we must make many decisions, and the better our training, the more likely we are to make the right choice when we select one option and discard the others. In companies, employee training is one of the best possible investments, as it triggers a virtuous cycle that begins by improving staff motivation and confidence in the organization, which leads to greater efficiency and strengthens both loyalty ties and the attraction of new talent. In the new digital era, continuous training is a mandatory requirement for company survival because it goes hand in hand with innovation, essential to avoid falling behind in a world as competitive as today’s, marked by the unstoppable digitalization of society. <\/p>\n
In this environment, bank employees must have the knowledge and competence required to offer the best service to their clients. They are essential to building the relationship of trust and mutual understanding between banks and consumers. The need for training in banking is therefore not a one-time convenience arising from technological changes or new regulatory requirements such as MiFID2, or the anticipated new royal decree on mortgage loan training. In the case of Spanish banks, the average annual growth in employee training budgets has been 5.4%, a figure that has been far exceeded in the last two years. This training effort covers everything from digital skills to regulatory compliance, banking operations, and client advisory services. <\/p>\n
The new real estate credit law strengthens client protection by regulating to the maximum the exchange of information that must occur between the institution and the client. Furthermore, in the near future, more training will be required of branch employees. The authorities justify these requirements by stating that branches must be the first line of control for risk and client solvency for this type of credit. Bank employees must respond to their clients’ mortgage financing demands by strengthening the analysis of their payment capacity, both present and future. And banks will comply with the regulations, as they always do. However, should the authorities not simultaneously promote financial education in society? Financial education improves citizens’ ability to understand financial products and thereby reduce the risks assumed. Financial education fosters habits and reinforces responsibility in savings and borrowing decisions. Having financial knowledge makes us more responsible and free when making decisions. There is no doubt that adequate financial education must be accompanied by exhaustive regulation and supervision, as exists today. But it is certainly concerning that, according to official statistics, the level of financial education in Spain is so low and has not improved in recent years despite greater concern about financial matters due to the crisis. The low level of financial literacy concerns the financial sector, because the ability to manage one’s money and think critically helps consumers make appropriate decisions to face the present and the future. <\/p>\n
Banks must help their clients make the best possible financial decisions. However, regulatory changes seem to want to hold banks responsible for ensuring that the decisions their clients make are always successful. But citizens cannot be stripped of ultimate responsibility for their decisions without intruding into the territory of each person’s individual freedom. <\/p>\n