A contract with NAB, now two years old, is the bedrock of FINSIA’s re-entry into the field of financial services education.
Around 12,000 NAB staff have progressed through FINSIA courses, with 25,000 to go if the bank is to fulfil its ambition of assuring a minimum of industry relevant training for each and every staff member.
Yasser El-Ansary, CEO of FINSIA, told Banking Day: “NAB is going really well. We’re in the guts of what I’d describe as the execution phase. Establishing the infrastructure for the bank.”
The Financial Services Institute of Australasia also has contract with smaller and mutual banks, though how many El-Ansary did not say.
“We’re in discussion with all the major banks, of course,” he said.
Education used to be fundamental to the work and purpose of the old Securities Institute of Australia and the Australian Institute of Banking and Finance.
In 2007, FINSIA sold the education arm to Kaplan Inc, a US-based provider of professional education. Kaplan paid A$36 million, and boy have FINSIA chewed through that legacy, racking up years of operating losses.
At December 2021, retained earnings at FINSIA had plunged to $11 million, following a loss of $1.5 million in 2021.
FINSIA will soon release its CY2022 annual report to members.