In the context of enhancing professional competencies and developing the skills of employees in the banking and financial sector, The Union of Investment Companies (UIC), through its training arm—the Investment Studies Center (ISC), organized a program on "Negotiation Skills in the Banking and Financial Services Industry", which provided participants with the opportunity to gain in-depth knowledge about effective negotiation strategies and techniques, on 11th November 2024 at UIC premises.
In this context, UIC stated that negotiation skills are among the basic tools used by professionals in the banking and financial sector to successfully complete transactions, whether with clients, partners or other parties. Therefore, this training program was carefully designed with the aim of providing the basic negotiation concepts and strategies that participants must master to achieve the best results in the context of this dynamic industry. The program focused on directing participants towards a deep understanding of the different negotiation methods, and how to apply them effectively to deal with different parties.
The first axis began with a comparison between Distributive Negotiation and Integrative Negotiation. Distributive negotiation depends on dividing the available resources between the negotiating parties, where each party seeks to obtain the largest possible share.
In contrast, integrative negotiation encourages cooperation between the parties, allowing them to achieve mutually beneficial solutions. Advanced tactics that can be used to enhance the parties' ability to communicate effectively and expand the options available for resolving the conflict were reviewed, to reach innovative solutions that satisfy all parties and achieve their common interests.
Also, the focus was on concessions and trade-offs and how to deal with them effectively, so that no party gives up its basic interests or makes unjustified concessions that affect the results.
The second axis then came to address managing difficult negotiations, which is one of the necessary skills in the field of banking and financial services, as professionals often face difficult challenges with some parties, so the spotlight was on strategies for dealing with difficult negotiations and how to maintain professionalism and calm in these situations, to avoid escalating the conflict and achieving the negotiation goals. Participants were also trained on how to deal with strong emotions and manage personal reactions during negotiations, so that a calm and objective position is maintained, which contributes to building long-term business relationships. Strategies were presented to reduce tension and deal with conflicts in a constructive manner, by focusing on integrative negotiation that enhances the chances of finding common solutions that satisfy all parties. In the third axis, the program addressed how to successfully close a deal, which is an essential part of any negotiation process in the financial sector. Participants were trained on effective techniques for concluding agreements, and how to ensure that these agreements are clear and enforceable, with a focus on the importance of proper documentation of all terms and obligations agreed upon, to ensure the protection of the rights of all parties. The importance of following up after the completion of the negotiation was also emphasized to ensure the implementation of the agreements reached, by establishing follow-up mechanisms that ensure the commitment of the signatory parties to the concluded agreements.
The program also included a number of exercises that contribute to deepening theoretical understanding, in addition to interactive practical activities that help participants apply what they have learned in realistic scenarios, by analyzing a practical case study within the banking and financial services industry, to illustrate how to apply these principles in real-life situations.
Participants also learned how to set smart negotiation goals using the SMART model, which helps increase the chances of success and achieve the desired results on time, in addition to applying a SWOT analysis (strengths, weaknesses, opportunities, and threats) before any negotiation process. Part of the program was dedicated to training participants on the importance of effective communication during negotiations, including active listening and emotional communication to build trust and understanding with the negotiating parties.
Distributive and integrative negotiation was also practiced through a negotiation simulation, where participants applied different strategies to achieve the specified goals. A practical application was also carried out to resolve conflicts, where difficult negotiation situations were simulated, during which participants were trained on conflict resolution and stress management strategies.
In the final stage of the program, a real deal closing was simulated, with an immediate assessment provided to improve each participant's negotiation style, in addition to answering all participants' inquiries, which helped enhance their understanding and develop their practical skills effectively.
At the end of the training program, the participants praised the quality of this practical experience, which contributed effectively to developing their negotiation skills, enabling them to deal with various challenges with confidences and professionalism in a complex business environment, and enhancing their ability to achieve the best results that ensure sustainable success in the banking and financial sector.