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The banking & finance industry plays a significant role in the development of an economy. It’s one of those sectors with constant changes in terms of technological advancements or the introduction of new regulations & norms. The more use of the digital medium in completing banking transactions has led to more cases of online fraudulent activities, thus becoming one of the challenges for banks to minimize these for better results. Hence, dealing with customers in all age groups has become the topmost priority for leading banks to increase customer awareness and to achieve this, they must have well-trained and skilled staff to gain customers’ trust and confidence in their products and services. Continuous learning and necessary training are the only way to stay ahead of competition and here arises the need for an online learning platform that can support various training to be completed anytime & anywhere by a banking professional.
The Extended Enterprise LMS meets the requirements in getting the extended workforce of the banks spread across branches, ready to serve their customers with day-to-day banking needs. The use of LMS helps banks with a reduction in training costs, monitoring & tracking of sessions, content availability at a centralized location, and overall faster learning growth of an employee. Extended Enterprise LMS can be used to train workforces which include agents, distribution partners, and many more in their respective branches.
A banking professional must undergo a lot of training starting from the onboarding process, sales, compliance, and many more. Let’s one by one read through how Extended Enterprise LMS helps with delivering this training for an overall impact in the banking & finance sector.
Onboarding Training
There is a very familiar term called ‘employee onboarding’ and this is an important function of any organization to ensure employees understand the vision, , and their job role and responsibilities. With the ability to engage the employees even remotely, LMS helps to induct, train, assess, and assist newly hired employees in different locations. The bank saves time and resource as the traditional classroom induction is replaced with virtual induction which helps the new hires in understanding the work culture and integrating with the organization.
Process Training
There are procedures involved ranging from loan requirements, money transfers, and many more in day-to-day tasks. The counter authorization and checks are done based on the transaction amount involved and hence very strong training in all workflows is mandatory. LMS can automate the process of training need identification and let the trainers creates groups to assign training on a diverse range of procedures that are useful in handling or conducting specific financial & other banking functions. The assessment module of an Extended Enterprise LMS can find out the knowledge levels of the employees and allow trainers assign remedial training and more support.
Compliance Training
The banking & financial organizations must pay attention to the national & international regulations as there are high penalties involved due to non-compliance. Thus, it’s a must for all the employees to complete these training within the defined timelines as per the industry guidelines. An Extended Enterprise LMS can manage end-to-end compliance trainings which are difficult to manage for a large, distributed workforce like in the banking sector. It helps with automated tracking of course completion, certification management, automatic notifications to remind employees about due dates and deadlines and also generates report in prescribed formats.
Sales Training
The banking sector has evolved with time to include many new products & services to stay in the competitive environment. Thus, banks require the sales employees to go through regular trainings on the benefits of their products and services to convey it to customers. LMS can be used as a sales enablement tool where a library of best practices in the sales is stored along with sales toolkit which can be accessed at the time of interacting with customers. Daily sales huddles can be managed with the Extended Enterprise LMS and creating gamified courses can motivate the sales teams to learn more and perform better.
Certainly, technology has completely transformed the processes in the financial services sector. Tasks that were once handled manually are now being completed via digital interfaces. Extended Enterprise LMS helps to create better learning experience for the employees which is personalized & engaging and ensures quick gathering of knowledge on newer products, services, strategies, pricing, and compliance to their new-generation employees.
G-Cube with 20+ years of industry experience has a team of experts who have developed an Extended Enterprise LMS fit for the banking and financial organizations. Our team has gathered intelligence and insight on the various banking industry-specific learning requirements and would love to share the same with you. Connect with us to set up a call with our learning consultants.
