With ever-increasing competitiveness, the financial sector adopts cost-effective strategies and deliver innovative solutions to cater to individual consumer needs. Companies in the BFSI (Banking, Financial services and Insurance) sector are at the leading edge in implementing effective e-learning technologies to enhance business operations and customer experience. Regulations are always in flux, making it difficult to update the workforce everytime. Organizing training programs for a globally dispersed workforce can be costly and time-wasting. Therefore, video-based learning or mobile-enabled courses can be provided to extend the reach to a wider audience. E-learning solutions help engaging learners, resulting in better retention and compliance.
Attracting new customers from all over is one of the major challenges faced by banking organizations as they need to foster customer relationships for improved business growth.
The impact of complying with the ever-evolving regulations is also the top challenge for the BFSI sector. Bankers are still struggling to address these challenges and develop a proactive stance with the regulators. Let us discuss the following macro-trends that are shaping the future of the finance industry:
Considering the huge impact of these macro-trends on banking and finance sector, few priorities are identified for better scope in the future:
Financial services organizations need to train employees while on the go. It is easier and flexible to deliver media-rich content via personalized mobile devices. With structured learning approach and other design approaches for tech-savvy employees, a visually appealing platform is developed to enhance their overall learning experience. In addition, courses can be imparted in the form of short videos using animation tools. Even if employees are short of time, they can implement video collaboration in conference rooms, record videos and design kiosks to enable rich interaction between learners and educator. E-courseware is helpful for sales employees who need to be updated about the new products launched and therefore enroll for training programs to improve their knowledge competencies.
The potential of finance industry in the field of online learning and development is increasing and there are ample opportunities to explore. Keeping up with the robust technology and the customized needs of learners, digital learning can make a huge difference in how it is imparted and consumed in the entire sector. Financial institutions need to stay ahead of the curve in delivering lucrative e-learning solutions. They need to decide which consumers to serve, whom to hire, how to impart workplace training and structurally reduce cost. They choose strategies that make them more agile and innovative in dealing with consequences as the future unfolds.
The training landscape in banking finance sector is changing with regulations, demographics, consumer demands, competition and technology. Every company in this industry vertical needs to develop a strategy to tackle these challenges. Ultimately, e-learning is an efficient platform to boost employee engagement with participation in games, quizzes and other activities that focus on developing necessary courses.
Suggested Further Reading: https://www.pwc.com/gx/en/banking-capital-markets/banking-2020/assets/pwc-retail-banking-2020-evolution-or-revolution.pdf
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