The need and popularization of e-learning in India is reflected in the growing numbers of e-learning companies as well as the domestic market as a whole. While more and more corporate houses are adopting e-learning practices, for Banking and Financial Services Industry (BFSI) the need and scope has been particularly evident in the past few years.
For one, this sector works with huge number of employees, as most banks have multiple number of branches and divisions all over the country and abroad. Due to rapid expansion in this domain new people are added every day to every function known within a bank. Training and induction becomes a challenge in this situation which has proven to be immensely successful through e learning based modules for new recruits. As per client need, learning programs can range from informative and knowledge-heavy to interactive and response-based.
Emphasis should be on how well information can be delivered to effectively increase retention. Also, enough emphasis should be given on the malleability of the module so that it can, be upgraded as per growing and changing training needs of the client from time to time,
Another challenge that the BFSI sector faces is that of ever increasing number of applications, such as Central Banking Software’s, Customer Support Systems etc which are implemented across to ensure increase in productivity and the quality of services. While bringing all employees at par with these applications, the traditional role of the instructor lacks practicality over distances and a continuous inflow of learners. This leads to inconsistent training and a drain on resources.
E-Learning based application-training has proven to be a solution to the problems arising from instructor based training across large expanses of a financial organization. These training programs not only aim to ‘instruct’ but also guarantee simultaneous assessment, report generation and even the future course of learning. This has been made possible by modern LMSs which have assessment capabilities that increase the utilization of the learning platform.
Banking and financial services companies deal directly with money and thus have to be answerable to the government of a country. This also means that they have to abide with a number of policies and regulations, and every single employee, has to be at par with them. Compliance training has also become an area where e-learning has contributed considerably. A number of different programs can be created such as Know Your Customer (KYC), Anti Money Laundering (AML) and Foreign Exchange Regulations etc.
Though recent years have seen considerable turmoil in economy, the worst hit being the BFSI sector – things are looking up and the aggression shown in the field of learning in this sector is evident of that fact. Not only large MNC’s and International Financial Services Providers but Government banks have also started to show a keen interest in actively increasing the scope of learning within their organizations.
The potential of BFSI domain in the field of e-learning is ever increasing and there are umpteen opportunities to explore. Keeping up with the latest in technology and pertinent needs of the industry, e-learning can make a huge difference in how learning is delivered as well as consumed in the BFGSI sector.