In the last few years, technology has transformed the entire training landscape of the Banking & Finance sector. For people working in this industry, it has become increasingly important to update with technological developments and stay ahead of the curve. In addition, with ever-evolving customer demands for new products and services, there have been enormous changes in the business process of the Banking, Financial Services and Insurance (BFSI) sector. Consequently, the need for workplace training through online Learning Management Systems (LMS) has become evident enough for organizational growth and development.
5 Noteworthy Instances Where Online LMSs Have Served as a Viable Solution to Meet Onboarding, Compliance & Sales Training Needs
Banks and other finance companies face strict regulations on industry compliances, licensing and other legislative changes. Online learning platforms are used to deliver various kinds of training content to address operational processes, legal requirements and manage sales strategies.
To meet such challenges and cater to diverse training needs, organizations are looking for effective ways of learning to upskill their workforce. Discussed below are few instances where online LMSs prove to be a viable solution to effectively train the BFSI workforce:
- Upskill technical workforce
In today’s digital scenario, organizations in the BFSI industry need to upskill and reskill their technical workforce. For this, they deploy modern LMSs to provide different kinds of e-courses on achieving essential skills to manage critical customer-facing systems. Especially for new hires, it is crucial to undergo training across e-learning platforms and gain specific skills and expertise on how to deal with new customers, communicate with them effectively and improve the overall business efficiency. This also aids managers to gain confidence in assigning critical projects to individuals. Employees in those teams are skilled enough to seek maximum customer attention and improve the overall quality of service.
- Compliance training
With ever-evolving industry regulations, it becomes significant to update the employees on the same. Therefore, organizations deploy online LMSs to support aneffective delivery and management of compliance training. The LMS also supports automated tracking of compliance reports which is helpful for workforce audits at any point in time. For successful implementation of compliance training strategy, sales and financial training courses are delivered via e-learning platforms to increase boost sales, gain optimal customer attention and prevent regulatory issues.
- Promote a continuous learning culture
Leaders in this industry want their employees to become proficient enough and experience a continuous learning culture. Banks and finance companies are leveraging innovative ways of learning by utilizing mobile LMSs to deliver training on sales, leadership development and more at the moment of need. The utilization of mobile-based learning apps enables learners to undergo training at spaced intervals of time. This not only fosters a continuous learning environment, but also improves employees’ workplace skills, knowledge competency and retention levels.
- Personalize learning for diverse job roles
To stay ahead in today’s competitive market, banks and finance companies prefer every employee to upgrade their technical knowledge background. For this, they deploy modern LMSs to deliver multiple training courses simultaneously for different audiences such as sales employees, Human Resources, new hires, admin desk or others. Based on specific job profiles and training needs, employees choose the type of technical training that best fits their roles and requirements. For instance, sales employees may undergo training based on time management and soft skills for better client interaction. This helps to engage more customers and improve overall business sales.
- Gamify induction training
The industry has realized the significance of delivering effective onboarding training programs to improve employee retention, customer satisfaction and reduce attrition rates. Finance companies have adopted gamification as an effective corporate training strategy to familiarize new hires with the company’s policies, culture and more. Modern LMSs incorporate gamification feature where learners earn scores and badges on the leaderboard or dashboard and ultimately gain recognition on winning the game. This, in turn, motivates the employees to undergo more training, collaborate more, and retain for long. Gamification makes it easier for new hires to familiarize with the organization’s Code of Conduct and other values in a more engaging and fun way.
Based on the varying needs of diversified audiences, online training courses are provided in different formats such as videos, mini games, infographics, scenarios and more. This not only improves the overall understanding of training context, but also makes learning complete fun. G-Cube also excels in delivering innovations e-learning solutions through its proprietary G-Cube LMS. For instance, we have provided an efficient mobile-based learning app to one of our reputed clients from the BFSI sector. The client wanted to deliver a solution which is mobile-enabled, engaging and customized to individual training needs of sales professionals. We created an innovative mobile app, using which sales employees could easily access training courses at their own pace of time and convenience. Our mobile app also boosted confidence among the salesforce to address the changing needs of clients and meet their day-to-day work targets. Apart from BFSI, we have also delivered our G-Cube LMS to serve the pertinent training needs of retail, healthcare automobile and other sectors. To know more, write us at in**@gc**********.net.
Suggested Further Reading: Importance of E-Learning for Employees in the BFSI Sector by NiyatiJetly