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How to Keep Your Employees Up to Date with Regulatory Demands in Banking Sectors

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How to Keep Your Employees Up to Date with Regulatory Demands in Banking Sectors

Banking sectors deal with all sensitive and confidential matters. So they need to abide by certain laws set by national and international regulatory bodies. Disobidience of these laws might lead to severe consequences. Involved organizations end up paying huge penalities. Recently, a renowned banking group was fined with one billion pounds for mis-selling products to the customers. This incident shows a clear picture of why compliance training is important in banking sector.

We have seen the importance of compliance training in the banking sector so far; now let us see why we need to choose e-learning as a medium for such training.

Periodical Updation of Regulations: 

Unlike other trainings, you can’t simply train employees once and leave it at that. The banking sector is a dynamic sector where the regulations keep changing constantly. So the employees need to be updated periodically with every change in the regulation. That means the training material itself has to get updated frequently.

In such cases, e-learning is a best way where you can update the content whenever needed. The time consumed and costs involved for updation are also very less as compared to other (traditional) training delivery methods. For example, if the interest rates are increased or lowered in the Reserve bank, then it would have an effect all other banks in the country. And all the employees are to be made aware of it.

Helps to Create Role-Specific Course:

Every employee needs to know the rules and regulations that are specific to just his or her position or role in the sector. Educating them seperately according to their roles would be time consuming and includeds a lot of investment.

Instead of creating multiple courses for every role, with the help of e-learning, you can create a single course that caters to the needs of all employees. The employee can simply select a specific role that suits him and can view only the content related to him. For example, have a look at the screenshot below which is taken from one of our compliance courses.

Helps to Create Role-Specific Course

Effective Bank Certification Courses:

There are certain trainings that the employees must take without avoiding. The employee would be eligilble for the post only if he is able to get a certificate after successful completion of the training. With the help of e-learning you can easily track the employees who have taken the course completely and then reward them with the certificate.

Effective Information Security Courses:

Losing or leaking of confidential data would put the banking sector into severe trouble. According to PWC, financial organizations are the primary targets of “information criminals.” This leads to the payment of huge penalities and it also effects the reputation of the organization. With the help of e-learning, you can effectively educate the employees about the policies and procedures. For example, we can make use of scenarios or case studies that relate to real-world situations and help identify the employee the sensitive information. With the help of scenarios, we can create a virtual environment and create an awareness among the employees about the consequences in case of loss of data. Have a look at the screenshot below which is taken from one of our courses.

Effective Information Security Courses

E-learning , the need of the hour for the banking sector: 

As the bank sectors are widely spread, training all employees at one shot through traditional methods is a difficult task . Another great disadvantage of traditional trainings is that the teaching methods vary from instructor to instructor. And hence, it affects the employees. But with e-learning, we can ensure consistency. All the employees receive the same course and hence there would be no change in the knowledge they receive. We can also translate the courses in multiple languages and make it available to the global audience.

Banking sectors need to be proactive in educating their employees on the laws that they need to follow. E-learning is the ideal solution for compliance training in banking sectors. I hope you find this blog informative. Also, here is a blog, if you want to know more about the training needs of banking sectors.

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