How can companies in the Banking, Financial Services and Insurance (BFSI) sector impart first-rate training to their staff members? What does it take to equip the people working in this industry with the needed knowledge and skills, quickly, in an efficient and cost-effective manner? Well, BFSI organizations can harness the power of the eLearning to meet their learning needs. Let us now see how digital courses can be used to provide excellent training to the employees of these firms.
Impart effective training on regulatory aspects
It is well known that the BFSI industry is heavily regulated. Violation of the applicable statutes and norms can lead to severe penalties. Therefore, companies need to educate their workforces on relevant laws and standards in an effective manner. The advent of globalization has made imparting training more complicated, as firms need to deliver training to workforces scattered across the globe.
E-learning can be used to meet this requirement very efficiently. The online training medium allows you to use a wide variety of instructional techniques to impart excellent training on regulatory aspects. You can use Problem-based Learning (PBL) to improve the analytical skills of your learners which goes a long way in preventing violations. For example, scenarios could be used to explain the Financial Industry Regulatory Authority (FINRA) rules regarding quotation and trading obligations and practices very clearly.
You can also incorporate games to make training on regulatory stipulations interesting and fun-filled. For example, a ‘trekking game’ could be used to assess the knowledge of employees of insurance organizations on European Insurance and Occupational Pensions Authority (EIOPA) norms. After completing a course on the Solvency II Directive, the learner is asked 20 questions. When the learner answers a question correctly, an avatar moves closer to the summit. And, when he gets the answer wrong, the avatar remains where it is and a message “Oops! Not quite right” is displayed on the screen.
Train effectively on complex software
As the complexity of operations and products of BFSI sector is increasing, a number of organizations in this sector are relying on software applications to enhance their efficiency. It is necessary that the employees of companies, who work on these applications, are trained effectively.
The online training medium is the perfect solution to meet the software training needs of BFSI firms. It is easy to develop eLearning courses containing simulations that are very effective in equipping people with the knowledge and skills required to handle software applications. For example, using Adobe Captivate 8, we can develop simulations to make employees highly proficient in MS-Excel which is used extensively by investment banking firms to build complex financial models.
Provide high quality information-security training
It is no exaggeration to say that loss of confidential information can have catastrophic effects on BFSI organization. Companies may be fined by the regulatory authorities and their reputation is tarnished. So, how can companies secure their sensitive data?
A major aspect of ensuring information-security is imparting effective training to workforces on data safety norms and procedures. E-learning can be used to impart first-rate information-security training to the workforces of the BFSI sector. Case studies and scenarios can be used to train employees to identify sensitive data and educate them on the consequences of their loss or pilferage. Hands-on activities, brain teasers, dos and don’ts of information security can be effectively presented using interactivities such as click on tabs, rollovers, puzzles, etc. You could also train them on the norms to be followed while sharing information through social media.
Thus, we see that eLearning is very useful to meet the training needs of organizations in the BFSI sector. What do you think? Do share your views.