E-learning to Impart Knowledge and Improve Skills of Employees in Banking and Financial Industry

It is common knowledge that the Banking, Financial Services and Insurance (BFSI) sector plays a key role in the economy. By providing credit and risk management services, organizations in this sector propel growth.

Like any other services-based industry, the success of organizations in the BFSI sector relies heavily on the competency of their workforces. Training plays a key role in enhancing the skills of people in this sector. So, how can companies in this industry impart first-rate training to their staff members? What does it take to equip the people working in this important sector with the needed knowledge and skills, quickly, in an efficient and cost-effective manner? Well, BFSI organizations can harness the power of eLearning to meet their learning needs. But, before we see how the online training medium can be used to impart highly effective training to employees of BFSI firms, let us see some of the pressing training needs of companies in this industry.

BFSI organizations primarily have to cater to the following 5 training needs.

  1. Impart effective training on regulatory aspects
  2. Train workforces on complex software
  3. Provide high quality information-security training
  4. Deliver excellent training on financial instruments
  5. Equip personnel with adequate knowledge of business processes

Let us now see more about these needs and how digital courses can be used to provide excellent training to the employees of these firms.

Impart effective training on regulatory aspects

The BFSI sector is arguably the most heavily regulated industry in the economy. Companies could face serious problems, if they violate the applicable laws and norms. Therefore, training their staff members on relevant statutes and standards effectively is very important. The advent of globalization has only made training on regulatory issues more complex, as organizations need to impart training to personnel who speak different languages and are spread across the planet.

The online training medium can be used to meet this requirement very effectively. Digital courses enable you to deliver effective training on regulatory matters. You could incorporate a wide variety of instructional techniques in eLearning courses. For instance, the full potential of Problem-based Learning (PBL) can be harnessed to enhance the powers of analysis of your people. You could use scenarios and case-studies to explain the rules regarding quotation and trading obligations and practices stipulated by the Financial Industry Regulatory Authority (FINRA), very effectively.

E-learning can also be used to make training on regulatory standards interesting and fun-filled by the use of games. For example, employees of an insurance organization can be equipped with the norms specified by the European Insurance and Occupational Pensions Authority (EIOPA) through gamified online courses. A ‘trekking game’ can be used to assess the knowledge of the personnel on Solvency II Directive. In this game, the learner is asked 20 questions and after he 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 workforces on complex software

The complexity of operations and products in the BFSI sector is increasing considerably. Organizations need to analyze and deal with the highly dynamic business environment to stay ahead. BFSI companies are relying heavily on a wide variety of complex software to enhance their efficiency, and this makes it imperative to impart good training to their workforces on the software.

This training need can be met very effectively through eLearning. It is easy to develop online courses that can impart highly quality software training, in quick time. Rapid authoring tools such as Adobe Captivate 8 can be used to create courses with simulations which are very useful to provide training on software applications. For instance, Captivate 8 can be used to develop digital courses containing simulations to train staff on MS-Excel, which is used widely by investment banking firms to create highly complex financial models.

Provide high quality information-security training

Loss of confidential information could have devastating effects on a BFSI organization. It may have to pay heavy fines imposed by the regulatory authorities and its reputation takes a severe beating. So, how can BFSI companies protect their sensitive data?

One of the major aspects of securing data is providing highly effective training to staff members on information-security norms and procedures. The online training medium can be used to impart training on data safety of a very high quality to BFSI workforces. We can make use of case studies and scenarios to equip the personnel with the knowledge and skills to identify sensitive information 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.

Deliver excellent training on financial instruments

BFSI organizations deal with a number of financial instruments such as equity funds, bonds, derivatives, commodities and banking and insurance products of various types. It is very important to train the staff of the organizations on these instruments in a very effective manner.

The online training medium can be used to impart training of the highest quality on financial instruments. Digital courses are perfectly suited to train employees through examples, non-examples and other instructional tactics on various financial products and the concepts on which they are based. Consider the following example.

XYZ Inc. is a financial giant and uses eLearning to train its staff on hedge funds. An online course explains the concepts of hedge funds very clearly, using mutual funds as a non-example.

Equip personnel with adequate knowledge of business processes

It is very important that staff members of BFSI companies receive very effective training on a wide variety of processes such as payments process, loan approval process, mortgage process, disbursal of insurance claims, etc. to ensure efficient functioning of these organizations.

Digital courses are ideal to impart training on processes as flowcharts and process tables can be presented very well in these courses. We can provide the big picture of the process on-screen, and the audio can provide detailed explanation about the process.

E-learning helps BFSI organizations to impart excellent training on regulatory affairs. It helps these firms equip their personnel with knowledge and skills of highly complex software and impart first-rate information security training. Digital courses can be used to deliver very effective training on various processes followed by these organizations and financial instruments. Thus, we see that the online medium is very useful to meet the training needs of organizations in the BFSI sector. What do you think? Do share your views.

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