The learning potential of games is slowly but surely being realized by the training managers of the financial sector. Serious games could be used to impart stress-free training effectively, in an industry where decision making goes beyond mere number crunching. These games could be efficiently incorporated into online courses, which add value to training in the banking and financial services industries. Online courses containing games could be used by this industry to achieve the following tasks:
Make compliance training interesting and more effective
Online courses are a convenient and cost-effective means of delivering efficient compliance training to the personnel of banking and financial services companies. Inclusion of games in eLearning programs could change the perception of employees, who view compliance training as an excruciating and wasteful exercise.
Educating the workforce on Sarbanes – Oxley Act or explaining the implications of violating the SEC guidelines could be made exciting and lively through the use of games. Attributes of gamified training such as compelling storylines, attainable challenges, rewards, recognition and control make learning of monotonous subjects such as anti-bribery laws or FINRA regulations fun-filled and rewarding.
Help the workforce learn complex financial concepts better
Effective training on complex financial concepts could be imparted to the personnel through games. Inclusion of games in online training on difficult topics such as the implications of various developments for the interest rates, dynamics of the stock markets, the impact of recession on the global economy and so on makes learning very interesting.
The European Central Bank (ECB) uses a serious game called Economia to train its employees. ECB has observed that gamified learning engages the learners efficiently and helps them absorb the knowledge better by allowing them to explore, try and know the feedback of their performance through which they are able to retain the concepts learned for a longer time.
Provide customer education and increase sales
As the number of people accessing financial products online grows, organizations are increasingly relying on eLearning to provide customer education and to increase their sales. Games help financial companies to explain the intricacies of their products in a captivating manner and better engage the busy customer.
The Spanish Bank BBVA has developed an eLearning course, which provides a funny way to learn how to take advantage of all the services available. BBVA customers earn points by using the site and buy products or services. Those points can be redeemed for gifts (direct-download music and streaming of online movies) and also through sweepstakes.
Impart effective training on financial modeling
Games are an ideal means to impart training on financial modeling. Online courses containing games are very effective in imparting the skills and knowledge required to construct an accurate financial model because they encourage logical thinking and stimulate analytical capabilities. They help simulate real job situations, by which these models could be efficiently tested.
The gamification of learning is widely altering the landscape of training in the financial industry. Have you used games in eLearning programs to impart training? Do share your experiences with us.