The Banking, Financial Services and Insurance (BFSI) sector plays a key role in the economy. Organizations in this sector propel growth by providing credit and risk management services.
Like firms in any other service-based industry, the success of BFSI companies 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 good 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 manner? Well, they need to gamify their training programs.
Today, we will see how gamified e-learning courses help financial organizations deliver effective training.
Inject life into “dead” compliance training programs
The financial industry is arguably the most regulated sector of the economy. Many companies are using e-learning to deliver training on regulatory affairs, as the online training medium is highly flexible and cost-effective. Gamification can help transform the boring content of compliance courses into captivating learning materials.
For instance, you can educate your people on the importance of adhering to the norms prescribed by the Securities and Exchange Commission (SEC) in an interesting manner. Well-designed gamified courses have features such as compelling storylines, attainable challenges, rewards, recognition and control, and these make training on dry topics such as anti-corruption fun-filled and rewarding.
Impart good training on financial concepts
Gamification is ideal to provide highly effective training on complex financial concepts. You can use games to explain difficult topics such as the effect of change in interest rates on stock markets, factors that cause inflation, the impact of recession on the global economy and so on in a lively and stress-free manner.
TradeHero, a virtual game is widely used to understand the dynamics of stock markets and practice trading. The European Central Bank (ECB) uses a game called Economia to train its employees. The institution has observed that games help its employees learn effectively and “digest” and retain concepts better.
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Train customers well and improve sales
As internet-based transactions become commonplace, the number of people buying financial products is increasing considerably. Many BFSI firms are using game-based online modules to explain the features of their products in an interesting way and engage the customer effectively.
For example, the Commonwealth Bank of Australia uses a game called Investorville to explain the life-cycle of property ownership. Citi Singapore has developed a mobile game that allows the users of Citibank Clear Platinum card to get points using their card.
Ensure that the staff members are trained well on information security
BFSI firms are prime targets of “information pirates”. According to PricewaterhouseCoopers (PwC), the number of financial firms reporting losses of $10 million to $19.9 million increased by a head-turning 141% over last year. Pilferage of sensitive data could have devastating effects on a financial organization. It may have to pay heavy fines imposed by the regulatory authorities and its reputation takes a severe beating.
Gamified e-learning courses can be used with a high degree of efficacy to deliver good information security training. For instance, one of our customers uses gamified online course to educate its people on the dangers of phishing. It uses an assessment based on the game of tennis to assess the comprehension levels of its learners. If a learner answers a multiple choice question (MCQ) correctly, then an animated character hits an ace. If the chosen option is wrong, the character serves a fault.
Gamified e-learning courses help BFSI companies impart highly effective training on regulatory affairs and financial concepts. They enable financial firms to deliver good customer education and equip their staff with the knowledge needed to protect confidential information. Hope you find this post interesting. Do share your views.