E-learning in the Banking Industry: Drive Innovation & Boost Business Growth – Video Blog

The banking sector has a huge scope in the current business scenario. It is a vertical market where technological innovation and workforce upskilling are of utmost importance. An ever-increasing industry regulations and demand for newer products have resulted in the change of BFSI (Banking, Financial Services and Insurance) structure. E-learning has proved to be an effective approach in bringing diverse learners on a common platform. The prime aim of banks and other financial organizations is to serve their customers in an effective way.

Emerging Need to Train the Banking Workforce- Challenges & Solutions

In today’s digital scenario, talent management, knowledge dissemination and security awareness are considered as the key priorities for the BFSI sector. Some of the key challenges faced by most of the banks include Anti-Money Laundering, Human Trafficking, Information Security, Credit Risk and Terrorist Funding. These are the threats to the banks as they are responsible to the regulators of the country and ensure that the money is used for the right purposes. Few challenges faced by the banking industry include:

• Different banks have huge workforce spread across diverse locations. It is not possible to ask employees to go and take trainings. This is costly for the bank and needs to be optimized. In addition, there is an increase in the number of new hires within the organization to meet organizational needs, so induction training becomes a challenge.
• The BFSI sector is highly regulated. With increasing regulatory requirements, banks and financial companies need to spend significant amounts of budgets on being compliant.
• With ever-evolving customer needs, banks are facing an immense pressure to deliver the right kind of service to their customers.

To overcome these challenges, different kinds of e-learning solutions that fit best to cater to the BFSI workforce training needs are discussed as follows:

• For employee onboarding, e-learning plays a major role when training new employees. Based on the diverse needs of learners, training is delivered in a way which is engaging as well as informative. For this, e-courses are provided in different formats such as videos, mini games, infographics and scenarios. These not only help the learners to better understand the content, but also experience learning as complete fun.
• With an emerging scope of mobile learning, it has become easier and more convenient for the diversified workforce to access e-courses across their personalized mobile devices. No matter if in office or on the go, employees can simply access bite-sized modules through their smartphones or tablets- anytime and anywhere.
• Compliance training is also delivered through e-learning approach. Different types of instructional design strategies such as short case studies, infographics and scenarios are used. These aid employees to effectively learn about the changing policies and the need to adhere to them. Authoring tools like Storyline are used to create engaging scenarios based on different situations. Also, the incorporation of gaming elements such as badges and scores can make compliance training more fun and exciting, rather than boring.
• Adopting a well-structured and self-paced e-learning strategy helps to fulfill the training needs of the BFSI workforce. As a result, employees become more productive, offer optimum customer service, handle regulatory issues and achieve better results.

G-Cube has worked with some of its esteemed clients in the BFSI sector to cater to their pertinent training needs. One instance was where a banking organization was not having effective due diligence training program for their globally dispersed employees. As a solution, we provided Pre-learning Program which comprised of animations, infographics and games to entice their learning experience. Second, we created a Co-learning Program as a blended ILT (Instructor-led Training) solution. In this, employees attended training based on their job role, demographics and more; and then facilitators travelled to those employees at different locations and conduct effective teach-back sessions. Our overall approach helped to reduce training costs, deliver unique training program and achieve desirable outcomes. To watch G-Cube’s Experts videos, click here.

About The Speaker:

Sahil Kaushik: Sahil is the senior project manager at G-Cube.