Bridging the Skill Gap in the BFSI Sector through eLearning in 2021

Fintech industry evolved drastically in 2020 despite the wrath of the COVID-led pandemic that adversely affected the said business domain throughout the year. As a result, new fintech-driven competencies came into emergence, that have now become the new skill requirements for the BFSI workforce in order to remain relevant in 2021, and ahead.

eLearning is going to play a defining role for banks and financial firms to help train their existing workforce in new-found fintech skills that have cropped up recently. Deployment of BFSI-specific LMS platforms for employee-training needs will prove to be the key to survive and excel in the upcoming times.

Challenges for the BFSI Sector & Potential eLearning Solutions

Here are the three key challenges:

• Upskilling employees is highly expensive and time consuming. 

• Creating a common, or centralized platform, for employee training is a complicated task.

• Sales training in a WFH (work-from-home) environment poses a series of challenges for banks, as they need to effectively deliver product information to the sales personnel, virtually.
  
  

Numerous Resolves that eLearning offers:

• Dedicated banking LMSes (Learning Management System) can help banking professionals have instant access to training material at all times.
• Employees can learn at their own pace with an LMS application installed on their smartphone. They can indulge in microlearning, i.e. grasping knowledge in bite-sized chunks that helps in knowledge retention.
• Compliance management can be effectively achieved leveraging a banking specific LMS.
• ‘Training content’ libraries can be maintained by deploying a banking LMS software tool, which employees can access from anywhere, anytime.
• Modifications and changes in the training material can be made, and shared, instantly leveraging a web-based banking LMS platform.
• Management can track the employee performance in real-time by leveraging the ‘reporting & analytics’ section of the LMS tool.
• AI-led LXPs (Learning Experience Platforms) can help offer personalized learning recommendations.
  
  

Concluding Thoughts

As the fintech sector grows further in 2021, the need for employee training in the BFSI sector is expected to rise unprecedentedly. eLearning tools, especially Learning Management Systems, will rise to the occasion to help fill the constantly growing skill gap among the BFSI workforce.

With the advent of advanced technologies in the banking sector lately, like AI and Automation, tech-based job roles will multiply manifolds in the BFSI domain in future, and hence, adoption of eLearning tools by banks, will soon become a necessity.

G-Cube is among the fastest-growing learning-tech organization in the entire Asia-Pacific region with 80+ awards in the last 6 years, and a noteworthy experience of 20+ years in the said domain. Our LMS (Learning Management System) Suite is highly compatible to the current eLearning needs of varied industries. For any queries, please do write to us.