How Do eLearning Games Cater to the Compliance Training Needs of BFSI?

eLearning Games, Themes and Microcontent Cater to the Compliance Training Needs of Banking and Finance Sector

Today, banks and other financial companies are leveraging modern technology to improve the effectiveness of their operations and customer experiences. Also, the workforce in this sector needs to undergo adequate training to understand and comply with regulatory requirements. The long-term effect of regulations results in various training obligations, increased complexities, and higher expectations from the workforce. To deliver an engaging compliance training experience, organizations are shifting towards incorporating games with eLearning courses. From onboarding and sales to compliance and leadership training, elearning games play a significant role when there is a need to engage, encourage, and retain employees, and influence their workplace behavior.

Delivering Effective Compliance Training: A Blend of Different Modalities

• Most of the times, employees working in the finance and banking sector find compliance course content quite dull and boring. Therefore, employees do not feel encouraged to undergo training and lack in updating themselves on the latest policies, regulations, and more. To overcome this challenge, financial institutions create game-based e learning modules to turn complex compliance subject into a fun-filled training experience. Games embed different mechanics to keep people engaged with elements such as scores, badges, leaderboards, sound effects, levels, and more. These elements are applied to build an online course and motivate the learners to master their skills, retain maximum knowledge, collaborate with their peers, and stay competitive.
  
• Due to short attention spans of modern learners, the delivery of lengthy compliance-based courses is not sufficient enough. So, financial organizations focus on creating short nuggets of information which are easier to access and quick to digest. Here comes the significance of microlearning. The delivery of short, focused, and relevant online courses makes sense for the business as well, enabling learners to learn at their own pace of time and convenience. Compliance courses, when delivered as bite-sized videos, allow employees to act in compliance and effectively handle their tasks related to sales, finance, as well as customer handling.
  
• Compliance training can also be delivered using a theme and a blend of other modalities such as videos, scenarios, and others. For instance, a relevant theme is introduced for a new hire to help them effectively learn and apply knowledge in real-life situations. It may cover a list of activities such as going to lunch, attending a client, meeting, and more to guide the employees on how to behave in s specific real-life workplace situation. As a result, it kept the learners engaged until they get certified at the end of the training session.

The regulatory practice is no more considered as a constraint but viewed as an opportunity to improve the image of the organization as perceived by employees as well as clients. Not only the banking and finance domain, but compliance training is at the cusp of every industry’s corporate training strategy. Several organizations adopt a blended learning approach by providing game-based training courses within a classroom setting. For instance, gamified learning within a classroom environment helps employees to collaborate with their peers and boost knowledge competency, thereby leading to increased learning efficiency, workforce productivity, and organizational performance.

Overall, elearning games, interactive videos, themes, and scenarios result in workforce development and customer service excellence. Online compliance training is not merely about meeting regulatory needs but shaping a culture within an organization which improves its services, value, and overall reach in the market.

Suggested Further Reading: Increasing Regulatory Training Requirements in the Banking and Financial Industry by Inside Magazine