Corporate eLearning And The Banking Industry - How Can Corporate eLearning Help The Banking Industry?

Corporate eLearning And The Banking Industry

However, it is unfortunate that using eLearning to train bank employees is a proposition which is scarcely heard of. Banks and other financial institutions function just like a corporate organization does, and there is no reason why corporate eLearning wouldn’t be a huge success in upskilling employees working at such institutions. In this article, we’ll discuss the opportunities that exist at such institutions for eLearning, and how to put it in place the correct way.

The following are areas in which eLearning can be used to provide training to employees. Have a look:

1. For Compliance Training

The compliance department at a bank can be thought of as its own internal law enforcement. It ensures that a bank or financial institution complies with applicable laws, regulations, and rules. eLearning can be used to educate employees about laws, regulations and company policies that they need to know in order to execute their daily job responsibilities. Knowing compliance laws ensures that the bank maintains its integrity and reputation when the compliance department performs an internal audit, which is further audited by regulatory bodies.

2. For Implementing New Processes

eLearning can be a godsend when a bank decides to roll out a new process and wants to train employees in that particular process. eLearning saves money by eliminating the need for an instructor and saves time as eLearning modules can simply be changed or updated if and when there is a change in the said process.

3. For Soft-Skills Training

Banking is an industry with diverse roles and relies heavily on communication (both inter and intra). For such an industry, it is essential that its employees be well-versed in soft-skills. eLearning can help by fortifying these skills and improving the way the staff communicates with customers as well as each other, boosting performance and enhancing the team dynamic.

4. For Software Training

Bank employees utilize various software for their day-to-day job responsibilities. eLearning can be used to train new employees on how to use this software, and also to train employees when introducing new software. Introducing employees to the software they haven’t used before can be really demanding without the help of online training.

5. For Sales Training

Sales are hard, particularly when you’re asking a customer to place their trust, and hard-earned money, into your hands. Sales training at a bank revolves largely around improving the customer experience, as well as inculcating qualities such as accountability and transparency in employees. eLearning can be used to educate employees on these qualities to boost performance and maintain standards, maintaining the customer’s trust in the process.

6. For Onboarding

eLearning works wonders for instances when you need to teach someone a lot of things in a short span of time; which is why it would be a great tool for onboarding new employees. That way they also have a tool for future reference if they ever can’t place any information.

So why hasn’t anyone thought of this before? Actually, they have. However, there are a number of things that obstruct banks from adopting eLearning into their training programs. The first among them is the fact that there are no off-the-shelf eLearning courses that banks can utilize to train their employees, and if there are, they are either not very detailed, or don’t cover all the areas a bank would require to train their employees in. Secondly, if banks decide to get a professional eLearning solutions company to create a custom eLearning program for them, the cost would be too high for their training budget to bear. Remember, banks are not corporate organizations and don’t have as much budget for employee development, add to the fact that custom eLearning doesn’t come cheap.

However, these obstructions are minor hurdles which can easily be leaped over if proper, planned thought is given. Banks and other financial institutions, thus, need to get serious about their employee Learning and Development, and actively work to remove the obstructions that stop them from getting eLearning integrated into their employee training program.

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