How To Deliver Successful Online Training To BFSI Workforce
It is a well-known fact that organizations in the Banking, Financial Services, and Insurance -in short BFSI- sector play a key role in propelling the economy. They provide capital to companies and help mitigate risk, thereby fueling growth.
The BFSI sector is primarily service-based, and as a result, its success rests heavily on competent manpower. Proper training goes a long way in improving the knowledge and skills of employees working in this vital industry. To deliver good training to their employees, rapidly, in a cost-efficient manner, firms in this sector must adopt eLearning methodologies. In this article, we will look at 4 major training needs of companies in the BFSI sector and examine how online training can help meet them.
1. Deliver Effective Training On Applicable Rules
Companies in the BFSI industry are heavily regulated. These organizations could land in serious trouble, if they don’t adhere to the norms. Therefore, imparting effective training to their staff members on relevant statutes and standards effectively is very important. The advent of globalization has only made training on regulatory issues more complex, as organizations need to impart training to personnel who speak different languages and are spread across the planet.
eLearning helps you train your employees on relevant rules, very effectively. You can use various instructional strategies in online learning materials in order to educate your staff on the consequences of violating the rules. For example, you can use online courses containing problem-based learning elements, such as scenarios and case studies. One of our clients in the financial securities space uses scenario-based online learning for training its staff on the norms, specified by the Securities and Exchange Commission, or else the SEC, in a highly efficacious manner.
You can make the delivery of compliance training to your employees stress-free by gamifying your eLearning courses. One of our clients, a banking organization, has developed an online course based on the game of Monopoly to assess learners on Basel II norms, in a fun-filled manner.
2. Impart Simplified Training On Complex Software Tools
In recent years, the complexity of business operations in the financial sector is increasing considerably. Many companies are using complex software applications to improve efficiency levels. This has given rise to the need for imparting training of high efficacy on these computer-based tools.
You can meet this learning need if using online courses containing Watch-Try-Do simulations of your software applications. Today, thanks to advances in eLearning development technology, it is possible to develop good training simulations of software applications. Rapid authoring tools such as Adobe Captivate 2017 and Articulate 360 can be used to develop Watch-Try-Do simulation-based courses rapidly, in an affordable manner. For instance, you can use Adobe Captivate 2017 to develop simulations for training staff on Finance, a widely used core banking software application.
3. Provide Effective Training On Data Security
An information heist can affect a BFSI organization badly. It may result in the company paying huge penalties. More importantly, untold damage can be done by the loss of its reputation. Customers may lose trust in the organization, and this could have serious ramifications since customers’ trust is the edifice of business in the financial sector.
You can prevent loss or manipulation of sensitive data by training your staff on information security policies and procedures, and eLearning can be used to accomplish the task. You can use online case studies, scenarios, and games to help your personnel identify sensitive information and educate them on the consequences of their loss or pilferage. You can also sensitize them about the rules to be followed while sharing information through social networking platforms.
4. Train Members On Financial Products
Organizations in the banking and financial sector deal with products such as equities, bonds, derivatives, mortgage solutions of various kinds, and so on. It is essential to impart good training to their employees on financial products.
eLearning can be used to provide training of high quality on financial instruments. Online learning materials are perfectly suited to train employees on financial products through examples, non-examples and other instructional strategies. For example, one of our clients has developed a web-based course that teaches the concepts of hedge funds very clearly, using mutual funds as a non-example.
We thus see that eLearning can be used to impart good training to the workforce of BFSI companies. How do you usually train your employees? Why don’t you give eLearning a try? The results will speak for themselves!
