Why Is eLearning Significant In The Finance Industry?

Why Is eLearning Significant In The Finance Industry?
Summary: Today, eLearning has emerged as an asset in multiple sectors. From lowering the education cost to easing the process of orientation, it promises a greater potential for the present and future. Hence, through this article, we aim to analyze the significance of eLearning in the finance industry.

A Take On The Value Of eLearning In Finance

Banking is an industry that handles all the cash, credit, and financial transactions of individuals and ventures from around the world. It's what the modern economy depends upon so heavily today. In fact, as per an estimate, the US digital banking market revenue is set to cross $9 trillion by the year 2024. Here’s a little glimpse of it, by type:

US digital market revenue

With multiple rules and regulations from all regional, national, and international levels along with a pile of procedures and guidelines, banking is no less than lucrative, to say the least. Now here's a thing, since it is a sector that involves immense risk as minor mistakes can cost millions, precise training is vital and can be imparted through means like eLearning. Hence, to shed more light on this, we have come up with a list of certain factors that make eLearning significant in the finance industry today.

6 Factors That Make eLearning Significant in the Finance Industry

Take a look at these 6 vital factors that make eLearning almost an inseparable part of the finance industry today.

1. Flexibility Of Training

While traditional methods of education and training require you to follow a rigid schedule and head over to classrooms on a daily basis, eLearning has no such hassles as bankers can get access to online training whenever they want.

It is a flexible approach to imparting education on banking as you can train yourself before or post your meeting while taking a flight to somewhere or do so when the daily work winds down. Since working in the finance industry is demanding, employees don't get much free time, and going to training classes can disrupt their work. Hence, eLearning proves to be a ground-breaking option in this case.

2. eLearning Lowers The Cost Of Training

Yes, that's right, eLearning is renowned to be a cheaper option of training and education, even in the finance industry. Although money is never an issue in the finance sector, the deployment of eLearning solutions in the form of apps and other means can be a much cheaper option.

In fact, finance apps offering eLearning courses to employees and general users around the world have gained immense popularity over the years. This is a category in eLearning that is only behind education, lifestyle, personalization, and healthcare in terms of the number of apps today. Have a look:

Category by number of apps

It just goes to show the surging popularity and need for eLearning apps in finance. Today, for any iOS or Android app developer engaged in mobile app development, learning the vital app development skills for building an eLearning finance app is perhaps a go-to option for attracting more users, as developers have realized the mass potential of eLearning in the finance sector.

3. eLearning Keeps Pace With The Ever-Evolving Finance Industry

Traditional methods of imparting education involve the use of textbooks and notes that are tough to update on an immediate basis. Hence, in a dynamic sector like finance that keeps on evolving and brings in new challenges at every step, updating and adapting training according to the evolving trends in the industry becomes a crucial factor.

Through the approach of eLearning though, this is a challenge that can be overcome with ease. By deploying a web-based eLearning system, all the study materials and training programs that are made accessible to financial organizational employees can be updated or changed without any hassle. In fact, any third-party learning packages and contents can also be integrated into the learning process through the process of eLearning.

4. Ease Of Managing The Security

Today, eLearning has become a wise pick for many financial organizations wanting to impart the vital training to their employees. But here's the thing, while training is important, keeping it safe and secure online has to be the name of the game.

With the help of an internet-based eLearning platform, organizations can impart valuable knowledge to the right employees and secure the process through the organization's own firewall. This all but eliminates any potential third party interference. Likewise, for those organizations having their presence in multiple locations, there's always an option to create an LMS which can be easily monitored and secured by the IT team.

5. Use Of eLearning In Employee Orientation

This is perhaps the most realistic example of eLearning in any organization, not just finance. This approach to education is being used by many organizations to introduce the new hires to the policies and regulations of the company. This includes introducing employees to the rules, regulations, sexual harassment policies, racial abuse issues, and professional ethics of the company.

6. Managers Get Meaningful Insights About Training Programs

Not only does eLearning enhance the whole training process in the finance industry, but it also provides a detailed insight to the project managers and other executives in a financial organization about how well the training program has been adopted by the employees. This feedback is fully automated and is rapid to get, eventually making the whole training process seamless to a great extent.

In A Nutshell

The finance industry continues to evolve. Every day brings a new set of rules and challenges, and staying up to date with them is of paramount significance in order to survive in this industry. Hence, eLearning can be the key to surviving all the challenges in this sector. As for the above-mentioned factors, they clearly portray how the process of eLearning is impacting the finance industry for good.

So if you like this article and feel there's more to the forte of eLearning in finance, let us know your thoughts.