The Internet has impacted every industry including the banking, financial services, and insurance (BFSI) sector. Traditional Banking is being replaced by Online Banking. Financial institutions are embracing the FinTech revolution. The industry needs skilled professionals who can navigate the sector filled with extraordinary opportunities. Innovative training for BFSI with an embedded component of localization holds out new hope for BFSI professionals.
The digitization of the financial world has not only allowed banking institutions to reach and engage the customers with online shopping and integrated apps, but the technology has also allowed faster onboarding process, a significant reduction in operating costs and easier customer acquisition. As they steer in this direction, one of the key challenges it is facing is the training.They have to train their globally and geographically diverse employees on new features of the app, FinTech banking, products, USPs, new ways of operating and dealing with customers and so on. Digital BFSI trainings are surfacing as the savior for the Learning and Development Department of banks.
BFSI Training Challenges faced by Financial Institutions:
- Training a vast workforce, with most of the financial products being complex.
- Trainings have to be fast and the results even faster than their competitors.
- Financial products become irrelevant over time, so training on every new product every time is a challenge.
- Constant training is required due to the limited availability of qualified resources, and most corporations are dependent on the outsourced workforce.
To make training more feasible, learning and development strategies must be well in place.
Using video tutorials
Videos are a part of the innovative training for BFSI. They enhance the learning experience and are a great way to capture the attention of your audience. Video content is a great way to trigger analytical thinking and is more effective to promote discussions.
To make a compelling video, follow a few tips:
- Limit the length of the video; you might lose your audience midway with lengthy videos.
- If you need to keep your video longer, try to make it more interactive.
- Make your videos easily accessible.
- Add subtitles, and make use of translation and multilingual voiceovers.
Soft skills training
The number one priority when training a new employee is soft-skills training. A well designed soft skills program can train your employees in sales, customer services, HR and team building. Incorporating culture and language in a soft skills training session will help the team to converse better, and work on more detailed goals.
Personalizing your Digital BFSI Trainings
Personalization increases learners’ engagement leading to better internalization. To incorporate personalized e-learning modules for your corporate L&D strategy, you can align your company’s goals, employees’ skill set, predispositions and experience into it.
Use those tips to personalize your learning module:
a) Instead of focusing on company-centered objectives, create learner-centered goals.
b) Analyze each learner’s skill set and experience to identify deficits in their knowledge.
c) Always provide extensive feedback and offer a learning path based on the previous results.
d) Create e-learning courses in different formats (textual, visual, video) using multimedia localization. Let your students choose the multimedia they prefer to work with.
Learning with Artificial Intelligence
Artificial intelligence makes learning more fun. AI enables various learning scenarios. This makes courses more alluring and stimulating. Hence they will attract learners and keep their attention for a longer duration.
There has been a rise in Digital BFSI trainings which help to keep the pace with mobile-savvy banks with lean teams. The above listed innovative training for BFSI is not just for better style; it is better than the traditional learning modules and results in faster learning.
Incorporating videos, culture and language based training sessions inculcates desired behavior which is useful during a sales pitch or negotiating a contract. The learning experience is much better if the scenarios are realistic and in sync with local culture and language.
Digital BFSI trainings can help in faster skilling and reskilling of the employees, especially in a globally diverse workforce. Digital technologies are a force multiplier to innovative training for the BFSI teams. They reduce the skill gap and in turn address the real-time employment crunch in the financial sector.