Innovative training with an embedded component of localization holds out new hope for BFSI professionals.
The Internet has impacted every industry including banking, financial services, and insurance (BFSI). For starters, traditional banking is being replaced by online banking, and financial institutions are embracing the FinTech revolution.
The industry needs skilled professionals who can navigate the sector filled with extraordinary opportunities.
The digitization of the financial world allows banking institutions to reach and engage the customers with online shopping and integrated apps. Additionally, the technology allows for a faster onboarding process, a significant reduction in operating costs and easier customer acquisition.
As they steer further 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. Localization of these materials is key.
BFSI Training Challenges Faced by Financial Institutions
To make training more feasible, therefore, learning and development strategies must be well in place..
These are some of the obstacles that exist:
- 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.
On top of that, it all needs to be accessible to a global workforce.
And that’s where localization comes in.
Localization in BFSI Training
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.
Additionally, video content is a great way to trigger analytical thinking and is more effective to promote discussions.
To make a compelling, localized 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 closed captions and subtitles, and make use of translation and native multilingual voiceovers
The number one priority when training a new employee is soft skills.
A well designed soft skills program can train your employees in sales, customer services, human resources 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 and localized elearning modules for your corporate L&D strategy, align your company’s goals, employees’ skill set, predispositions and experience into it.
What that said, here’s some ips to personalize your learning module:
- Instead of focusing on company-centered objectives, create learner-centered goals.
- Analyze each learner’s skill set and experience to identify deficits in their knowledge.
- Always provide extensive feedback and offer a learning path based on the previous results.
- Create elearning courses in different formats (textual, visual, video) using multimedia localization. Let your students choose the multimedia they prefer to work with.
Learning with AI
Artificial Intelligence (AI) makes learning more fun and enables various learning scenarios.
This makes courses more alluring and stimulating, and they’ll not only attract learners, but also keep their attention for a longer duration.
There has been a rise in digital BFSI trainings, helping 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’s better than the traditional learning modules, and results in faster learning.
Incorporating videos, culture and language based training sessions inculcates desired behavior. That’s useful during a sales pitch or negotiating a contract, for example.
Additionally, 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.
They reduce the skill gap and in turn address the real-time employment crunch in the financial sector.
BFSI Training Localization: We Can Help
Elearning localization therefore plays a huge role in succeeding in international markets.
So as your company grows and adds employees from various countries and cultures, you should be creating elearning content that’s tailored for them.
And at the same time, it needs to be engaging, relevant, and highly substantive.
Let us help. Contact us today to get started.
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