The digital learning landscape in the entire banking sector is changing at a fast pace. Today, banking and finance companies are moving from conventional training methods to an engaging online learning approach. Online workplace learning proves to be an effective solution when it comes to addressing different training challenges faced by industry professionals. The need to train the workforce on new financial strategies, technologies and other processes has resulted in the use of Learning Management Systems (LMSs) at the workplace.
Banking and financial organizations use e-learning to enable employees to fulfill their designated objectives in the following ways:
- Software training- It includes employee training on different applications such as WebLogic that is quite crucial for banking transactions. E-learning imparts simulated solutions through which the functionality of each element within the application is analyzed, steps to use the new software and more.
- Compliance training- It is essential for employees to get training on how to comply with different kinds of regulatory bodies. They also need to get familiar with the code of conduct that is specific for their organizations, which they learn through studies and scenarios during the training program.
- Process training- Banks involve varied kinds of processes such as loan approvals, money transfers, cash withdrawals and more. E-learning proves to be effective for training employees on different processes through tables and flowcharts, along with the incorporation of audios with e-courses to better explain the process.
- Sales training- In the banking sector, it is significant to train sales employees, which helps to improve product sales, drive maximum productivity and transform product-based selling to solution-based selling. Some of the real-life workplace situations faced by sales personnel are explained through case studies, which helps to impart effective product selling techniques to the existing employees.
Certainly, technology has completely transformed the workflows and processes in the financial services sector. Tasks once handled manually are now completed via digital interfaces. The future of the banking industry lies in the use of efficient LMSs to impart the learning experience which is personalized and engaging. The online learning platforms enable employees to access common training curriculum in a distributed fashion. The majority of public sector banks have started using such systems to fulfill the training needs of employees from different demographics. Also, foreign and private banks are investing more in online learning platforms to ensure quick dissemination of knowledge on newer products, services, strategies, pricing and compliance to their new-generation workforce.