Deploying Online Learning Management Systems to Meet the Compliance Needs of Diversified BFSI Workforce
The Banking, Financial Services and Insurance (BFSI) sector is dynamic, majorly impacted by the changing policies and compliances. This makes it imperative for the organizations to deliver updated training programs for their workforce. With increasing number of companies in this domain, their workforce is also spreading across diverse locations. Therefore, utilization of online Learning Management Systems (LMSs) plays a crucial role in providing online training to update employees on regulatory compliances.
Banks and other financial organizations face ample challenges while ensuring that the workforce seeks relevant training at the point of need. E-learning has proved to be an effective approach in bringing widespread audiences on a common platform. Several challenges faced by the BFSI workforce are outlined as follows:
● Most of the companies in this domain have workforce spread across different locations. Creating training material and assessments for a large network of employees across different locations need huge investments on time and costs.
● An eminent need to provide updated information on the latest products and services.
● As financial policies are often changed, the workforce needs to be well-versed in industry regulations to stay compliant.
● Deployment of new software to streamline the business processes or to protect confidential data, can be difficult to use for employees who are not tech-savvy.
Utilization of online e-learning platforms play a significant role in addressing these challenges by providing effective online training courses.
► As the BFSI industry is highly regulated, violence of industry compliances can lead to hefty charges on individuals or organization. Therefore, employee training becomes a significant aspect for an effective functioning within a financial organization. Using LMSs to provide e-courses serve as an optimal solution to impart knowledge on BFSI regulations. A series of online courses based on compliance are created to keep the workforce updated, whenever and wherever needed.
► The industry keeps on introducing new products, services and schemes to attract new clienteles. Using mobile-based e-learning platforms, training is delivered as short infographics, video nuggets and more to give a quick training recap, even on the go. As a result, employees become more proficient to serve customers in a better and more engaging way.
► Most of the financial organizations have their employees spread across diverse locations. Adopting a classroom-based approach for workforce learning and assessing individual performances can be costly and time consuming. Using an online LMS, learners can access the same courses from different locations without hassle of going anywhere. Apart from this, online assessments are rolled out in the form of short quizzes and tests, ensuring that instant results can be retrieved.
► While introducing a new software at the workplace, it becomes essential to impart online training so that employees gain better understanding on how to use the software.
Simulation-based learning approach is followed to enable learners go through each step in a virtual environment and gain expertise on using the software in real-life scenarios.
Online LMSs fit perfect to fulfil the training needs of BFSI sector. With the availability of effective online courses, banks and other financial institutions are capable of serving their customers in an optimal way.
