With digitization, technology has transformed the BFSI (Banking and Financial Services and Insurance) industry over the last few years. Technological advancement taking place in the Finance industry is expected to rise at a more rapid pace during the next decade. It is crucial for people working in this sector to stay updated with the evolving development strategies if they want to stay ahead in the competition. The ever-changing regulatory requirements have also led to the increasing demands for workplace training.
Like any other services based industry, success of organization in the BFSI industry depends upon the proficiency of workforces. Workplace training plays a major role in improving competencies of employees working in this domain. Organizations in this domain reap the benefits of LMS toprovide e-courseware and meet tailored training needs. Given below are some of the following training needs of this domain:
- · Training on regulatory aspects
Finance domain is considered as one of the most heavily regulated industries in today’s economy. Organizations may face serious issues in case of violation of laws. Therefore, it is essential to train employees on relevant compliance standards and norms. Implementation of LMS solutions help meeting compliance demands in an effective manner. With the help of instructional design techniques, online courses are created to deliver content on regulatory issues. For instance: Full potential of problem-based learning can be utilized to increase analysis power of the people. You can deliver content in the form of scenarios and case studies to explain about rules and regulations followed by the BFSI industry.
- · Training learners on complex software
In today’s technology-bound era, complexity of products, software and applications is increasing with time. Companies are relying on the use of complex software to boost workplace efficiency, which makes it imperative to impart influential training to their employees. With e-learning, it is possible to develop training courses that impart high quality and cost-effective training solutions. Different kinds of rapid authoring tools are used to create interactive online courses including simulations, which are used by firms to develop complex financial models.
- · Delivering learning material on financial instruments
BFSI companies deal with plethora of financial assets including funds, bonds, banking and insurance products. E-learning helps educating employees through examples and other instructional tactics on a wide array of products.
- · Offering quality-driven information security training
Loss of confidential information may lead to disastrous impact on the BFSI industry. Therefore, it is essential to train employees on data security by using highly engaged e-learning content. Hands-on activities and brain teasers on data safety are presented using interactives such as puzzles, quizzes and rollovers. In addition, workforce training can be imparted on industry regulations while sharing information on social networks.Digital learning helps the Finance industry to provide effective training solutions on regulatory requirements. It helps financial firms equip their personnel and skills of sophisticated technology and deliver quality-proven security training. Online courses are used to provide customized training on different processes followed by financial firms and financial instruments.