LMS for BFSI Industry: 4 Benefits

2020-05-20

In recent times, global banking, financial services and insurance (BFSI)industry has seen lot of advancements from the longstanding traditional methods. Increasing innovation in financial products and services, rising consumer expectations, government and industry regulations, economic changes, and stiff competition have forced the industry in deploying advanced technologies and automation to enhance efficiency, save costs, and improve customer experience. New age technologies like Internet of Things (IOT), Artificial Intelligence, Cloud Computing, Machine Learning, Big Data and Analytics have revolutionized the sector in a substantial way. These technologies are contributing significantly in reshaping the world of BFSI, not just in execution of processes but broadly in redefining the human-technology relationship.

A cloud-based Learning Management System (LMS) is one among the several drivers of technology that BFSI industry players are actively adopting to change traditional mode of workplace learning into more modernized, time-saving, economical and effective development.

Here we unfold 4 LMS benefits fortransforming learning in BFSI Industry:

1.Adherenceto Internal and Multiple Regulatory Standards

BFSI institutions across the world frequently face the challenges of having to deal with multiple regulations and tight disclosure norms. A well-designed modern LMS can offer an institution the flexibility to design and deploy content related to mandatory compliance and regulation guidelines to its targeted users. A learning platform’s dedicated ComplianceTraining module can help the institution tackle this challenge from the POV of learners and LMS administrators both as it helps the former to easily stay compliant and competent on a day-to-day basis, while enabling the latter to deploy, manage, and track compliance easily.

2.Skillingand Employee Development

BFSI industry is dynamic as it has to continuously evolve in line with changing regulations, evolving consumer behavior and preferences and growing adoption of technology and automation. So along with domain knowledge and soft skills that are essential for working effectively in a multifunctional set up, skilling programs on IT, Digital, Big Data etc. are critical to the sustenance of the BFSI players. A Learning Management System with support online, offline (Instructor Led Training), social, mobile and blended learning enable in keeping the learners engaged while its dedicated modules for Competency Developmentresult in continuous learning and skilling at scale for its distributed, diverse and dispersed workforce.

3.Anywhere,Anytime, Any device Training

A learning platform’s mobilecompatibility, in terms of Mobile Apps andResponsive UI, allows it to reach the learners – when they need and where theyneed. This is critical for salesforce, insurance agents as it is for theC-suite executives that are on the go at all times. Additionally features like AIrecommendation engine, Gamification, andmultilingual support ensure learner engagement across regions and functions.

4.Auditingand Monitoring Employee Progress

While ensuring compliant andskilled workforce is critical, demonstrating compliance and skilling is afactor of meticulous reporting. A job made easy by LMS’ Analysis andReporting tools. Not only does it capture and analyze organizational andlearner data, it provides reliable information and insights to improve yourdecision making and produce better results. This is important from theperspective of Auditing as well, where organizations can produce and submitdetailed reports of compliance and other critical skilling criteria togoverning bodies.

Takeaway

The new age BFSI industry caters to the customer base that is highly tech-savvy, short on time and always seeking competent and personalized services.  To establish a productive workplace that is free of human errors and security threats, and bring premium banking and financial products or services for the society, it is imperative for the BFSI industry to implement an LMS training partner to build upon essential competencies and ease out technology adoption, transitions and knowledge management.

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