#g-cube

The banking industry has seen a lot of changes recently due to new regulatory reforms and a significant increase in the use of digital communication. There has been an increase in customer demands too due to the competitive environment with so many new banks coming up. The competition and automation of working ways have made the BFSI sector think and implement new ways to achieve business growth.  Indeed, the banking industry has started deploying technologies and implementation of cloud-based LMS to meet customers’ requirements.

In the recent past, the BFSI sector has been stressing about hiring highly skilled people for roles who can handle this new technology. The companies, therefore, want their employees to undergo training through a learning platform that includes skill assessment modules to test employees’ knowledge and be ready in sync with the industry regulatory and compliance needs.

Moreover, the employees must be trained and upskilled, hence a cloud based LMS is beneficial where employees can complete the training online as compared to in-person training. As per reports, about 42% of organizations save their costs with the use of the LMS.

BANKING SECTOR TRAINING CHALLENGES

Frequent regulation changes

This is very common in the banking sector to face multiple regulation changes throughout a single year, so it’s important to be able to update content quickly and easily without having to redesign entire courses.

The banks also need to ensure that new information reaches the employees quickly.

Ensuring all employees meet training standards

It’s vital that all staff complete their training in full and to a satisfactory standard, and that any gaps are spotted and dealt with speedily. When training is being delivered on a large scale, often nationally or globally, it can seem like a big challenge and it’s important to spot gaps and ensure everyone is on the same page.

Resistance to change

Many organizations in the banking sector include staff that has worked in the industry for many years. Due to this long tenure, comes a resistance to change with new programs and training plans rolled out. Thus, already adoption of long-standing processes or traditional ways mostly causes issues.

Learning on the go

The bank officials, mainly the sales team and other field staff look to complete their learning while traveling or as per their availability. Thus, there is a need for smart device-based learning which provides them the ability to learn on the move.

ROLE OF CLOUD BASED LMS

Every organization in most sectors faces employee training challenges and to overcome them, the organizations implement a learning platform such as cloud based LMS. Let’s go through the ways how a featured loaded LMS can sort out these challenges.

Adherence to Internal and regulatory standards

The cloud based LMS offers the flexibility to design and deploy content to targeted users. This would be helpful to a multi-national institution that would require to adhere to multiple regulations. A well-designed LMS can help the institution tackle this problem efficiently and effectively.

Availability of training material on the go

In this era of smartphones, users want to access the training material on the go as this saves their time and makes them learn new things quickly. An LMS ensures that the training material created by the learning and development team is made available to the users on the go.

Engaging the learner

Learner engagement is key to any organization’s success as the more happily employees learn, the more quickly they will implement those learning and lead towards achieving business growth. A cloud based LMS with features such as gamification and social learning supports the requirement to ensure user engagement and give detailed reports on the engagement of the user.

Measuring Training effectiveness

A cloud based LMS help in measuring the effectiveness of all its training initiatives across courses, groups, locations, regions, departments, etc. The leaders can make decisions based on the data set generated on training completion, employees’ feedback, and other parameters.

Reporting and Analytics

The measurable impact in terms of data plays an important role, thus cloud based LMS effectively creates reports that could result in effective learning interventions. This includes the creation of customized reports and readily available dashboards.

Video learning has seen a tremendous amount of growth recently. As more and more companies are seeing the massive business impact of eLearning, and videos and animations in particular, a lot of eyes are being turned to business leaders to see how they are leading the charge. Companies like Silicon Valley’s FAANG and other blue chips like Microsoft and JP Morgan Chase are all investing heavily in eLearning, and most of them are performing many of the same behaviours in their training modules.

Each of these companies has hundreds of publicly available videos giving tutorials on how to access and master their products, and even more internal-only videos used to educate employees on how to manage important tasks. Every single one of these companies has used video learning in a massive way, both designing new modules and converting older modules into videos and animations, and decision makers seem to be happy enough with the results to keep making more.

But why does this work so well? According to the National Library of Medicine, over 65% of the human population learn most effectively through visual learning alone, and most of the remainder learn most effectively through audio. By combining visual and audio stimuli, well-voiced videos and animations can easily select for the highest learning efficiency in the largest portion of the population.

But let’s go one step further. Let’s see what exactly makes these videos so good. Do they have any patterns we could learn from? Turns out they do.

1 – Videos and Animations with the Corporate Art Style

The corporate art style, or Corporate Memphis, has become a ubiquitous trend for many of the wrong reasons. Starting with FAANG, many other companies have picked up the trend without really understanding why they should or shouldn’t. On Twitter it’s become something of a meme, teased for being soulless and uninspired. It’s likely many of these complaints only exist because the market is so oversaturated with these images, but why do companies like Google still stand by this art style and continue to publish eLearning content with it?

It turns out that it’s not just an aesthetic choice. Studies from the American Journal of Psychology dating as far back as 1923 show direct corelations of specific colours, shapes and visual patterns with memory retention. Corelations that Google, and the corporate art style in general, actively use to make their marketing, eLearning, and webpages more memorable.

2 – Product Cross-Section Video Learning

The human impulse to take something apart to learn how it works is something we often pick up as children, and it stays with us as adults. Many of the world’s most successful businesspeople will talk emphatically about how their love for understanding mechanisms in business, science and engineering started with a love of toys like Lego. So how do we capitalize on that same impulse to fascination through adult learning principles?

Companies in aviation and shipping have been using cross-sections of their ships and planes to share information relevant to passengers and staff. Pharmaceutical companies use cross-sections of your body to explain how their products work. Technicians working for manufacturing and machinery companies often find these cross-sections invaluable. Many of the best of these will even pull apart the mechanism further into each of its individual components and how they fit together, going through multiple layers if necessary, depending on the complexity of the product’s structure. Creating a way for your employees or customers/clients to construct a visual representation of your product’s inner workings helps tremendously in their ability to handle and understand how it works.

3 – Process Visualization Video Learning

Even when products aren’t clearly visible structures, many companies have found innovative ways to visualize processes through metaphors and parallels. For example, banks like JP Morgan and HSBC have created animations that explain how money or cryptocurrency moves through a financial system by using a visual example of a literal pipeline, following a representation of the money, like a coin, as it visibly moves from one point along the chain to the next. These animations can make abstract concepts more concrete and allow learners to use the visual and auditory parts of their brain to understand these concepts more quickly and effectively.

Yet another win for G-Cube Solutions at the prestigious Brandon Hall HCM Excellence Awards in Learning 2020 in the category of Best Advance in Custom Content. We received this award for leading insurance provider for medical professionals, Physicians’ Reciprocal Insurance.

The corporate world today is in a state of constant change and evolution.  In this scenario, corporate learning has become more relevant than ever before. While organizations – big or small, have started to realize the immense worth of training and learning in the workplace, there are still many constraints that stand in the way of effective training.