Deployment of LMS to outsource training to banking and finance staff

The digital learning landscape across the banking industry is changing at a rapid 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 the different training challenges faced by professionals in the industry. The need to train the workforce in new financial strategies, technologies, and other processes has resulted in the use of learning management systems (LMS) in the workplace.

Banking and finance organizations use e-learning to enable employees to meet designated objectives in the following ways:

• software training- It includes employee training on different applications, such as WebLogic, which is essential for banking transactions. The e-learning imparts simulated solutions through which the functionality of each element within the application, the steps to use the new software and more are analyzed.
• Compliance Training- It is essential that employees receive training on how to comply with the different types of regulatory bodies. They also need to become familiar with the specific code of conduct for their organizations, which they learn through case studies and scenarios during the training program.
• training process- Banks involve various types of processes such as loan approvals, money transfers, cash withdrawals, and more. E-learning proves to be effective in training employees in different processes through tables and flowcharts, along with the incorporation of audio with e-courses to better explain the process.
• Sales training- In the banking industry, it is important to train sales employees, which helps improve product sales, drive peak productivity, and transform product-based selling into solution-based selling. Some of the real-life job situations faced by sales staff are explained through case studies, helping to impart effective product selling techniques to existing employees.

Indeed, technology has completely transformed workflows and processes in the financial services industry. Tasks that were previously handled manually are now completed through digital interfaces. The future of the banking industry lies in the use of efficient LMSs to deliver a personalized and engaging learning experience. Online learning platforms allow employees to access a common training curriculum in a distributed way. Most public sector banks have started using these types of systems to meet the training needs of employees from different demographic groups. Additionally, foreign and private banks are investing more in online learning platforms to ensure rapid dissemination of knowledge about new products, services, strategies, pricing, and compliance to their new generation workforce.