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The banking sector has only one thing as constant and that’s called “Change”. This industry has been going through major transformations over the last couple of years due to economic reforms, changing demographics and technological advancements.
The customer base for this industry is highly tech-savvy, short on time and always looking for competent and personalized services. To meet the requirements, there is need to establish a productive workplace that is free of human errors, security threats and bring premium banking & financial products or services, thus it is imperative for banking sector to implement an LMS platform to build upon essential competencies to achieve desired goals for the end-users. You need to build upon a strong & highly skilled team to remain innovative and quickly adjust to the outside changes.
Thus, this gives rise to the training needs in this industry which are to be commenced and completed as soon as possible for better outputs.
Training Opportunities, the banks need to address
- Regulation changes & Compliance Constraints
- Ensuring Standardization
- Workforce at multiple locations
- Supplementing Existing Courses
Employee engagement is must in learning and development (L&D) programs for any organization. Survey data from Find Course, released in 2018, shows that around 42% of companies indicated that employees who are highly engaged in L&D programs are also highly engaged with their organizations overall. A 2017 Gallup study, meanwhile, said that top-performing companies in employee engagement almost double their chances of success, as compared with companies with low employee engagement.
In a way neither the LMS nor the LXP is necessarily be called as the best choice for a particular bank, however, lets understand what makes each solution distinct to make accurate comparisons and choosing right training platforms.
LMS Approach
The traditional LMS help the banks from administration to delivery, reporting and evaluation of training & learning initiatives. In this model, administrators will assign the trainings to their employees, and they will be notified to access the materials and complete the training.
LMS will then collate data which may include key details such as assessment scores, training completion status. Proving compliance can be achieved easily, thanks to the easy-to-access and robust reporting features of an LMS. Also, this is particularly important for a heavily regulated sector, where compliance is a crucial aspect of a bank’s survival.
LXP Approach
An LXP is new platform that brings different functionalities on a single platform. It helps banks ensure continuous learning through quick and convenient creation & deployment of training modules. LXP promotes more of learning engagement, employees are empowered to choose as what they want to learn. Also, this robust platform comes with functions that encourage collaboration and content sharing.
With more of the employee engagement, benefit that brings to banks revolves in three key aspects: Talent management, Productivity and Customer Service. At the end of the day, banking is all about being responsive to their customers. This follows that when employees are invested in the success of the bank, you can expect them to serve the customers at their best.
Skill Based
Uses a skill-based model, mapped job roles including skills assessment
Flexible to be used for Corporate Trainings
Used Based
Recommend content, based on user’s content consumption patterns
Great for creating huge libraries for B2C model
Machine Learning Driven
Indexing of content enables easy search and usability
Recommendations improve as the learner spends more time on the platform
As per the “Centre for Learning and Workplace Survey”, a staggering 87% of employees want a shared format for learning, while around 79% prefer web resources. The banks are going through technological revolution, witnessing fast-paced changes in products, services, customer education needs and regulatory frameworks. Thus, banks need to make a decision as whether LMS or LXP will be more handy to meet all business requirements.
Benefits to be achieved using these Learning strategies
- Lower the turnover of both skilled and early-career employees
- Reduce the high training costs of new employees
- Identify employees with specific skills and compliance gaps
- Decrease the time spent on on-the-job training
- Reduce the pressure to control and lower expenses due to the market volatility
- Meet high costs of compliance in a very regulated environment
G-Cube LMS is designed and ready to deliver all the business needs of the banking sector. The fully features LMS caters to all learning requirements of the employees and thus ensuring good customer service for the end-users.
