eLearning In The Finance Sector: Why Is It Important?

​Firms in the financial services sector deal with sensitive information which require careful planning and handling. Banks, for instance, handle cash, credit and other virtual financial details for their clients. For better efficiency and less operational risks, a knowledgeable team in the banking sector is always paramount. ELearning equips employees working in financial institutions, as well as finance departments, to keep them at pace with the rapidly evolving industry. Since most employees have tight working schedules, eLearning saves both time and engagement effort than traditional training. Here, we’ll discuss the main benefits of eLearning for the financial services sector. We will also discuss a few tricks that businesses can use to implement eLearning systems.

Benefits of eLearning in the Finance Sector

In a sector where a single mistake can cause loss of billions, eLearning offers the following multiple benefits:

Better Privacy and Control

Some finance firms use all kinds of training materials and internal procedures, and not all are meant to get outside the firm. ELearning provides an effective solution to this. The online-based training ensures that the employees get the knowledge they need within their employer VPN or firewall, increasing control and privacy.

With eLearning, distance is not a barrier. Financial firms with different branches use an LMS to monitor, manage, and secure the training process to avoid compromising privacy and control.

Staying Up To Date with Changes

The banking and finance sector is dynamic. Changes happen every day, and most of those changes are meant to improve operations efficiency at work. 

If employees in those field depend on traditional books and learning forms, they would probably be left behind. Why? Because it's easier to update changes on online learning platforms, compared to publishing in books.

The centralized web-based distribution method makes it easier for every employee in the finance sector to stay at par with what's happening globally. 

Cost Savings

ELearning allows employees to educate themselves at their convenience. Whether at home, at the office or at the park, employees can access the online courses from any place. This flexibility minimizes the transport costs of attending the training centers.

With online training, your employees save less time commuting in and out of classrooms, meaning they spend more time at work. More productive hours at work translate to more savings and fewer disruptions at work. To learn more about how online training cuts costs and increases ROI, check out this free eBook. 

Provides Efficient and Timely Feedback

The eLearning software automatically sends feedback to the managers to help them know the learners' progress. Managers can then use that information to make the company's vital decision and know the exact areas that need more emphasis.

How to Create the Perfect Online Training Program

The best online training program should foster a personal connection with the employees while still maintaining professionalism. Here are great tips for creating an eLearning program for your employees:

• Use images and graphics to explain the complex financial planning ideas
• Add emotionally compelling examples and stories to kill boredom and create interest
• Create an online support system for the employers - the system should allow the learners to write feedback, share their opinions and concerns
• Offer questionnaires and eLearning assessments. You can also conduct random surveys to know the progress of your learners in regards to the training
• Provide the employees with online training tools, such as laptops and a reliable internet network

The above tips should motivate your employees to keep up with the eLearning courses. 

Tips for a Successful eLearning Implementation

Like any other business decision, eLearning implementation requires well-thought plans. If you have been offering traditional training and would like to switch to eLearning, check out these practical tips for successful online training implementation.

1. Set Clear Goals

You should have clear and objective goals for your online training course. For instance, your goals for training your employees could be to increase the return on investment, save cash on training programs, increase growth, decrease employee turnover, shrink the skills gap, and so on. 

Your goals should be realistic and objective and everyone undertaking the course should be aware of the goals.

2. Choose Your LMS Vendor

You will need Learning Management Software (LMS) for your eLearning. 

The right LMS vendor should be reliable, friendly, and should have great LMS software whose features match your business needs. Some of the LMS features to consider are the number of applications installed, the server resource monitoring, the support plan, disaster recovery plan, safety plan, and much more. 

The ideal LMS should also have an excellent server and database architecture. The software should also be easy to use and maintain.

3. Choose The Team Leaders

A successful financial services training implementation requires a team leader. If your team is large, the leader will collaborate with the team and provide a timely update so that the eLearning project is a success. 

Note that your team does not have to be huge to have a team leader. Even for a small team, an eLearning leader would streamline the process for better results.

4. Create Risk Management Guidelines

ELearning entirely depends on the internet and tech devices, and with technology, you can sometimes experience some mishaps. Therefore, you should have a great risk management guideline for handling the risks that arise.

One way to do this is to create a training timetable entirely dependent on your business needs. If you would like to achieve goals within a short duration, a timetable might be necessary to reduce time wastage. Be sure to include the start and end dates in order to track progress.

5. Ensure There's A Way to Measure Success

Evaluation is one of the vital factors of eLearning implementation. You will need to make sure that every employee is achieving or reaping the benefits of eLearning, and that's why it's imperative to have a great assessment method measuring the success of your eLearning program.

Knowledge Anywhere's eLearning & Financial Institutions

The finance services market is evolving rapidly, and so should your team. To remain competitive in the industry, you should regularly train your employees. 

From customer service to lending to bank security, everyone in the firm should be equipped with the best practices to win more clients, and outshine competitors. Thanks to eLearning, you can gladly do so! Follow the tips above to implement a successful eLearning program.

Knowledge Anywhere offers a reliable cloud-based LMS platform that allows you to organize and manage your online training programs in one place. Our LMS is quick to set up and use. Contact us today for a free demo of the system and to talk with an eLearning expert about how we can help grow your business.