7 Reasons to Use E-Learning for Banking Employees

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Bank employees are typically a diverse set of people – they come from different educational backgrounds and often hold different professional experiences. Moreover, they have different demographic characteristics as well. One can easily find a very young and a very old employee working in the same bank. Needless to say, the IT capabilities of these people are different. For example, a young employee with a computer-science or mathematics background could be quite techno-savvy, whereas a senior manager could be a little slow with adapting to the new technological innovations that a bank may adopt to stay ahead of the curve.

7 Reasons to Use E-Learning for Banking Employees

Banking industry is a vertical market, where the adoption of innovative technology plays a central part in distinguishing the leaders from the rest of the players in the market. A ‘Single Customer Relationship View’ is the key to success for BFSI companies as this enables them to ‘cross-sell’ and ‘up-sell’ their offerings. E-learning can be an effective way to bring the diverse set of people onto a common platform:

  1. An innovative e-learning solution can give participants a comprehensive program that will assist them in acquiring the necessary knowledge through easy learning techniques.
  2. E-learning can be used to enhance the IT skills of banking employees to make them more efficient, updated and comfortable with technologies such as remote user’s authentication in the banking integrated systems.
  3. In the banking sector, clients look for service quality, the variety of products and how far those products can be customized to suit their personal needs. This requires a robust human resource base which can quickly learn and understand the new products that are launched. E-learning can help in the rapid induction of employees as well as create a mechanism for regular assessment to maintain quality of human resources.
  4. E-learning enables banks to launch new products or improve the existing ones quickly. It can help sales employees and front line officers to remain well-informed about product characteristics and benefits, and also provide them the necessary training to enhance their selling competencies by bringing assistance to their points of need. Therefore, new information is applied immediately as it reaches the sales force swiftly.
  5. E-learning can also create a framework for sharing best practices and customer handling success stories, thus promoting a shared learning culture throughout the organization.
  6. E-learning can allow banks to expand to new geographical locations while bringing employees to a common location for training.
  7. Last but not the least, e-learning is a very effective medium to provide regular compliance training – a prerequisite for the banking industry. Employees can attain higher levels of concentration and engagement by participating in situational analyses, games and quizzes that focus on teaching the necessary compliance courses.
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