Using Corporate LMS Software to Train BFSI Workforce

The changing customer needs, industry regulations, and market dynamics have made the Banking and Finance industry to utilize corporate LMS software to improve training efficacy, revenues, customer experience, and ensure consistent training quality across all geographies. In response to COVID-19 disruption, the BFSI industry is adopting effective measures to curb its impact and emerge stronger than ever. Banks and other financial institutions are focusing on offering vital services, without affecting the customer experience and employee morale. Corporate LMS serves as a viable solution to meet diverse organizational objectives such as tracking employee performance, encouraging team collaboration, and driving overall sales. Consequently, this will bring a new wave in the industry by leveraging robust online training platforms to enhance customer services, increase ROIs, and stay ahead of the curve.

Amid the global pandemic, companies in the BFSI sector face a gamut of challenges associated with changing customers’ needs and regulatory risks. The operational challenges faced by the customers and remote workforce showed upa gap in the systems during the crisis.  Few challenges for the BFSI industry during the outbreak include-

• Most employees are working remotely and need to be well-equipped with the latest technologies to manage contactless payment, virtual meeting tools, how to effectively interact with customers, and more.
• With changing economy, remote employees also need to adhere to the changing regulatory compliances. So, banks and other financial services are adopting an agile methodology for an increased customer engagement and business ROI.
• Financial regulators are concerned whether the organizations adhere to the regulatory standards, and risk management is compelling enough.

The increased shift to digital learning has enabled banks and finance institutions to train their remote staff on critical processes adequately. Several benefits of corporate LMS software for the BFSI sector include-

• Collaborative Learning

The robust training management software supports social collaboration, enabling remote personnel to engage with the irpeers via virtual meetings. Corporate leaders can also act as mentors to educate their teams about changing business strategies and workforce decisions. Remote employees can post their queries on online forums or virtually discuss through web conference rooms to share new ideas, individual experiences, and thus remain connected.

• Automated compliance

Banks, financial corporations, and investment funds need to train their remote staff on the mandatory compliances. In the current crisis, online LMS software serves as a viable platform to deliver automated compliance training, improving the company’s brand image amongst the clients and employees. The geographically spread workforce also needs to understand the changing work ethics, risk management strategies, and mandatory compliances. Ultimately, compliance training enables the workforce to understand financial regulations, improve career paths with knowledge retention, and prepare better for the future.

• Employee Upskilling

The wave of digital transformation is rolling across every financial institution and bank. It has become vital for the industry to upskill its remote employee and boost their morale. So, managers should utilize corporate LMS software to become a mentor for employees in developing soft skills such as resilience and stress management to cope with the current situation. They should also teach the top talents about leadership and project management skills. Consequently, the LMS provides room for employees to engage, retain, and upskill, thus helping the organization to grow and succeed.
Amid the global crisis, the BFSI industry is at the cusp of sheer evolution in regulations, policies, and overall culture. Therefore, it becomes vital to deploy the robust corporate LMS software to engage, retain, and upskill the remote workforce.

GCube is one of the fastest-growing organizations in Asia Pacific offering complete learning technology solutions for diverse verticals including automobile, BFSI, healthcare, aviation, and others. With over 80+ industry awards, our solutions range from enterprise LMS, custom content development, Virtual Instructor-led Training solutions, mobile learning, micro learning, translation and localization in over 60 languages. To know more, you can write us at info@gc-solutions.net.

Top 5 Advantages of Corporate eLearning Solutions

Increased competition in every industry has made it imperative for corporates to invest in employee upskilling and adequate training. Traditionally, companies would organize training programs and workshops to enhance the efficiency of their employees. But with the workplace situation becoming more complicated in the “new normal,” classroom sessions are not possible anymore. As a result, organizations are moving from the traditional classroom approach to effective, remote corporate eLearning solutions.

Delivered using digital mediums and offering excellent flexibility to learners, eLearning solutions have become a favorite with employers. Wondering about the reasons behind the rising popularity of corporate eLearning solutions? Well, here are the noteworthy benefits that eLearning offers on multiple levels: -

1. Higher Engagement: - eLearning induces better engagement of the learners, enhancing the efficiency of the training program. As compared to classroom sessions, custom eLearning solutions allow learners to complete the training at their own pace and with the flexibility of time and place. Techniques like gamification and simulation encourage learners to engage with the course modules, thereby allowing them to acquire the required skills effortlessly. Higher engagement of the learners allows them to complete the course quickly and improve knowledge retention.

2. Increased Retention: - Another standout benefit of corporate eLearning solution is the longer retention period for the concepts imparted during the course. eLearning tools like microlearning and gamification engage the learners with the training program, which translates to better retention of the concepts. Additionally, the life-like environment offered by simulation techniques allows learners to implement the concepts in practical situations, without the repercussions of making mistakes in real-life settings.

3. Time & Cost Effectiveness: - Corporate eLearning solutions allow companies to complete employee training in quick time and at a fraction of the cost of classroom sessions. Moreover, eLearning also reduces the time that the learners must spend away from the workplace, and it also lowers the expenses to be incurred on infrastructure and traveling for training sessions. In addition, corporates can leverage the best online trainers across multiple geographies without the added expense of travel and scheduling.

4. Learning Flexibility: - One of the biggest advantages of corporate eLearning solutions is that the course structure matches the lifestyle of a modern employee. Most employees do not have time to attend physical classroom sessions as they are either busy with assignments or are traveling. This results in them leaving the course incomplete, causing monetary loss for the employer as well. With eLearning solutions, these problems are addressed effectively. Mobile and Web-based Learning allow the learner to complete the course modules from anywhere and at any time, as per his/her convenience. Moreover, employees can revisit the course contents over and over again if they have any doubts.

5. Millennial- Friendly: - The percentage of tech-savvy millennials in the workforce is on a steady rise. Millennials are more comfortable with technology as compared to their predecessors. They prefer eLearning as a mode of training as compared to classroom sessions. This segment of the workforce is more comfortable with different eLearning solutions as they cater to their varied learning needs and work style and allows them to learn key concepts as per their convenience.

With such an impressive list of benefits on offer, it is not a surprise that companies are preferring corporate eLearning solutions over traditional classroom sessions for training their new as well as existing employees.

Adopting e-Learning to Combat Coronavirus Shutdown

Amid the COVID-19 pandemic, housebound and social distancing measures have forced almost every organization around the world to shift their training online. With the increasing spread of coronavirus outbreak, e-Learning and virtual technology have become the need of the hour. The considerable shift to adapt online training solutions is forcing organizations to identify ways to engage the remote workforce, without compromising with their health and wellbeing.
While organizations are considering work from home as the new normal, they are seeking ways to deliver online learning solutions to cater to the pertinent needs of all. Let us see how e-Learning plays a vital role when it comes to managing the employees working remotely:

• Personalized learning

While maintaining social distancing during this global health crisis, keeping your remote employees engaged and connected becomes essential. With the evolution of Learning Experience Platforms, corporate leaders can quickly provide curated learning content from credible sources like OpenSesame, YouTube, etc. Consequently, experience-driven learning aligned and personalized to job roles, KPIs, skills, and learning habits, enable employees to learn more and retain for long.

• Shifting from ILT to VLT

This unplanned downtime has compelled organizations to shift from Instructor-led Training (ILT) to Virtual Instructor-led Training (VILT) approach. Two major challenges that organizations are facing during the novel Coronavirus outbreak is how to keep their employees engaged and connected. So, corporate leaders can virtually communicate and train their team members by adopting the e-Learning approach. They can effectively train remote employees about stress management skills, team building, and other topics. Ultimately, distant employees can feel more connected with their peers as well as the organization.

• Game-based Learning

Organizations are coming up with the idea of incorporating games with training courses, which can be delivered online. The reward mechanism, leaderboards, and levels within an e-Learning game keep up the employee morale, drive peer-to-peer collaboration, and hence overall productivity, engagement, and retention.

• Online assessments & feedback

Corporates are also providing online assessments to identify the skills-gaps of remote employees during the pandemic. Consequently, they can align relevant training to cater to the pertinent training requirements so that employees stay productive and upskilled when they return to the workplace. With immediate feedback received from the managers, employees can work on their weak areas and upgrade their skills, while leveraging a continuous learning culture.

• Content localization

Using robust digital learning tools, organizations are adopting ways to localize online training content for their remote employees. This boosts the overall engagement and retention levels of the workforce with varied cultural backgrounds and experiences. Content localization helps to create and repurpose training content into learners’ native languages, thus mitigating overall cost and effort.
As the Coronavirus news unfold each day, organizations from every vertical are adopting eLearning solutions to ensure their employee wellbeing, while keeping them engaged, motivated, and connected.

Top-notch LMS Features that Organizations Must Incorporate

In today’s technology-aided environment, Learning Management Systems help to centralize manage, track and deliver information on a global scale. However, organizations need to look for the top LMS features that meet their organizational goals and fall within the budget.
 The shifting role of corporate LMSs as performance management systems helps to drive business growth, increase revenues, and boost workforce competency.

There are several features of Learning Management Systems that organizations must consider before choosing the best one. Top LMS features for an effective corporate training program are as follows -

• Personalized Learning

The new-age LMSs serve as Learning Experience Platforms that align learning to personalized skills, KRAs, habits, learning history, and other attributes. Consequently, the platform ensures to deliver an engaging learning experience, driven by the tailored learning behavior, interests, and preferences of every learner. So, this experience-led approach ensures to offer a personalized experience while upskilling the workforce, improving engagement, and improving talent retention.

• Learning Bookmarklet

It is one of the important LMS features that gives access to a vast world of learning aligned to the needs. Learning Bookmarklet enables users to create, track, and share any e-learning content (blogs, podcasts, videos, etc.) on the web. Users can also include content with their learning paths and share their research with anyone within the organization. Employees who utilize this feature gain recognition for adopting this self-sourced approach, thereby motivating others to learn more and improve skills.

• KPI-linked Training

Another feature of modern e-learning platforms is their ability to align learning with performance. Modern LMSs deliver performance-driven solutions by integrating with other enterprise systems (HRMS, ERP, CRM, etc.). They create Key Performance Indicators (KPIs) and collate them to identify the skills-gaps of learners and automatically assign relevant training content. For instance, the LMS compares the KPI data of sales employees working in a retail company. Based on that, managers assign training in a way that meets the pertinent goals of salesforce, whether it is product training, sales enablement, soft skills, or more.

• Extended LMS

Organizations deploy robust LMSs that feature the extended enterprise version to train channel partners, customers, sales representatives, resellers, dealers, and others. From onboarding and compliance with sales training and others, the extended workforce can leverage the benefits of this LMS. Consequently, this fosters client relations, product adoption, and continuous growth for organizations.

• Report Builder and Tracking

Modern LMSs analyze different learning activities, such as training progress, assessments, and skill-level attainment, to ensure accurate performance tracking and reporting. These also utilize report builder feature to generate custom reports based on skills, time spent on each course, and training completion.

Also, standard LMS features include user management, video streaming library, multi-lingual support, gamification, microlearning, assessment engine, blended learning, SCORM compliance, and so on. If you want to implement an LMS that supports a gamut of features to meet the ever-evolving learning needs, then GCube LMS can be a perfect solution. From delivering compliance training to the healthcare and extended enterprise training to the automotive and sales enablement solutions to the retail sector, GCube LMS caters to all. To know more about the features and benefits of GCube LMS, you can request a free LMS demo here.

5 Things to Keep in Mind When designing eLearning Games

Gamification is fast becoming one of the more popular tools for training delivery. To increase engagement and make learning fun, organizations employ eLearning games to deliver an exceptional learning experience. Game-based learning plays a vital role in encouraging and engaging the workforce to access relevant courses, increase retention, and improve their skills. eLearning games aid employees to progress through levels, earn badges, compete on the leaderboard, and remain competitive. Additionally, corporates are also adopting theme-based approaches like childhood fantasies, car racing themes, and others to introduce the fun element in a training program.

To make game-based learning successful, factors like storytelling, gaming elements, and game design play a significant role. Among these, game elements are the most important ones. Let us explore some of the competitive elements:

• Goals

When designing a game for eLearning, organizations must first consider the training goals or objectives. An eLearning game can focus on short-term goals and long-term ones. Short-term goals are to complete a task, reach the next level, gain recognition, and more. Long-term goals revolve around training end goals like 'what learners are expected to achieve at the end of a game.' On successful completion of training goals, learners must be rewarded with badges and scores, motivating them to continue learning until they achieve success.

• Challenges

A game hurdle or challenge is a competitive game element that inspires learners to perform. Learners can start with easy problems and progress further to achieve difficult ones.

• Recognition
  

Rewards and badges are included in game-based learning courses to acknowledge achievement and incentivize learning. For instance, games that include points, scores, and badges motivate the learners to complete their tasks. Also, leaderboards aid learners to compare their progress and share accomplishments with their peers.

• Competition

Games drive the feeling of competitive success among learners when they participate as a team. For instance, introducing a leaderboard in an eLearning game for corporate training reflects the scores achieved by individuals at each level. So, employees strive to attain their goals faster and earn badges/points to reach on top of the leaderboard. As a result, employees sense the feeling of achieving a milestone, and the competitive element comes naturally. Moreover, corporates drive more competition by allowing the participants to share their achievements across social media platforms.

• Feedback

When employees engage with games in eLearning, then instant feedback is another significant element that improves their performance. Feedback can be instant notifications when learners complete a specific task or unlock a reward on achieving a level. Immediate feedback mechanism allows players to take corrective action towards attaining success and plan their strategy. It also aids employees in gaining better knowledge, which can be effectively applied in real-life workplace scenarios.

Ultimately, eLearning games will remain the popular buzzword in the future as well. As organizations are demanding for eLearning gamification approach, their focus is shifting towards designing innovative games for the targeted workforce.

Increasing ROIs through Online Sales Training with eLearning Management System

In today’s tech-savvy environment, organizations are shifting their focus towards delivering personalized sales training to boost overall business productivity and training ROIs. It is essential to ensure that the sales employees are well-equipped to sell new products, generate revenues, and drive the company's growth. Here comes the role of a modern eLearning management system that caters to diverse sales training needs such as sales enablement, product training, onboarding, and more. The competitive environment in which salesforce work requires them to learn efficiently and improve sales.

Generating Revenues through Effective Sales Training with Modern LMS  
Corporates adopt an effective sales training strategy to drive engagement, knowledge retention and increase ROIs. The modern eLearning management system supports the delivery of custom sales training to increase revenues, business growth, and overall productivity.

• Analyzing skills-gaps

Organizations deploy online LMS that seamlessly integrates with other enterprise systems such as HRMS, CRM, and others to fetch employee data. Based on the data, the LMS collates Key Performance Indicators (KPIs) to identify the skills-gaps of sales employees. Based on the KPI scores, the system aligns personalized learning courses to cater to the diverse training goals- sales enablement, product training, soft skills, onboarding, and more. Consequently, organizations can create plenty of opportunities for sales personnel, which can turn into increased revenues and sales.

• Understanding salesforce needs

To measure the success of a training program, it is crucial to understand the learning need of every sales employee. A sales executive may be looking for an interactive online course on the latest product range. While others may be looking to improve his/her communication skills to handle demo calls. Once the LMS identifies the learning need of individuals, it automatically assigns relevant training that perfectly fits the needs of diverse audiences. As a result, the delivery of the right kind of training to intended learners helps improving workforce retention, developing new skills, boosting productivity, and overall training ROIs.

• Training through different modes

New-age LMSs deliver ROI-aligned learning solutions as per the diverse training needs, styles, and preferences. As salesforce prefer learning on the go, online eLearning management systems provide short chunks of content that are easier to access and quick to digest. On the other hand, sales teams prefer training to be visually-appealing in the form of short videos, audios, presentations, and others. Online LMS delivers customized content for a globally dispersed workforce, thereby driving employee engagement, closing skills-gaps, and increasing sales.

• Giving immediate feedback

Today, it is crucial for organizations to embrace a feedback culture at the workplace to boost salesforce performance. Online LMS provides instant feedback to aid employees to work on their weak areas, improve skills, and drive continuous growth for your business. Trainers and managers give tests and assessments to analyze performance metrics of individuals, thereby leaving a significant impact on organizational growth.
When trained adequately, sales teams play a crucial role in generating business revenues and driving growth. So, the role of eLearning management systems is shifting as a sales enablement tool to aid salesforce engage more, retain for long, achieve their targets, and increase revenues. The best learning management systems adopt effective sales training strategies to deliver an experience that enables the salesforce to develop new skills, increase ROIs, and attain business goals.  

Significant Features of New-age Learning Management System in India

Corporate training is a vital component for improving workforce performance and organizational growth. Undoubtedly, the scope of the learning management system is continuously evolving with the changing needs of the millennial workforce. Organizations implement the topmost learning management systems in India to meet diverse training goals including compliance, onboarding, soft skills, and more. The robust LMSs serve as an ideal platform to drive collaboration, improve engagement, knowledge retention, and boost organizational growth.
Today, organizations are shifting towards technological innovations with the deployment of modern learning management systems in India. Moving away from a traditional classroom approach, robust LMSs manage employee induction, product training, compliance certification, extended workforce training, and more. In addition to reducing travel and infrastructural costs, modern e-learning platforms boost employee engagement, track individual performance, and improve overall uptake.

Custom Learning Solutions Delivered by Modern LMS

Enterprises across the globe implement the best learning management system in India and across to cater to the pertinent needs of all. Some of the key features of robust LMSs include the following:

• Personalized Learning Paths

The effective implementation of an online LMS to design custom learning paths is no easy feat. Modern e-learning platforms serve as a one-stop solution by providing learners the flexibility to undergo training anytime and anywhere. Also, the LMS assigns relevant online courses to individuals to bridge their skills-gaps, improve retention, and overall performance levels. For instance, analyzing the skills metrics of sales professionals, the LMS automatically aligns training content to meet diverse goals- soft skills, product training, sales onboarding, and others.

• Multi-device Support

With the help of a robust e-learning system, you can upload training content in multiple formats including short videos, infographics, animations, presentations, and more. This variety of content is accessible on multiple devices- laptops, desktops, and smartphones. The flexibility to access and convert training material into multiple formats helps to reduce time and save costs, thereby increasing the ROIs and driving growth.

• Tracking Learner Competency

It is crucial for organizations to understand the overall efficacy of learners while completing a certain task. So, modern LMSs are deployed in a way, where training courses and assessments are available to analyze an employee’s workplace competency. Based on the skills metrics and scores achieved in tests, HR and L&D teams understand individual’s skills-gaps and then automatically assign custom training to close those gaps, increase training ROI, boost workforce performance, and overall growth.

• Content Authoring

Companies utilize robust content authoring tools such as Lectora, Captivate, and others to create, deliver, as well as repurpose existing training content. You can easily develop an online course, add interactivities such as audio or video, and upload on the LMS. It merely takes 10-15 minutes of time that you can drag and drop custom content and deliver learning on the go.

• Game-based Learning

Games play a major role in corporate e-learning when it comes to engagement, motivation, and fun. Organizations utilize modern LMSs to adopt a game-based learning approach by incorporating elements such as badges, scores, and leaderboards with online courses. The success of peers encourages employees to learn more, compete with others, and win the game. Overall, earning scores, giving rewards, and getting a position on the leaderboard makes training completely fun and engaging.

• Instructor-led Training Management

Modern learning management systems also support the delivery of classroom-based instruction with ease. These help to send automatic notifications, reminders, monitor attendance, upload tests and assign learners as well as instructors to different courses.
The topmost learning management systems in India and worldwide support a gamut of features that include rapid authoring, game-based learning, mobile-aided delivery, classroom training management, performance tracking, and so on. Modern corporates implement the new-age LMSs to serve pertinent training goals- compliance, onboarding, sales training, customer training, and others. Training the new-age workforce is a real challenge and utilizing robust e-learning platforms proves as a worthwhile investment to cater to the changing needs of your business.

Creating Blended E learning Modules: Combining Traditional Classroom Approach with E-learning

In today’s digital era, organizations are shifting their focus towards creating blended e learning modules to transform the entire training experience. Blended learning is not merely the combination of classroom training with online learning. It is an innovative teaching method that boosts overall learner engagement, drives performance, bridges skills-gaps, and increasing ROIs. Digitization is enhancing the scope to deliver tailored e-learning solutions by paving the way for bite-sized content delivery, game-based learning, video-based learning, and other popular trends. 

Blended Learning: Transforming the Ways you Learn and Succeed

The question may arise in your minds that whether technology-aided learning spell an end to instructor-led training? Then your answer is no it is not. With the emergence of blended learning, organizations are redefining their traditional classroom approach in a way to optimize engagement, retention, and performance levels. Just imagine a typical classroom environment where-

• An instructor uses sources such as documentations and presentations to teach multiple topics. 
• Learners are motivated to seek queries from trainers once the presentation is complete. 
• Handouts of the entire sessions are given to the learners. 

Now imagine another scenario where- 

• The trainer presents an engaging online presentation with an aim to meet pertinent training goals, be it compliance, soft skills, sales enablement, induction, and more. 
• The trainer shares an online calendar about upcoming training sessions, training finished, achievements, and more. 
• The trainer also notifies participants about their individual progress and how learning is aligned to their specific job roles, skills, and other trends. 
• Assessments during instructor-led session will help the trainer analyze an individual’s performances.
• Moreover, assignments can be completed online at your own pace of time and convenience. 

In the above-discussed scenarios, training is same, but the method is different.  Organizations create blended e learning modules to close performance gaps, drive workforce retention, increase training ROIs, and enhance overall uptake.

With online workplace learning becoming more technology-aided and ROI-aligned, it is crucial for organizations to adopt an effective L&D strategy. Therefore, companies from varied domains incorporate social learning approach to engage and encourage employees to perform better. There are multiple ways through which social media elements can be embedded with blended learning. These include: 

• Incorporating social media components within classroom as well as e-learning sessions so that employees are familiar with new ideas and trends. 
• Social media acts as a perfect platform to share new ideas and spin off discussions, thereby fostering a continuous learning environment. 
• Through social media, learners gain access to a variety of sources including webinars, case studies and more. 

So, today is the time for organizations to rethink over their e-learning strategies and create innovative e learning modules to drive overall engagement and performance levels. As employees are considered as assets for organizations, it is essential for organizations to deliver personalized training that enables organizations to stay ahead of the curve.