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.