{"id":9584,"date":"2023-08-30T18:43:01","date_gmt":"2023-08-30T13:13:01","guid":{"rendered":"https:\/\/anaptyss.com\/?p=9584"},"modified":"2024-08-13T12:59:09","modified_gmt":"2024-08-13T12:59:09","slug":"boosting-workforce-training-in-banking-with-digital-learning","status":"publish","type":"post","link":"https:\/\/www.anaptyss.com\/blog\/boosting-workforce-training-in-banking-with-digital-learning\/","title":{"rendered":"Boosting Workforce Training in Banking with Digital Learning"},"content":{"rendered":"
Banking and financial services are transforming due to technological disruption, changing customer preferences, and regulatory shifts. While financial institutions are looking to adopt digital solutions and optimize processes, they know their workforce (or talent pool)<\/strong> is the key to navigating the change.<\/p>\n Employee training <\/strong>is a recognized way for workforce skilling; however, organizations including financial institutions, now look for more effective learning approaches that can allow:<\/p>\n Digital learning or e-learning <\/strong>can help banks augment their workforce skills and build hands-on execution capabilities within a few weeks to months, as follows:<\/p>\n Digital learning offers more choices to upskill and reskill workforces on niche processes:<\/p>\n According to the PwC report<\/a> \u2013 a substantial 46% of financial services CEOs worldwide say that significant retraining\/upskilling stands as the most important initiative to close a potential skills gap. Digital learning platforms play a crucial role in addressing these skill gaps<\/strong> through upskilling and reskilling initiatives.<\/p><\/blockquote>\n Traditional employee onboarding methods typically face resource constraints in terms of time, logistics, and costs. The digital learning approach can help banks transcend these limitations and save significant time and cost.<\/p>\n According to the PwC report<\/a> \u2013 44% of CEOs worldwide responded that they are missing their growth targets due to the \u2018availability of key skills.\u2019<\/p><\/blockquote>\n With tech-enabled learning, banks, and financial institutions can improve their processes by identifying, collecting, and distributing the knowledge when necessary, leading to smoother operations. Digital learning in knowledge management can produce significant outcomes to enable banks:<\/p>\n The digital learning approach can support knowledge management and transfer by capturing, organizing, and sharing operational capabilities in the form of digital learning repositories (DLR). These repositories can be further updated by identifying the skill gaps, curating up-to-date content, and using digital learning platforms regularly (preferably every 6-months) to organize and structure the content for easy accessibility.<\/p>\n Outcome-based learning program refers to defining specific learning outcomes or goals<\/strong> that employees are expected to achieve by the end of the onboarding, training, or upskilling program. They are designed to help employees acquire skills relevant to the current market and emphasize employee demonstration <\/strong>rather than curriculum.<\/p>\n It also provides them with insightful data on the progress and assessment of the employees that helps them keep track of and monitor the effectiveness of their knowledge management initiatives.<\/p>\n This further enables them to identify gaps and areas for improvement<\/strong>, ensuring meaningful long-term outcomes.<\/p>\n According to this L&D 2023 Workplace Learning Report<\/a>, 25% of skill sets for jobs have changed by around 25% since 2015. By 2027, this number is expected to double.<\/p><\/blockquote>\n With digital learning platforms, banks, and financial institutions can efficiently deliver tailored content to new hires or existing employees based on their strengths and weaknesses for personalized and effective learning. It helps them retain top talents and ensure faster employee development<\/strong>. It further helps banks:<\/p>\n Banks and financial institutions can personalize learning experiences to meet specific needs, preferences, and objectives. With digital learning platforms, banks can create a learning environment that resonates with their organizational business objectives and requirements of the diverse skill set of their workforce. It enables banks to:<\/p>\n Banks can reduce training costs by implementing digital learning or eLearning and replacing classroom training with online learning. It can help save on resources and eliminate the expenses related to printing materials, trainers, travel, or physical venues. It also helps banks:<\/p>\n 89% of L&D pros agree that proactively building employee skills will help navigate the evolving future of work<\/p><\/blockquote>\n Digital learning can help banks upskill the workforce, manage knowledge, and onboard new talent. A digital learning solution such as Fluent\u2122<\/a> addresses workforce training and knowledge management through tailored courseware, digital knowledge libraries, and built-in analytics.<\/p>\n","protected":false},"excerpt":{"rendered":" Banking and financial services are transforming due to technological disruption, changing customer preferences, and regulatory shifts. While financial institutions are looking to adopt digital solutions and optimize processes, they know their workforce (or talent pool) is the key to navigating the change. Employee training is a recognized way for workforce skilling; however, organizations including financial… Continue reading Boosting Workforce Training in Banking with Digital Learning<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":11543,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[95],"tags":[],"class_list":["post-9584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-learnings","entry"],"acf":[],"yoast_head":"\n\n
How does Digital Learning Support Workforce Training in Banking?<\/strong><\/h2>\n
1. Flexible and Scalable Training<\/strong><\/h3>\n
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2. Employee Onboarding<\/strong><\/h3>\n
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\u00a03. <\/strong>Knowledge Management<\/strong><\/h3>\n
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4. Determine <\/strong>Operational Efficiencies<\/strong><\/h3>\n
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Benefits of Digital Learning in the Banking Industry<\/h2>\n
1. Outcome-Based Learning<\/strong><\/h3>\n
2. Human-Centric<\/strong><\/h3>\n
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3. Customizability<\/strong><\/h3>\n
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4. Cost-Effective<\/strong><\/h3>\n
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Conclusion<\/strong><\/h2>\n