How a Learning Management System can help the BFSI industry tackle its top 5 training Challenges
It has been more than a decade since the Global Financial crisis crippled the Financial Industry. As a result, the need for regulatory compliance in the industry has taken unprecedented importance. Financial Institutions today face the daunting task of balancing regulatory compliance across global locations with employee engagement.
Technological advancements can help the Financial Industry tackle this situation to their advantage. One such tool is a state-of-the art Learning Management System, such as CALF™.
Listed below are the top 5 benefits that a world-class Learning Management System can offer:
Adherence to Internal and regulatory standards
Modern Learning Management Systems can offer an institution the flexibility to design and deploy content to targeted users. One example could be of a multi-national institution that would require to adhere to multiple regulations. A well designed Learning Management System can help the institution tackle this problem efficiently and help adherence to the multiple regulations coupled with the ease of operations for the team deploying such content
Availability of training material on the go
It is estimated that millennials have their mobile phones accessible for 70% of their waking time. When we combine these kind of statistics with the rising number of millennials in the work force, the need for training being made available on the go doesn’t need any further validation. A modern Learning Management System will ensure that the content, created painstakingly by the learning and development team, is made available to the users on the go.
Engaging the learner
Studies in the learning and development space have clearly shown that the effectiveness of training is largely dependent on how engaged the learner is with the content that is being made available. Hence, initial solutions were designed around digitisation of content, however this too did not seem to solve the issue. A contemporary solution has been found in the use of SCORM, a standard in the learning industry. A modern Learning Management System will be able to support this requirement to ensure user engagement and also give detailed reports on the engagement of the user.
Measuring Training effectiveness
In spite of the rapid rise in the need for engaged and accelerated learning, the quantification of the training effectiveness remains a challenge at large. A modern Learning Management System can help the Learning and development team to measure the effectiveness of all its training initiatives across courses, groups, locations, regions, departments etc.
Last but not the least is the capability of a Modern Learning Management System in effectively creating reports for the Learning and Development team that could result in effective learning interventions. A modern Learning Management System can also assist the institution is creating customised reports to have key information handy for regulatory reporting as well.