Why Choose LMS Technology for the BFSI Industry?

In today’s digital world, many industries are shifting towards technology-aided solutions for workforce training and BFSI is no exception. Companies in the Banking, Financial Services, and Insurance (BFSI) sector are striving to improve performance and unlock potential through effective training. The key to success for this industry is to remain innovative and quickly adjust to market changes. Hence, it becomes imperative for managers and supervisors to build a team of highly skilled employees that perfectly fit job roles within the organization. This has resulted in an increasing need to implement Learning Management Systems (LMS) technology to meet varied training needs within the BFSI industry- be it compliance, sales enablement, leadership training, and others.

Also Read: The Top 5 Reasons to Use a Learning Management System

Significant benefits of deploying LMS technology for BFSI workforce training include-

• Personalized Learning Experience
  Managing different types of training courses for different learners may seem like a daunting task. As employees working in Banks and other financial organizations have different job roles and skills, it becomes crucial to personalize training that fits the pertinent needs. An LMS creates personalized learning paths, enabling employees to access relevant online courses and content that match their learning interests and diverse job roles.
• Engaged Learning through Gamification
  With the gamification feature of LMS, employees in the banking and finance sector can engage, motivate, and collaborate. With the incorporation of interactive elements such as levels, badges, points, quests, and leaderboard, training becomes more engaging and personalized. For instance, for a successful onboarding program, a banking organization can include engaging themes to introduce new hires to the company’s culture, values, and mission in an engaging way. This boosts the interests of new hires, helping them to retain the knowledge and perform well at the workplace.

Also Read: Gamification in LMS: Play your Way to Learn and Engage

• Learning On the Go
  New-age learners have very short attention spans and lengthy training sessions do not appeal to them Therefore, banks and financial corporations implement mobile-enabled LMS to provide bite-sized information across different mobile devices such as smartphones and tablets. This enables employees to quickly digest relevant information and learn on the go as per their convenience. For instance, when compliance training is delivered as short video nuggets, employees can quickly watch a short video nugget on their personalized mobile device, while traveling to office or before a client meeting. This makes the employees more compliant and proficient to handle their tasks which may include sales, customer handling, and so on.
• Performance Tracking & Reporting
  By implementing an LMS, banks and financial corporations get a better insight into employees’ learning needs and preferences. The powerful learning technology enables organizations to keep track of employees’ performance and ensure they are achieving their goals. For instance, if an employee fails to attain good scores within a training module, then the LMS analyzes personalized learning behavior and accordingly recommends supplemental training courses to improve their progress. The LMS also generates automated reports based on individual performance metrics, enabling employees to identify their areas of improvement and ultimately improve their skills.

Are you looking for powerful LMS technology that caters to the training needs of various industries like Healthcare, BFSI, Retail, and others? Then, Unlock Learn can be a perfect choice! To know more about the features and use cases of our proprietary learning management system, request a Free Demo.