Updated: Apr 25, 2021
Financial services organizations from all sectors of the industry (banks, insurance companies, private equity firms, among others) are faced with strict and ever-changing federal requirements that dictate such things as how clients are supported, the management of sensitive data, whom you can trade with, and more. The intense scrutiny of the industry calls for a thorough approach to training financial services employee, almost regardless of their role within the organization. Failing to comply with any regulation can lead to significant legal penalties. Additionally, cyber attacks against financial institutions have becoming increasingly sophisticated and more frequent.
Given this industry environment, financial services employees must be advised of the latest cyber security practices, along with training on their basic job skills, company policies and the corporate culture.
Benefits of Financial Services Workplace Learning
For today’s financial services organizations, the use of next-generation learning platforms can deliver personalized and highly relevant learning experiences. This level of training will better enable the organization to properly respond to new learning requirements amid changing market conditions. The most successful financial services organizations now make continuous learning a priority.
Some of the benefits your organization can expect from the implementation of a learning program include:
Increase Employee Loyalty and Retention
Numerous studies have shown that when employees feel valued and that they have an opportunity to grow, they are far less likely to leave their employer. Providing employee training and rewarding those who participate and excel in your training process can help you keep your best talent and groom those employees for larger roles within your organization. This also helps to drive down the high costs associate with employee turnover.
Create a Corporate Culture
A learning program can help you create and communicate your corporate culture- that is, the unique values and behaviors that contribute to define your organization and working environment. Advising and training your employees regarding your company’s mission, values, and processes helps to keep everyone in sync regarding such things as how clients are treated, internal communications, measures of success, and more.
Help Ensure Regulatory Compliance
A critical challenge for financial services organization is in focusing on the demand for outstanding customer service while being operating within stringent regulations. Given the requirements for regulatory requirements and the associated risks, it is imperative to train your employees to understand and adhere to these rules for the benefits of your firm and your clients.
eLearning for Financial Services Employee Training
In recent years, with the continued evolution of online technologies, eLearning has emerged as a cornerstone for employee training across many industries, including financial services.
Some of the benefits you can expect through the implementation of a powerful eLearning program can include:
eLearning provides a cost-effective alternative to classroom-based training as it reduces or eliminates expenses such as travel, venue fees, instructor fees, catering, and printed materials. And with eLearning, your employees can conduct their learning activities at any time that is convenient, including after hours. This eliminates productivity losses associated with training employees during business hours.
For financial services organizations, there are occasions when new regulations or changes in corporate policies and processes require a fast delivery of new learning content. eLearning supports this better than any other training method as it allows instructors to build and deliver new learning content quickly and easily. This new content is then made available for immediate access to impacted employees.
eLearning provides both employees and instructors with a level of convenience that cannot be matched by other training methods. For instructors, new learning content can be developed and delivered without the need to schedule and travel learning events. And employees are able to accomplish their training activities at any time and from any place they choose. All that is required is an Internet connection.
Unlike classroom-based training, eLearning lets employees learn at their own pace and re-visit materials a second or third time, if they need to. Given this, eLearning is seen as a more effective way to support users and their varied learning styles.
LMS Portals for Financial Services Employee Training
LMS Portals provides a powerful cloud-based platform for eLearning. Our clients are able to build and deploy their own customized eLearning platforms that can be incorporated into their existing web infrastructure and to support their company branding.
Contact us to get started today!