Corporate Training in the BFSI Sector

The BFSI industry faces multiple challenges when it comes to offering employee training. These issues include rising skill gaps and the need for more tech-oriented roles. New IT-centric jobs are on the rise, but there is a lack of the right talent. Additionally, technological innovations in BFSI demand reskilling of existing roles. You must equip the workforce with tech-based skills (Cloud, IoT, digital marketing, Agile technology). With complex, evolving financial products, there is a need for continued training with a qualified trainer pool, which keeps learners engaged.

PlayAblo's digital learning program offers adequate, hands-on training for BFSI jobs - to address the skill gap and equip the mid-level workforce with the necessary IT skills. Personalized eLearning modules evolve and update as per changing needs. Microlearning disseminates complex, massive subjects by segmenting them into online chunks, while gamified tools, media, and quizzes simplify complicated content.

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Why is Corporate Training Important in the BFSI Industry?

Despite having ample room for expansion, the BFSI industry is predicted to confront significant workforce issues. A bank's success depends on the happiness of its employees, who comprise most of the company's stakeholders. Therefore, banks must concentrate on hiring, training, development, and retention.

The BFSI industry must take decisive action to alleviate the severe skill deficit in the system. Adopting new technology is a requirement for improving time management in the workplace. Employees are less likely to adapt to the work culture due to the rapidly expanding economy, dynamic technological development, and skill advancements.

In the global banking environment, the operating loss of banks owing to human mistakes is 7%. Employees should receive thorough training and be made aware of the impact of human errors on profitability to reduce such losses. Banks can address these problems by conducting a comprehensive review of their training needs and setting goals for the number of worker days they spend in training.

In the BFSI sector, there is a rising demand for sales positions. The National Skill Development Corporation (NSDC) stated in its research that "approximately 1.6 million extra jobs are likely to be created in the BFSI sector between 2013 and 2022."

One cannot ignore the rising demand for sales and marketing positions as banks and insurance businesses promote m-learning (mobile learning) and AI-driven products and services. In fact, roles in sales and distribution are predicted to rise by 22%. The industry's growing need for talent is only dimly fulfilled by the small pool of experts ready to work in sales.

The pressure to meet goals is not the only thing that makes sales professionals nervous; there is also the disconnect between what they have really accomplished in the workplace and what is expected of them. According to NSDC MD & CEO Dilip Chenoy, "Industry needs to provide additional training to its personnel to enable them to scale up to the changing trends."

Here are a few of the BFSI-related employment roles:

Insurance brokers:

Insurance brokers advise clients on the best insurance plans based on their needs. They could assist in resolving disputes. An insurance agent may be captive, working for and selling policies for a single insurance firm, or independent, representing and selling policies for multiple insurance providers. Many insurance brokers also provide financial planning services for clients interested in setting up investment or pension plans or preparing for their retirement.
Investment representatives:

Financial planners or advisors that work for banks, credit unions, or investment businesses are known as investment representatives and offer guidance on financial goods and services. They use sales leads, in-person visits, and telephone sales to sell their goods and services. They are tasked with managing the administration of investment services and products.

In a client-facing position in the financial sector, an investment banking associate collaborates with clients to determine their financial needs and devise strategies for achieving their short- and long-term objectives. They are the client's initial point of contact.
Sales representatives for equity products:

Sales representatives for equity products, also known as equity dealers, manage funds and analyze the most recent equity trends. Sales representatives for banks and financial institutions handle and drive the sales of all bank goods, such as loans, credit cards, mortgages, and other financial services.

Key characteristics of the top-rated BFSI workers:

One must thoroughly understand the industry and stay current on new advancements to stay competitive.

Talents in analysis:

An analytically minded, numerate, and learning agile worker performs far better than one who is all-knowing but unable to evaluate.
Being at ease with technology:

The development of technology has touched every industry. So having a flair for learning new technologies can be advantageous.
Outstanding communicator:

Communicating effectively—verbally or in writing—is essential for getting along with clients and coworkers. Communicating effectively is crucial for salespeople because it increases their chances of getting others to pay attention.
A people person:

Excellent people skills are needed in the BFSI business. These skills include empathizing, being patient, listening, and relating to people.
Genuine and uphold honesty:

The BFSI sector is all about money, whether it is a bank, an insurance company, or a mutual fund. Personal honesty is a priceless trait, though.

The BFSI industry is not a uniform organization where every person has the same job. A particular core skill set is necessary for each division.

Challenges in the BFSI Sector's Training

The BFSI industry (Banking, Financial Services, and Insurance) is no exception to corporate workforce training difficulties, many of which are peculiar to that sector. These sectors are organized and administered in a way that sets them apart from other sectors in many ways. Therefore, they face different issues that require particular attention to be solved.

Many sales representatives

These days, multinational teams and matrix architectures are familiar among BFSI companies. This poses new difficulties because instructors are frequently required to conduct classes in front of a classroom full of students while also welcoming viewers from other cities via video conference. This can be challenging because face-to-face instruction requires different skills than online instruction. Access to training may be challenging due to their employees' different geographic and cultural backgrounds.

Restrictions due to regulations and compliance

It is not uncommon to experience fast-changing regulatory frameworks and audits over a year in the banking and financial industries, necessitating similarly quick and efficient training. It is crucial to have the ability to swiftly and efficiently update content without having to restructure the courses completely.

The tech-savvy generation

The evolution of the workforce, in which millennials make up a sizable share, represents a shift. The tech-savvy workers of today seek out fully digital, on-demand solutions. This workforce differs from earlier generations in terms of thinking, demands, and technological competence, but it also tends to be unstable in its employment.

Ensuring that all employees receive the required training

Each employee must successfully complete their training in full. It can appear to be a big challenge to have a comprehensive picture when training is offered on a broad basis, either nationally or internationally.

Shortage of time

It can be pretty difficult to train a worker whose position is on the trading floor of a bank or in the dealing room of an investment firm since every minute they are away from their desk is time that is missed in terms of revenue generating. The sales staff is also constantly on the go and has little to no time for classroom training.

Opposition to change

Most businesses in the banking industry have a lengthy history and staff members who have worked in the sector for many years. The introduction of new training plans and programs encounters resistance to change. A fondness for established procedures and customs might lead to problems.

Adding to current courses

It's unnecessary to postpone the beginning of a lesson if a sizable portion of already completed training calls for a supplement or an unanticipated update.

Massive amounts of information

Each employee must keep up with the multiple levels of knowledge and training required by the BFSI industry. The procedure could seem overwhelming.

Best Practices for Training Employees in the BFSI Sector

Collaboration with academic institutions enables banks to get the precise skill-pull needed for a given position. The training time for newly hired staff would be cut because academic institutions and bank personnel collaborated to design the courses, saving the banks money.

Training must be swift, and outcomes must be even quicker. It must be provided at various time intervals to meet the demands of different people. Digital learning thus enables a faster onboarding process, a significant decrease in running costs, and more straightforward customer acquisition.

While automation and artificial intelligence (AI) can better meet the complex needs of today's consumers, businesses also need to think about how they can progress their training initiatives to make learning and development (L&D) efficient and individualized.

This can significantly aid onboarding, upskilling, and reskilling initiatives and assure uniformly practical compliance training. Providing different scenarios also increases learning's enjoyment factor.

L&D teams can provide individualized learning that concentrates on critical abilities to better prepare employees for the future through a customized learning experience platform. They can create their learning routes by accessing specific content depending on their learning preferences and ability gaps.

In large parts of a financial institution, instructor-based training has proven problematic. The e-learning-based movement has shown to be a solution.

You can apply your adjustments to all the courses with this tool. The sales crew can also access the courses whenever and wherever they choose by downloading them on their own devices. Updates to new features and innovations can happen fast, and new customer service techniques can be taught.

It is simple to ensure everyone is on the same page with multi-device access and an authoring tool with built-in analytics functionality. Learners are more interested in and more likely to remember topics when presented with informative, interactive, and infographic-based content.

These platforms can also provide sales teams with on-demand information, allowing new hires to deliver value immediately. Microlearning provides a way to increase engagement levels while guaranteeing regulatory compliance and addresses many problems BFSI organizations confront.

How can you guarantee the effectiveness of e-learning while maintaining staff engagement? By segmenting the material into smaller courses and incorporating tools like quizzes, animation, and moving image content, the training will appear less daunting and more superficial to understand. Little strain is placed on team resources while updating and launching small portions of courses.

Include video tutorials in the creative training. They are readily available and improve the educational experience. Through a well-designed soft skills program, your staff members may imbibe training in customer service, sales, HR, and teamwork. A robust monitoring system for identifying learners' strengths and weaknesses is made possible by the statistical and analytical reports of assessments.

The sales managers can easily track the performance of team members or those to whom they have assigned a particular online course. To gauge learners' proficiency in particular subjects, the learning management system analyses progress metrics based on each learner's KPI scores and then automatically provides a performance assessment report.

Additionally, the LMS sends automated messages and reminders to employees' personal mobile devices to show their performance status after finishing a particular session.

Why Choose PlayAblo for Training Employees in the BFSI sector?

Integration & SSO support

PlayAblo integrates easily into your existing landscape of internal systems. We also support Single Sign-On making the integration extremely easy and fast.

Rapid Implementation
(Cloud-based SaaS solution)

PlayAblo is a Cloud-based SaaS solution that ensures rapid implementation, lower operating costs, increased scalability, and easy integration. New releases and upgrades are straightforward to propagate.

Any Device - Any OS - Anytime

Access PlayAblo’s learning content from any device, including desktops, smartphones, tablets and iPads. The training modules are optimized to fit most screen sizes.

Learn at your place, your pace!

Built for Micro-learning, PlayAblo allows learners the option to learn at their own pace and place. Progress as much as you can and continue from where you left off, whenever you can!

Learn Offline

Build eLearning content 70% faster!

Access PlayAblo’s learning content from any device, including desktops, smartphones, tablets and iPads. The training modules are optimized to fit most screen sizes.

Integrated LMS and CMS

The integrated LMS and CMS feature enable corporates to manage learners, keep track of their progress and performance, and create + distribute new learning materials -- all from one platform!

LIVE Classes

LIVE Classes are integral to the Blended Learning approach. PlayAblo comes pre-integrated with G-Meet, lending a real-time replication of the traditional classroom experience. Need another LIVE platform integrated? Just ask!

xAPI Compliant

PlayAblo’s xAPI compliant platform lets you add eLearning content that is inherently responsive for all devices and allows data collection about the wide range of experiences of your learners within your training.

Best in class dashboards

PlayAblo’s dashboards give a real-time view of your learners’ progress regarding aggregated usage, progress, and performance view.

Self-Subscribe Courses

PlayAblo lets learners search for non-mandatory courses and subscribe to additional programs per their job needs without any external intervention.

Auto-Subscribe Courses

Depending upon learner’s role and department, specific courses are mandatory or needed for compliance. You can set up courses for Auto subscriptions based upon rules, including recurring subscription for compliance.

Create mobile-friendly courses directly from PPTs