Over the past few years, there has been a paradigm shift in workforce upskilling and performance assessment of the Banking and Finance sector. By utilizing the new-age learning management systems, small as well as large companies, ensure improving overall levels of employee engagement, knowledge retention, and workplace performance. Managing business productivity can be a daunting task if there is a lack of appropriate resources. Therefore, most of the banks and financial institutions deploy performance management systems (PMS) to track employee progress and business productivity.
Training Challenges and Solutions in the BFSI Industry
With banks and finance companies looking to foster employer-client relationships, the role of performance management software is also improving. Most of the industries face challenges when it comes to corporate workforce training, and the Banking, Financial Services, and Insurance (BFSI) sector is no exception. Various training challenges faced by the companies in this sector are discussed as follows:
- The need to utilize technology-inclined corporate learning management systems (LMS) and identify learners with specific skills and compliance gaps.
- The companies also want to deliver a personalized training experience for sales employees as well as customer services.
- Another challenge is to train the workforce on organizational development and adopt effective practices which enhance overall productivity and Turn Around Time (TAT).
- There is a need to deploy a robust training platform which focuses on performance based learning and caters to the personalized learning needs of globally dispersed audiences.
To address these challenges, banks and finance companies leverage the benefits of LMSs as learning and performance platforms. Top solutions offered by the performance management software are discussed as follows:
- The robust performance management system adequately addresses the gaps related to the product catalog, TAT, regulatory compliances, and more.
- Corporate managers easily track the performance of employees within their team or whom they assign a specific online course. The LMS analyzes progress metrics based on individual KPI scores and then automatically generates a performance assessment report to measure learners’ skills on particular topics.
- The LMS also triggers automated notifications/reminders across personalized mobile devices of employees to indicate their performance status on completing a specific module.
- The Analytics Engine implemented with modern LMSs also helps to create personalized learning paths as per the pertinent training needs of all.
A robust PMS used in the BFSI industry focuses on boosting workforce collaboration, knowledge retention, and overall organizational performance. It helps providing instant feedback to employees, measuring salesforce skills through performance based assessment, and aligning the right kind of learning to pertinent business objectives.
About Author: Anubha Goel
Anubha Goel is a senior executive in the Marketing team at G-Cube and love writing about new technologies in eLearning industry and exploring modern ideas for the new-age learners.