Driven by rapidly evolving technology and global convergence, the banking, financial services, and insurance (BFSI) sector is going through a dramatic shift. Emerging technologies are transforming the entire industry like never before to adapt to more productive and economical solutions. While the structures and procedures differ for each player in the industry, the one thing common to all is compliance.
BFSI firms across the globe are increasingly subject to constantly changing regulations and the need to comply with many regulatory bodies (domestic and global). This requires them to regularly conduct compliance training for employees on how to comply with these bodies.
Importance of compliance training for BFSI sector employees
Compliance risk is one of the biggest concerns of the banking and finance industry. A lack of information/ on compliance can have serious repercussions for an organization, as this is ultimately reflected in an employee’s conduct and behavior.
The main purpose of compliance training in BFSI is to create awareness and prepare employees to confidently handle situations that could put their safety, job, or well-being at risk.
Here are some of the other reasons why the BFSI industry needs to prioritize compliance training for all its employees –
- Failing to comply with the processes and regulations can have a negative impact on the reputation of the brand and can lead to a reduced customer base.
- Adhering to all the laws and regulations prevents legal complications that can otherwise result in high costs and low productivity among employees.
- Lack of due diligence in financial transactions and client monitoring can make the banks and financial institutions deal with costly and time-consuming litigation procedures.
- A well-designed compliance training allows the organizations to create a pleasant and safe working environment for employees where they can perform to the best of their ability.
Delivering effective compliance training to BFSI employees: A blend of different modalities
To encourage a safe and productive culture at work, an ongoing compliance training program is most effective. This can be delivered in multiple ways as discussed below –
1. Bite-Sized eLearning or Microlearning
Modern learners typically have a very short attention span, which makes the delivery of lengthy compliance-based training courses ineffective. Financial organizations, therefore, need to focus on creating microlearning modules or short nuggets of information that are easier to access and quick to understand.
A microlearning module typically takes one learning objective at a time and offers a chunk-sized lesson (only a few minutes long), making it a lot easier for busy finance professionals to take.
The entire course can be broken up into such bite-sized micro-lessons that could be easily accessed at any time. It enables employees to learn at their own pace and convenience, where they can fully engage with the content without feeling overwhelmed.
Remember to design bite-sized modules that can be consumed in less than half an hour, making it convenient for employees to complete them on the go.
2. Game-Based Learning
Employees working in the BFSI sector usually find compliance course content quite dull and boring. This often leads to disinterest in undergoing training to keep themselves updated on the latest policies, government regulations, and more.
One of the ways that financial institutions can overcome this challenge is by creating interactive and fun game-based eLearning modules to make complex compliance topics into an enjoyable training experience.
Game-based learning is gaining a lot of momentum in corporate training as it embeds various elements and mechanics of games such as badges, scores, levels, and sound effects to keep learners completely engaged. The online compliance courses built using these elements motivate the employees and allow them to stay competitive and master the skills required to excel at their jobs.
3. Video-Based Theme Learning
When it comes to the effective delivery of compliance training to BFSI employees, using a theme blended with other modalities such as scenarios and videos is a great idea.
Incorporating a theme-based learning approach helps employees effectively learn and apply knowledge in daily work situations such as when attending a client meeting or other specific workplace situations.
4. Interactive Real-life Scenarios
The content in compliance training courses can be highly technical, making it difficult for employees to understand the language and comprehend the information.
Making use of interactive real-life scenarios is an effective way of teaching compliance, as employees find it easier to connect with these exercises, making the learning more memorable.
Scenarios and examples here can be presented either as simulations where story-based learning helps them to visualize and relate the content to real-life situations, or decision-based activities where employees can explore situations in a completely risk-free environment to understand the consequences of their actions or behavior.
5. Character-Based Learning to Serve as a Relatable Guide
Including a relatable character into the training course is an excellent idea to make the usually dry content of compliance training more interactive to boost knowledge retention and comprehension.
The idea here is to incorporate a guide who interacts with the employees as a narrator or facilitator and offers helpful compliance tips during the course of training. It is important, however, to really think it through and develop the character to ensure that the employees can relate to it and it can add real value to the online compliance training, instead of distracting them.
Online compliance training in the banking and finance sector doesn’t have to be a cumbersome process that is dreaded by most employees. The rapid proliferation of cloud-based learning, mobile training apps, and e-learning techniques such as microlearning, simulation, and more, make it simpler to create training sessions that can be easily accessed by employees. Further, the use of digital technology also makes it easy and quick to update training, an essential factor for time-sensitive compliance training sessions.
With these tips, you can transform even the most boring compliance content into an exciting yet educational experience for your audience. By making online compliance training fun and engaging, you also give your employees the opportunity for an immersive learning experience and enhance the chances of both knowledge acquisition and retention.
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