Why the Financial Industry is Compelled to Have a Fast Path to Learning and Development
All Industries are experiencing the World of New Technologies known as Digital Transformation - especially the finance industry needs to adapt fast to the new world of extensive regulatory demands. In order to adapt to this transformation, organizations must spend a lot of resources on the learning environment.
“Compliance training is relevant for all businesses, but for companies in highly regulated industries such as aerospace, pharmaceutical and financial services it's absolutely crucial”.
Professionals in the financial space are beginning to see the true significance and value of employee training. However, in this age of information, attention is a prime asset and unique in the sense that as soon as you have spent it – it is gone. In an earlier blog, we have written about how the shortened attention span is affecting both our work and everyday life.
As employees have very little time to spend on the huge amount of information organizations would like them to have, employee training must be easy to access and understand.
Above all, focused employee training within this sector can help keep employees up-to-date with new compliance regulations, engage them with customizable trainings, and empower them with helpful guides and growth opportunities. Unfortunately, banks and other business within the financial sphere face more challenges; fortunately, implementing a dedicated, flexible tool such as an LMS can help ease many of these challenges.
Common Challenges in Financial Industry
The financial industry is changing, and banks are facing a minor crisis in the rapid digitization and technological advances. Not only the financial crisis, but also money laundering, blockchain cybercrime, and digital disruption are threatening the financial industry. These long-standing institutions are now forced to plan for a future they cannot yet fully see. This involves considering the often-harrowing action of letting go of jobs that exist now to make room for those positions that are thought to come in the future.
We wrote about some of the challenges facing the financial industry before , and these difficulties are only increasing with recent changes. Proving compliance in such a highly regulated industry is proving more arduous, as audits are frequent and imperative for overall business success. Employees - now more than ever - need to be kept updated with changing policies and protocol.
Traditionally, bank-staff training has been fixed, which has left little room for adaption to new, emerging technologies. This has prevented professionals in this industry from being able to properly and effectively train their employees on developing policies and emerging threats in the company. Other than discouraging the engagement of the employees with outdated, stale trainings, this puts the whole company at risk when their training systems cannot be upgraded with advancing information.
These new technological disruptions - along with high staff turnover, decreased attention span and increased compliance and security regulations - are now prompting those in the banking industry to look for a solution that can help them keep in order, keep secure, and keep flexible for the rapidly-evolving times.
Learning Management Systems are the Financial Industry’s Secret Weapon
Learning Management Systems (LMS’s) have proven to promote significant growth in employee training engagement, quality, and efficiency in a range of diverse industries. Though the financial industry’s challenges are unique, the LMS solution remains a major tool in helping these companies ride the wave of digitization and training employees’ effectively while at the same time keeping their attention.
For one easy example of how LMS can be the solution for this industry’s regulations and requirement, we point back to the challenge we presented earlier: Banks are feeling pressured to let their employees and their jobs go now to make room for positions they believe are coming in the future. This could be solved seamlessly with an LMS and support from L&D teams:
“Invest in bank employee training to upskill and reskill staff in preparation for tech jobs
that don’t yet exist. Ensure that your staff are ready for the future, and you’ll avoid
having to let employees go when today’s jobs become irrelevant. Plus, you’ll save time
and resources by not having to recruit new staff to replace them."
In addition to resolving challenges the financial industry is facing, banking companies that implement an LMS can empower and engage their employees with:
- Compliance training that it easy to track and customize
- Security and privacy protection trainings that can be updated as they evolve
- Skill and competence development that is engaging and expansive
- The ability to track their progress to ensure completion of mandatory trainings
- Certifications for their completed trainings to prove compliance
The benefits of an LMS don’t stop with the employees either: for leaders and managers in the financial industry, implementing an LMS enables them to:
- Customize trainings for specifics roles, positions, specialties and levels
- Add supportive trainings such as stress management training that will provide long-term benefits to workplace and company growth
- Lessen administrative burden by receiving notifications regarding important policies, such as the General Data Protection Regulation (GDPR) or other security regulations
For both the employees and the managers within the financial sphere, integrating a focused employee training platform like an LMS can provide real support for their technological growing pains.
Make an Investment in Quality Employee Training with an LMS
It could come to a surprise for most that Learning Management Systems are just as beneficial for banks as they are for any other company focused on their employees’ and business’ continuous growth. Our own clients in the financial space have found great value from the flexibility and progression afforded with a Learning Management System like LMS365:
“Our needs will change over time since we’re in the business of compliance and there are increasing regulatory demands placed on our financial institution customers, but we are confident LMS365 can seamlessly grow with us”
Aside from the steady empowerment and development made possible by an LMS, these platforms can offer advanced features such as data encryption, SSO and two-factor authentication to keep your programs secure.
Frank Tuttle, Senior VP of Technology ComplianceEase
Above all the ease-of-use and customization available with an LMS can allow the banks and financial enterprises to stay current, reduce risks, and uniquely up-level their employees. For the financial industry like a majority around the world, advanced preparation and adaptation with the technological progressions is of high importance when looking to stay relevant and successful in the markets. Don’t doubt the importance of quality compliance and employee training in this new dynamic new age.