- 1.Cristian Rivera, Director of Solutions; the journey of a passionate learning professional
- 2.Drawing the line between creativity and logic in the L&D industry. An interview with Courtney Harris, LT Project Manager
- 3.Making the Impossible a Reality: An interview with Kristin Snow, LT Director of Solutions
- 4.Biopharmaceutical Case Study: A Digital Transformation
- 5.Efficiency, empathy, and creativity. Three qualities to describe success. An interview with Macarena Zubiria, Sr. Project Manager & Instructional Designer
- 6.Banking and Finance. The transition to a more modern L&D ecosystem
- 7.Education is the most powerful weapon. An interview with Learning Tribes’ veteran Philip Palmer, Director of Solutions
- 8.Pushing the limits in the L&D space. An interview with Esteban Díez, IT & Platform Admin for LT
- 9.Customer Service leading the way in Banking & Finance
- 10.Collaboration & self-discipline, invaluable values for a business professional. An interview with Conrad Taylor, Director of Account Management for LT
Banking and Financial Services Institutions experience constant transformation. As the global pandemic continues to impact the way we live, we acknowledge the essential responsibility that L&D leaders face on enhancing training capabilities to meet employees’ changing needs and customers’ preferences.
Now more than ever, it is crucial for L&D Leaders and HR Professionals to have a clear understanding of the current challenges that Financial Institutions are dealing with to implement the appropriate learning strategies.
Let’s investigate five major trends that are increasingly challenging for the Financial industry and five learning strategies that have proven to be successful:
1- Increasing Competition
The emphasis placed upon customers’ journey to improve self-service quality is challenging the traditional bank business model, putting shadow banks, Finetech, and new digital entrants in a better position, leading us to the next challenge.
2- Digital transformation
Financial institutions are looking for opportunities to enhance their digital capabilities to meet health considerations, changing internal needs and customer preferences cost-effectively.
3- Customers Expectation
Ever-evolving consumer behaviors, driven by the rapid rise of digital financial services and the appearance of new needs during the pandemic, such as contactless customer experience, responsive customer support, and others, are forcing the industry to keep up with customer expectations to remain competitive.
4- Changing Regulations
The regulatory landscape is constantly changing in every industry. Still, it is even more evident in the Banking and Financial space due to the accelerated pace of technological advancement, the growing challenge of fighting fraud in digital channels, and the high customer experience expectations.
5- Post-pandemic Organization
Changes made due to the Covid-19 pandemic, such as corporate organization, remote working, virtual recruiting, new talent models, and other work processes digitized, place the post-pandemic organization as one of the biggest challenges the Banking and Finances industry face today.
Because training is paramount to successfully overcome those challenges, designing a customized and cutting-edge training solution is crucial to enhance efficiency, reduce cost, and exceed objectives.
Let’s take a look at five strategies that can help you transition to an innovative, modern, and effective learning ecosystem:
1- Prepare an effective onboarding process to make learners feel confident and retain top talent by creating a winning employee retention plan to keep motivation and efficiency high.
2- Developing a Digital Culture by preparing employees in digital banking transformation to boost efficiency and keep up with rapidly-changing market demands.
3- Guarantee a Top-Class customer experience by delivering value through each phase of the customer journey, allowing organizations to enhance meaningful retention efforts and training outcomes.
With an increased emphasis on mobile and contactless banking services, there is an additional need for consumer training to support customer satisfaction.
4- Deliver effective and engaging compliance training aligned with local, national, and global requirements to ensure employees make the right decisions on their everyday tasks.
5- Provide continuous employee education to adjust their skills and knowledge to new challenges according to the business needs.