Modern learning, virtual learning, and learner experiences have undergone radical changes to fit the needs of today’s workforce. The digital age got an unexpected boost with the arrival of COVID-19.
The industries all around the world are digitally transforming their operations beyond expectations. The Banking, Financial Services, and Insurance (BFSI) sector, just like all others, experienced drastic change. It has shifted toward focusing on learning and development activities to smoothen the transition for employees.
The remote and hybrid work models ensures safety of employees in BFSI sector. Such models ensures that they function with minimal disruptions to their customers and internal operations. The increase in remote work also brought several regulatory compliance requirements and a need for new skill sets among employees. These new skillsets pertained to changing working scenarios to help employees function optimally without burning out or feeling incompetent.
With the reshaping of BFSI products and services to meet changing customer needs, the learning habits of employees have also transformed. Today’s dynamic market scenario significantly contributes to constantly evolving learning requirements and practices. L&D activities must align with changing needs to ensure effectiveness.
The impact of L&D in the BFSI sector is immense. The number of organizations implementing new L&D activities for upskilling their staff is increasing rapidly. Some ways in which L&D is changing the landscape for the BFSI sector are:
Reducing costs. When an organization scales, training employees may become costly. However, building a robust L&D infrastructure with tools like LMS enables BFSI organizations to minimize training costs significantly.
It allows them to educate their employees wherever they are, offers flexibility, and ultimately reduces training costs. These reduced costs help organizations allot more funds towards other revenue generating activities and increase profit margins.
Enhanced security. As we discussed earlier, learning habits have evolved along with changing learning needs. Owing to the significant digital transformation of the BFSI sector, virtual learning and eLearning activities are on the rise.
As a result, the sector have an opportunity to use technologies like cloud-based systems. With VPN/firewalls in these systems educating employees happens in a secure environment. The resources can be kept safe while ensuring accessibility for employees.
Effective reskilling and upskilling. Reskilling and upskilling of employees is probably the most significant way that L&D is changing the landscape of the BFSI sector. As we discussed earlier, the changes in working scenarios have brought about the need for new skillsets.
L&D activities focused on reskilling and upskilling employees allow organizations to empower their workforces. They allow workforce in working effectively even in a volatile environment. It enables employees to learn new skills, develop unique qualities, and implement new knowledge in everyday operations. Such activities ensure that customer needs are met despite unfortunate and unstable circumstances.
Easy adaption to rapid changes. In the last two years, the BFSI sector has experienced unprecedented transformation. The drastic digital transformation only signifies that change is inevitable and sudden.
L&D activities have helped organizations to stay afloat during these changes and assisted them in creating compatible workforces. Investing in effective L&D can help BFSI organizations to maintain their competitive edge by quickly adapting to rapid changes.
Conclusion
Learning and development activities are crucial for every industry in these changing times. In the BFSI sector, L&D activities have undergone significant changes over the years. As the last two years increased the adoption of virtual and online learning, learner journeys are also transforming.
Tools and technologies like eLearning, learning specific chatbots, microlearning, AR & VR, AI, and learner experience platforms make learning more adaptive. Such technologies are making learning experience more accessible, and agile for workforces. Digital transformation in the BFSI sector has led to increased adoption of L&D activities. The activities are driving significant changes in the industry.
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