The continuous and ongoing training of employees is essential for companies in the finance sector. Training is important to maintain high standards of customer service, mitigate risks, and help organisations achieve their strategic objectives.
The finance sector is also going through significant change, with new technologies being a driving factor. However, even with the changes taking place in the industry and the increasing influence of technology, highly skilled employees remain crucial to success. Therefore, it is important to maintain, refine, improve, and enhance the skills of employees.
New employees continuously come into the sector, too, so there is a training requirement for new recruits as well.
Companies in the finance sector also have compliance responsibilities to ensure they adhere to regulations in the UAE, Saudi Arabia, and any other location where they have a base of operations. Regular training is crucial to ensuring employees understand current regulations and operate within them.
So, training is important in the finance sector. How you deliver training is important too. E-learning is one of the available options, but why use e-learning for training in your organisation? Here are the main benefits that e-learning offers companies in the finance sector.
The finance sector is a rewarding sector to work in, but it can also be demanding, with employees facing pressures on their time. With so little time to spare and tight schedules, fitting in training courses can be challenging.
E-learning is an effective solution as e-learning courses don’t tie learners down to a specific date and time. Instead of turning up for a classroom-type training session, employees can complete the e-learning course at a time that best suits their schedule.
This increased level of flexibility enhances the learner experience and the overall impact of the training course.
Training costs money, but you can reduce those costs by using e-learning as the training delivery method. If you compare e-learning to traditional classroom-based training, for example, the costs are considerably lower. You don’t have travel, room hire, or accommodation costs, for example.
Also, a classroom-based training course can only be delivered to a certain amount of people, with the number of people usually determined by the capacity of the venue. However, once you create an e-learning course, you can distribute it to as many people as you need to.
Return on Investment
The best approach when developing new training for your team is to look at return on investment as well as cost. It is always important to keep control of costs but getting a good return on investment is important too.
E-learning training courses, particularly those that are professionally developed, achieve high success and knowledge retention rates, not least because of the two points below – consistency and learner engagement.
With classroom-based, instructor-led training, there can be inconsistencies in training delivery. In other words, the quality of training for one group of employees can be different from another.
With e-learning, however, everyone gets the same training, so there is consistency across the organisation.
Makes Training Engaging and Interesting
There are various tools that e-learning developers use to make training courses engaging and interesting. These tools are important as engaging and interesting e-learning courses get the best results.
Examples of features that enhance engagement levels include scenarios, gamified elements, and videos.
Finance is a competitive and dynamic sector, so changes are a constant feature. Technology changes, the market changes, competitors change, regulations change, and more. Staying on top of these changes is essential, but that can be difficult when it comes to training. For example, a training manual can become quickly out-of-date after it is printed and distributed.
With e-learning, however, it is a straightforward process to update elements within a training course. Furthermore, once the changes are made, the updated version becomes immediately available.
Security and Privacy
Security and privacy are essential in the finance sector to ringfence customer data, secure assets, protect intellectual property, and ensure competitiveness.
The e-learning courses that you create can remain protected by the security systems and protocols that protect your wider IT network. LMS providers also have security features that come with their platforms.
Data and Insights
Data, dashboards, analytics, and insights are part of everyday operations for companies in the finance sector. In fact, for many companies, data is the lifeblood of operations. When it comes to training, however, data can be lacking.
When you use e-learning, you will get access to data and insights that will help you understand the effectiveness of your training activities and where improvements can be made. You can also automate certain training processes, such as monitoring who has and hasn’t completed the various training courses you provide.
Enhancing Training in the Finance Sector with E-Learning
As an organisation operating in the finance sector, you need to provide training to your staff. With the benefits outlined above, e-learning is an important tool that will enhance your training activities and help to improve your business and the service that you offer to customers. It will help you deal with the challenges of today while equipping your business for the future to ensure it remains competitive.