5 Reasons Banks Need Industry-Specific Learning Platforms
The banking industry faces unique challenges that make a specialized training and support platform essential for success in today's ever-evolving financial landscape. Here are the key reasons why banks should invest in a purpose-built solution:
1. Highly Regulated Industry
Banks operate in a strictly regulated environment, with constantly changing rules and compliance requirements. To ensure compliance and minimize the risk of costly violations, banks need a way to monitor regulatory changes and quickly roll out new training to keep staff up-to-date with the latest regulations. They also need a way to make the compliance training experience less…shitty.
2. Complex Product Offerings
Financial institutions offer a wide array of sophisticated products and services. When coupled with the extensive compliance training requirements, training can drain resources significantly. A purpose-built platform can break training into bite-size microlearning that minimizes downtime and drives product knowledge, ultimately improving customer satisfaction and sales performance.
3. High Staff Turnover
The banking sector often experiences high employee turnover rates. According to a Compdata survey, the Banking & Finance industry has an 18.6 percent turnover rate, which is one of the highest among all industries. A specialized training platform can streamline the onboarding process for new hires, reducing time-to-productivity and ensuring consistent knowledge transfer across the organization.
“According to a Compdata survey, the Banking & Finance industry has an 18.6 percent turnover rate, which is one of the highest among all industries.”
4. Digital Transformation
As banks undergo digital transformation, employees must adapt to new technologies and processes. A purpose-built platform can facilitate this transition by providing targeted training on digital tools and emerging technologies, helping staff embrace change and improve efficiency while helping the organization maximize the ROI on its tech investments.
5. Popular Targets for Hackers
Banks are prime targets for cybercriminals due to the sensitive nature of their data and operations. A specialized training platform can deliver regular security awareness training, helping employees recognize and respond to potential threats, thereby strengthening the bank's overall cybersecurity posture.
The Final Squeeze
Generic learning management systems (LMS) might be okay for businesses in less complex industries, but banks need a purpose-built training and support platform to navigate the complexities of their industry, maintain compliance, improve employee performance, and protect against evolving threats. It’s that simple.
