How to Use AI to Turn Staff into Universal Bankers
When you go into a bank to get some help with a financial matter, would you prefer to deal with one person, or would you rather explain what you need several times while your bank finds the right person to help you? Yes, that was a rhetorical question!
Obviously, we'd all prefer to have our banking needs addressed as quickly as possible. To do that, financial institutions need universal bankers who can help customers with a wide variety of banking needs. Seems simple, right?
Well, it isn’t.
The Universal Banker Challenge
To create universal bankers, financial institutions need to train staff on a dizzying array of subjects:
Vast product and service offerings
Internal policies and procedures
Digital capabilities
Anti-fraud measures
Cybersecurity protocols
And much more
Up until now, rolling out all the necessary training for creating universal bankers has been a real PITA (pain in the a$$). You've needed instructional designers, SME's, and compliance folks to pitch in to create each course. Worse, you've been saddled with antiquated authoring tools and the need to convert those files to go into your learning management system. Each course can take 4 to 8 weeks to create. Multiplied across the volume of different subjects you need to address, the job is massive. And that's to say nothing of maintaining your content as regulations, technology, products, services, and internal policies evolve.
AI to the Rescue
So, how can FIs provide this comprehensive training without requiring staff to be away from their primary duties for extended periods and crushing operational efficiencies?
Not sure if you’ve heard of it yet, but there's this new tech called artificial intelligence. The cool kids call it AI. And these little robots are changing the game!
1. AI-Generated Training Content
By leveraging AI to generate training content, financial institutions can significantly reduce the burden and expense of content creation. AI can quickly produce a variety of training materials tailored to specific needs and learning styles.
2. Microlearning
AI can generate microlearning modules that allow staff to learn in the flow of work. Rather than yanking them away from their jobs, you can quickly roll out short, focused learning modules that educate staff without disrupting daily tasks. And if ya make it fun, they take training during downtime rather than giving into the brain rot of social media.
3. Game-Based Learning
So, how do ya make it fun? Simple. Game-based learning. It drives engagement and encourages repetition that leads to mastery of complex topics. Historically, though, the problem has been that game-based learning is expensive to create. In addition to the instructional designer, the SME, and the compliance person, you also need developers, who are nonstarters for most financial institutions. But now, there are robots that will build your game-based learning for you. Admittedly, this is a shameless plug because LemonadeLXP is really the only platform that does this well. Shameless as it may be, it doesn't change the fact that LemonadeLXP is the ultimate solution for creating universal bankers. (I know that's an egregious plug. You can punch me if you see me at an event!)
4. Virtual Role-Play Scenarios
So now that your bankers have engaging and effective training that can be delivered in the flow of work, they should have the knowledge they need to become universal bankers. But before we set them loose on customers, wouldn't it be good if they could practice applying those skills in real-world situations? If you're not sure, the answer is ‘yes’!
In the analog world, staff would role-play with their mentors to practice applying their new skills and knowledge. The problem is that younger generations don't want to do this, and the older folks never liked it either. It feels hokey and insincere.
So, what you can do is create virtual role-plays where staff members get to practice applying their new knowledge and skills in virtual customer interactions. The problem is these take forever to create. But now, you can use AI to generate these virtual conversations in just minutes. Now, I'm not sure which learning platforms have these authoring capabilities, but I know of one that definitely does. (no plug here!)
The point is AI can help you roll out these helpful training modules faster than ever before. Staff love them, and they work.
Post-Training Support: AI-Powered Chatbots
OK, let's put ourselves in the shoes of a staff member who’s finished all of their universal banking training. They’ve learned about your products, your services, your tech, your policies and procedures, industry regulations, and more. Now it's time to apply that new knowledge to their jobs. Do you think they're gonna remember absolutely everything they learned in training? My wager? Probably not.
So what they need is support in the flow of work. This is another area where Our little robots can help. These guys are like little know-it-alls (only not as annoying as the mansplainer you’ve always wanted to kick in the…) that are always ready to:
Quick answers to staff questions
Provide info about products and services
Offer guidance on regulations, policies, and procedures
Help navigate internal systems
And even make lunch recommendations!
These little nerds will provide your staff with on-demand support to help them deliver exceptional customer experiences while adhering to those pesky rules and regulations.
The Final Squeeze
Banking is complex and challenging for staff and customers. Therefore, universal bankers make a lot of sense for financial institutions looking to deliver exceptional customer experiences. The challenge has always been the massive training and support effort required to create universal bankers.
But now that we have AI-powered training and support, it's more achievable than ever. You need to embrace the development of a more versatile, knowledgeable workforce without sacrificing productivity. Unless, of course, you’re not interested in better customer service, improved operational efficiency, and a competitive edge in the industry.
