The BFSI (Banking, Financial Services, and Insurance) industry is a service-oriented and an ever-changing industry. The increasing competition in this sector has caused BFSI companies to introduce new products, adopt innovative strategies, leverage newer technology and increase their distribution networks. However, technology adoption and internet penetration have changed the way this sector works to meet the expectations of customers and stay ahead of the race.
Need for BFSI Training
The new age consumer base is technology savvy, forever connected and always on a lookout for a personalized, contextual experience with real-time online information. Thus, it is imperative for the BFSI industry to evolve as per the current generation of millennials who are governed by their obsession with technology, acute shortage of time and little tolerance for mistakes/errors.
In order to facilitate exceptional customer service, bank employees need to be honed on their soft skills and trained in areas such as information security and computer literacy. This is why skill development and BFSI training is the need of the hour in the BFSI industry.
Major Challenges of the BFSI Sector
A survey shows that the top 3 challenges in the BFSI sector in the US are regulatory compliance (47%), attracting new customers (35%) and increasing customer profitability (33%) whereas in other emerging markets, it is attracting new customers (47%), attracting and retaining talent (43%) and new market entrants (29%).
- Optimizing distribution
- Creating a customer-centric business model
- De-clogging business and operational models
- Adopting technology-mediated options
- Facilitating innovation and its adoption in various models
- Pragmatically and actively managing risks, capital and regulations
Belmont Tech with its strengths in custom content development and LMS implementation can play a pivotal role by working with banks as their BFSI training partner to empower their workforce. This shall enable the bank’s Learning & Development heads to skill their manpower in various specialized BFSI domains and to boost the organization’s overall efficiency, technology adoption, change-overs and knowledge management.
LMS Integrated BFSI Learning Management Platform – An Edge Over Others
- Rich content: Content covers a multitude of topics such as Branch Operations, Customer Service Skills, Bank Regulatory Compliances, Products and Services, Regulations and Banking Technology.
- Engaging: Informative, interactive and infographic-based content evokes more interest from learners and ensures higher retention of concepts.
- Collaborative: Dynamic exchange of knowledge/queries is facilitated by an easy-to-access and collaborative platform for learners and trainers.
- Methodical: Statistical and analytical report of assessments enables a robust monitoring system for determining the strengths and weaknesses of learners.