A little bit of paradox that many Fintech companies focus so much on customer experience and bringing the technological revolution, yet lack innovate and interactive employee trainings. Why? Usually the perception is that innovative approach to the trainings is costly and human resources are thin.
In 2017, in the banking and financial services industry, a non-management staff member followed on average 8.1 hours of compliance and 42 overall training hours per year . In 2020, it was already 103 hours of training per year.
Training environment keeps changing:
External impact. COVID-19 sent almost everything online, including the training.
Regulation. Increasing regulation (AML/CFT, GDPR, Information Security, Risk Management, etc.) keeps coming Fintech way and it needs to be properly communicated to the employees.
More regulation. Training has its own regulatory requirements - needs to be tailored to the company business, product, risk appetite, employees’ job tasks, periodic, etc.
Even more Regulation. Training program is audited by the regulator, which often leads to regulatory fines (due to the above) and that transforms into higher costs, disappointment from customers, employees and partners.
Costs. Creating, executing, updating training activities becomes costly and difficult to manage since Fintech companies lack competent resources that would manage training programs.
Efficiency. We see higher focus on customers, frequent regulatory, external and internal changes create efficiency challenges. Communication with the employees in the old fashioned way does not work anymore.
Technology-driven e-learning helps to address many training and communication challenges:
Most of the face to face training could be moved to e-learning format, if designed properly. It is accessible anytime from anywhere and employees choose their own learning speed.
It is easy to update e-learning information and share with the employees. New employees are automatically assigned training courses as per their job description and future development plan.
Audit trail and access rights management tools ensure transparency and accuracy towards the regulator.
Outsourcing e-learning to the third party vendor could significantly save Fintech company costs. In addition, Fintech company gains insights from external e-learning consultants how to improve their policies and procedures.
E-learning is easy to blend in with corporate messages about products, governance, values and etc. Interactive training modules ensure that employees are engaged and feedback received.
Well-trained employees have higher levels of motivation, a better knowledge of their clients’ expectations, the market and common traps and risks. Regulatory requirements in terms of staff knowledge and competencies no longer need to be perceived as a constraint but rather as an opportunity to enhance the image of the organization as perceived by clients, and current/future employees.
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