Amid widespread digital disruption, banking, financial services, and insurance (BFSI) organizations are constantly under pressure to drive sales growth, increase operational efficiencies, and deliver a superior customer experience. The ever tightening regulations that mandate stringent compliance at all times only add to the pressure. At the same time, evolving technologies and rapid automation are changing the nature of work within the industry.
Unsurprisingly, retraining and reskilling is becoming a top priority for financial institutions (FIs) looking to successfully navigate this difficult landscape. FIs expect to retrain as much as 60%-70% of their workforce to position themselves as the bank of the future. Further, 30% of banking employees feel their current skill set is already redundant or will become redundant in the next one or two years. How can BFSI firms quickly reengineer their workforce to meet the demands of the future while defending their current market position against newer entrants such as FinTechs and the likes of Amazon and Google?
Microlearning - the faster, easier, and more cost-effective way to upgrade skills
Microlearning – offering bite-sized courses (typically under five minutes) that are specifically tailored to address the skills gaps or training/learning needs of workers – is rapidly emerging as the solution to the challenge. It is growing in popularity as users can access microlearning content from their mobile devices anytime, anywhere - and learn at their own pace.
Here are three ways in which microlearning can help FIs drive higher sales by enabling real time knowledge sharing
#1 On-the-go sales training: Through short courses/videos, sales personnel can absorb information on new product features, selling points, differentiators, pricing/discount structures, and more – right when they are meeting customers. Such real time information helps them drive high value conversions. Soft skill training is an equally important aspect for the BFSI industry as direct customer contact is an integral imperative to driving growth. Microlearning courses, videos or simulations can help BFSI employees learn how to deal with various types of customers, call etiquette, listening skills, conversational ability, enthusiasm, etc. All of this goes a long way in delivering a superior customer experience – a competitive differentiator for businesses today. Organizations also benefit as they no longer need to invest in long-form sales training workshops that are expensive and take their salesforce off the field for days.
#2 Measurement of sales enablement efforts: Microlearning is gaining traction as the go-to platform for sales enablement as it helps sales managers measure the effectiveness of their sales enablement strategy across five key indicators. The latter include extent of personalization, value addition, behavioral changes, business metrics, and realization of results. Microlearning platforms encompass gamification techniques such as quizzes, role plays, and simulations that are designed to test learners’ knowledge and measure the information retention and adoption.
#3 Induction and onboarding: Having their sales force hit the ground running from day one is a dream come true for any organization. With microlearning, BFSI firms can inch closer to achieving the dream as new sales professionals can be quickly onboarded by disseminating product/solution videos, selling tips, best practices, simulation scenarios, etc. on their mobile devices. Gamification techniques such as quizzes can help test the knowledge of new recruits and also incentivize them to learn by offering rewards for successful test completion.
Shotclasses for BFSI industry
Mindtree’s Shotclasses is an end-to-end mobile-first microlearning solution that helps improve, measure, and predict outcomes. It is a cloud-based, gamified social learning platform that helps learning administrators create and distribute bite-sized content at the point and time of need. Shotclasses helps BFSI firms overcome the shortcomings of conventional training programs by boosting the adoption of learning programs and engagement levels. The result: improves time utilization, productivity, and motivation levels of sales executives, while enabling the leadership team to track sales effectiveness, increase responsiveness, and take informed and nimble decisions.
See how Mindtree's Shotclasses helped one of the world's largest BFSI companies transform their customer service training.