The banking sector has seen exponential growth in recent years. The traditional approach for using banking services has changed with an increase in the use of digital modes in suburban areas. Internet services and smartphone usage has also contributed to accessing banking services online.  This does not necessarily mean that people have stopped visiting their nearest branch to make transactions.   Financial institutions have prepared themselves in terms of using advanced technological ways to provide better and more secure services to their increasing customer base. This in return would help them to build trust with their customers to assure that their data stored with the bank is safe and secure. These days, the scope of the banking sector is not just confined to operating basic banking services there are other associated services such as credit cards, loans, mutual funds, etc. that need to be considered. The customers too on the other hand are increasing their expectations to make use of services provided in fast and efficient ways.   Thus, highly skilled banking professionals are required to cater to customers who are either accessing services online or visiting the branch physically. Globally, digital banking users are expected to cross the 3.6 billion mark by 2024. Let’s first read more to know about the future of retail, online & mobile banking services.   Retail Banking There is a segment of the population that prefers to make all their banking transactions by visiting the nearest branch physically. To meet high customer expectations, banking institutions have taken customer service notches higher with the introduction a of relationship manager for each of their customers. This approach makes the customer feel valued and minimizes the time taken in providing the best services.   Online Banking The banking institutions have been encouraging their customers to make the most of their online services as these can be easily accessed by customers at their convenience and ease. They can access the net banking facilities at any time to make transactions and request services as per their needs easily.  

Mobile Banking

The use of smartphones has already made an impact on human life in terms of connectivity and accessing various services online. The banking sector is not an exception to this reality. Customers want to access the services and bank portal online while they are on the move or away from desktops or laptops. Hence, mobile banking is the future of day-to-day banking transactions.   A systematic approach and platform would ensure that the banking sector’s training challenges and needs are handled effectively and efficiently. Thus, a cloud-based LMS with its features would enable the banking sector in meeting its requirements in a faster and more secure way.  

• Train multiple resources – The banking sector will continue with the need for a highly skilled workforce despite digitization. The Cloud Based LMS helps the banking institutions to easily manage the training of a higher number of new hires simultaneously in a quicker and cost-effective way.

• Compliance Need - Meeting compliance requirement is one of the top-most priorities for the banking sector. Cloud Based LMS helps the employees in meeting the compliance training requirements. The training completion status is also easily managed with the use of Cloud Based LMS.

• Assessment Modules - To make new hires go live with their roles and responsibilities, they need to pass the assessments. Cloud Based LMS provides an environment to conduct these assessments in a convenient way.

• Onboarding solutions – It is the organization’s responsibility to familiarize new hires with their vision and goals. Based on the ease at which new hires get acclimatized to the new environment, the better they start performing. The Cloud Based LMS with the onboarding solutions offers the new hires an interactive and competitive learning platform.

• Refresher sessions - Cloud based LMS quickly assigns refresher training sessions to the employees so that knowledge gaps are fulfilled.

• Faster Communication – There are regular updates that are required to be shared with the dispersed workforce. The alert and notifications with the new updates are sent to the employees across different locations at the same time.

What banks would achieve using the Cloud Based LMS platform?

• Increase in the customer base – more customers are added to receive their services. This means more revenue and more profits across the organization.
• End to End training needs is done online - this eliminates the manual effort added if any.
• Tracking training completion status helps with planning and streamlining the existing resources accordingly.
• The gamification and other features urge the employees to complete their assigned training sessions in a competitive environment.

  The cloud based LMS is one of the learning platforms for banking professionals that enables them to learn at their convenience and pace. Tenneo (formerly G-Cube LMS) LMS has been built in consultation with banking employees and enables organizations to achieve business growth quickly. Connect with our experts to know more about LMS products.