We all have grown up playing outdoor or indoor games mainly during childhood and those moments created memories that we have to cherish. These games provide real-time scenarios for situation handling and bring out the learning to be implemented in different situations. The practical approach to learning has always been one step above as when compared to the traditional approach of reading and gaining knowledge.

The gamification mode helps with a competitive environment where multiple learners compete and aim to be at the top of the ranking table. This way of learning always creates a sense of enthusiasm to complete training quickly and upskill at a faster rate. Now, the question that arises here is how this approach will benefit from using LMS in the banking sector in a cost-effective way and with minimum efforts to make the banking professionals ready to serve their consumers.

Thus, banking institutions opt for gamification in their banking services to get compelling tools for influencing the decision-making process, enhancing customer and workforce engagement, making changes in operations and some corporate processes, and motivating customers and workforces. Gamification provides numerous benefits both for the banks and their clients from customer engagement in banking and winning their loyalty to attracting more investments using various ways. The reports suggest that the gamification market is projected to grow to USD 30.7 billion by 2025.

What benefits do banking companies achieve with the gamification elements available?

Motivated Workforce – For any banking professional who spends their entire day at the branch or in the field, it needs to remain motivated while interacting with their customers. Happiness is one of the keys to an workforce’s performance and that would mean bringing in more business.

The gamification module in LMS enables workforces to easily start their learning as there are multiple levels involved that make the workforce eager to complete the maximum levels quickly. With more knowledge gained competitively, workforces feel engaged and motivated to be at the top of the ranking list among their peers.

Improvement in regulatory compliance – The banking and finance sector is one of those that require most of the compliance regulations to be met and to be one step ahead. Thus, it’s one of the biggest challenges for banking firms to meet compliance requirements on time.

The gamification elements in the LMS in the banking sector encourage the banking professionals to complete their compliance training quickly as in return they are rewarded in terms of badges and points. Thus, banks overcome the challenges of non-compliance and help them with avoiding the fines associated with not meeting the regulatory requirements. Banks must be one step ahead in terms of compliance, hence, keeping a high rate of completion for compliance and regulatory training for the entire workforce is mandatory.

Reach personal development goals for better growth – Every workforce looks for personal development and growth during their professional career, this applies to banking professionals. To achieve personal development and growth, workforces need to keep on upskilling themselves and apply the learnings during their daily tasks. The LMS provides a mechanism to workforces that help them with keeping track of their performance using reports and dashboards. Also, LMS in the banking sector helps with suggesting training to minimize the skills gap. The leader dashboard with rankings and points earned motivates the workforces to achieve more and more.

Provide outstanding customer service to gain more business – Excellent customer service is the need of the hour in the banking world as customer interactions bring in more business. Better customer service means a greater number of customers using the products and services. The gamification elements in the LMS enable the banking firms to prepare communication, soft skills, and short demo videos which are helpful during customer interactions. The interactive way of learning always increases the eagerness to adapt to new tools for gaining knowledge.

The usage of these gamification elements has changed the overall way of learning as this approach has increased the adoption rate of using the LMS. The workforces also enjoy learning new concepts via game mode. Also, the reward system with points being redeemed has encouraged the workforces to learn more and earn more. The bank workforces have certainly benefitted with more of their workforces using this gamification mode. We at Tenneo (formerly G-Cube LMS), have 20+ years of experience in handling banking industry-specific learning requirements. Our LMS products are developed to incorporate best learning practices to enhance workforce performance and enable organizations to business growth. To know more about our product suite, contact us to connect with one of our experts.