The banking and finance sector is highly dynamic, and companies need to offer up-to-date information to keep up with ongoing market fluctuations. New regulatory bodies, increasing competition, and the digital transformation caused by the IT sector have altered the way the industry performs operations. In turn, most workplace aspects have changed dramatically, including corporate training and development. Since modern trends require modern solutions, businesses are now turning to hi-tech training solutions. These consist of a variety of methods, including using microlearning for banking and financial services. But how does this contemporary approach work, and how does it facilitate employee development in banking and finance?
What Is Microlearning?
Microlearning comes down to delivering learning content as bite-sized information chunks during standalone modules. Each module typically lasts up to 10 minutes and deals with one training goal at a time. A core principle behind microlearning is tackling short attention spans. Since 95% of people multitask during their meetings, it’s crucial to keep them focused at all times. This is where microlearning comes into play.
By offering small, easily-digestible information nuggets, the learning material is kept short and relevant. As a result, the method utilizes the most active attention timespan during the initial eight minutes. The participants remain locked in throughout the drill, resulting in a significant carryover into real-life tasks.
How Does It Work?
Microlearning is a great way to overcome time constraints. Although learning and development are critical to your employees’ growth, you generally don’t have a lot of time to dig deep into it.
But with microlearning, you can allot minimal time to employee training while ensuring they retain more information. As previously mentioned, most modules don’t last more than 10 minutes, encouraging your team to actively participate and remain connected with the learning material. This way, you don’t have to spend a large portion of your resources on longer sessions.
Another reason why microlearning works is that it’s highly specific. In fact, it’s impossible to apply the approach without being to-the-point. Microlearning divides training content into tiny fractions, and it’s vital to choose what to include and what to exclude. With such hand-picked modules, you make sure your employees are only absorbing details relevant to their daily jobs.
Finally, microlearning has become the go-to method for addressing forgetfulness. It’s characteristic many people in the corporate world develop, primarily due to large amounts of information they have to remember. According to some stats, we tend to forget over 80% of what we’ve learned within a month or so. If this is true, you might start questioning whether learning anything matters.
However, microlearning will help address your concerns. It fosters retention and knowledge strengthening through short, easily memorable concepts. Even if your employees forget some of them, they can always come back and revise in just a few minutes.
What Are the Benefits of Microlearning for Banking and Finance?
There are numerous advantages to implementing a microlearning LXP (Learning Experience Platforms) in the workplace. Once you consider the profound impact it has on insurance training and sales development, you’ll never go back to traditional methods.
1. Microlearning Provides Efficient Sales Training
Through short videos and courses, your sales team can obtain valuable information on various products, selling points, differentiators, or pricing structures right before they meet up with customers. The real-time knowledge-gathering helps them drive fruitful conversations, allowing your employees and your company to grow.
Microlearning courses, simulations, and videos can help your workers learn several useful skills. For example, they can discover new ways of dealing with customers, displaying proper call etiquette, conversational abilities, enthusiasm, and listening skills. All these aspects contribute massively to delivering a top-class customer experience, giving you the edge over the competition.
2. Microlearning Lets You Measure Sales Enablement
One of the main reasons microlearning has risen to prominence is that it helps managers assess their sales enablement efforts efficacy using five indicators. These include personalization extent, behavioural changes, business metrics, value addition, and result realization. Microlearning courses incorporate gamification methods like role-plays and quizzes designed to measure your learners’ information retention.
3. Remarkable Onboarding and Induction
Having a great sales force right out of the gate can save time that you’d spend on subsequent training. With microlearning, companies can quickly onboard new salespeople by distributing product videos, best practices, selling tips, and simulation scenarios on their phones. Again, gamification can help you assess the skills of your recruits and incentivize them by offering various rewards for successful completion.
Staying Up-to-Date With Market Fluctuations
By applying microlearning to your business environment, your employees will always be aware of market fluctuations. This is because updating smaller modules is much easier than engaging in more extensive e-learning projects.
Microlearning courses can highlight key points your trainees need to know in terms of changes in the market. For instance, you can address the consequences of interest rate changes, repo rates, and other value indicators. All these can have a major impact on sales reps and managers, which is why relaying them through microlearning on time is extremely beneficial.
Polish Your Employee Development Strategies
Like many other mobile learning methods, microlearning can help you overcome many corporate training difficulties you might be facing. Using easily-digestible information nuggets, the approach ensures your employees stay on-task, fully absorbing all the content. The tasks themselves are relevant to the challenges they’ll face in the future, allowing them to prepare on time. As a result, you’ll get a sales team that won’t crumble under pressure – the modules equip them with all the knowledge they need to close the deal.
If you’re not sure how to implement microlearning practices in your business environment, contact Learnsure and leave the rest to us. Our LXP platform is highly optimized and comes with everything you need to ensure proper skill development. By combining cutting-edge technology and proven learning methods, Learnsure experts will meet all requirements of your learners. Be sure to book your demo and witness our corporate training prowess first-hand!