In the last ten years, the financial sector has been transformed by constant proliferation rules and regulations. In the next ten, it is expected to progress even further.
Regulatory agencies such as the Federal Reserve, National Credit Union Administration, Consumer Financial Protection Bureau and others have established over 2,500 separate rules and regulations that financial institutions must comply with, per Deloitte.
Training the financial sector ecosystem
While technology is disrupting many sectors, it's a double-edged sword for finance. Organizations must stay ahead of the competition while meeting increasingly complex regulatory requirements. As a result, training for finance employees becomes ever-more essential. Further, trainings must include extended enterprise learners, so financial organizations can minimize exposure by keeping partners and resellers compliant. Customers need education as well to stay informed and protected, making finding efficient paths to training a finance business imperative.
Benefits of finance LMS
A finance learning management system (LMS) will keep learners of all stripes compliant, organizations high-performing and will stave off the serious short- and long-term risks of noncompliance. These organizational shutdown, reputational damage, fines and losing millions to fraud. In fact, a typical organization loses close to $3 million in annual revenue to fraud.
Proper training using an LMS built to handle the nuances of the financial sector will deliver skillful employees, efficient handling of daily operations, improved soft skills and optimal clients relationships.
Creating a culture of learning using a finance LMS can appeal to employees and managers when it fits within their notoriously busy schedules and offers a secure way to learn. eLearning with an LMS becomes an easier sell because it offers a perfect way to register, deliver and track trainings in a wide array of learning styles, including Instructor-Led Courses (ILC's), blended learning or online eLearning. Using a finance LMS is an efficient way to deliver consistent training to a wide number of learners, and can offer significant time and costs savings over in-person training.
Efficiencies of eLearning
In contrast, trying to juggle busy schedules and get everyone together for at least an hour or two—often across geographically dispersed locations—takes precious time away from performing crucial tasks and meeting deadlines.
With finance LMS, employees can get the training they need without sacrificing productivity during the workday. This helps finance employees become more compliant in fewer hours, while completing more training in less time.
Keeping costs down on finance employee training
In a finance company, building your reputation on financial-savvy attracts clients.
While financial institutions typically can afford traditional learning compared to those in other sectors, reducing costs means resources can be better allocated to other important parts of running an organization.
Instead of paying for trainers, training venues or printed learning materials, that budget can be reinvested in your company's culture and employees by reducing costs with finance LMS adoption. The results? Higher skills, better customer and employee retention and more revenue.
Look for security features in your finance LMS
In addition to your own security best practices, learning management systems should come equipped with their own security features that allow you to remain vigilant about your compliance standards.
Good finance LMS solutions offer secure cloud infrastructures, secure data syncing between your integrated applications and go the extra mile when it comes to compliance standards such as SOC 2 and GDPR. If eCommerce is part of your training needs, your finance LMS should also offer secure payment gateways, department structures and automated features that empower you to offer the right training to the right people at the right time.
Online training with an LMS empowers you to efficiently and safely deliver the training your financial organization needs to stay compliant. It keeps costs down while keeping learners engaged for the immediate and long term. But most importantly, it brings much-needed security and peace of mind to a sector desperately needing it.