5 Mind-Boggling Benefits of Personalized Learning for BFSI Professionals

The Banking, Finance, Services, and Insurance (BFSI) sector is fast-paced and rapidly evolving. Whether it is the adoption of the Internet of Things (IoT) or Artificial Intelligence (AI), the industry is the first to adopt the latest technologies. The digital transformation in the BFSI market is projected to reach USD 310.7 billion by 2032. And there are many reasons for this—higher security, streamlined work processes, enhanced data analysis, etc.

While this is a win, it creates a need for BFSI professionals to train consistently and adopt the current trends in their roles. Each role and professional is unique and has specific goals to meet through eLearning. This diversity gives rise to the need for personalized learning in the BFSI industry for effective, engaging, and relevant knowledge acquisition.

Table of Contents:

• What is Personalized Learning?
• The Need for Personalized Learning for BFSI Professionals
• 5 Benefits of Personalized Learning for BFSI Professionals
  1. Honing Specific Skills with a Tailored Approach 
  2. Flexibility with a Self-Paced Learning Path Amidst Demanding Schedules
  3. Higher Retention of Complex Financial Topics
  4. Quicker Career Progress in a Diverse Industry
  5. Meeting Regulatory Compliances and Avoiding Potential Legal Pitfalls
• Personalized Learning for BFSI Professionals: The Path to the Future

What is Personalized Learning?

Personalized learning is a method used in workforce learning and development where the course content is tailored to address each learner’s skill gaps, strengths, weaknesses, interests, and goals. It is a data-driven approach where the data is collected through employee assessments and interviews.

The learner can choose their learning paths, and it is often self-paced and self-regulated. It includes adaptive learning, which allows for training to be interactive and technology-powered.

Also Read: 8 Innovative Business Simulation Techniques for Enterprises

The Need for Personalized Learning for BFSI Professionals

Here are a few reasons why personalized learning for professionals in the BFSI sector is a must:

• The need to adapt to constantly evolving technology through consistent skill development
• Hyper-specific expertise required for diverse finance roles
• The necessity to understand and apply complex financial concepts quickly
• Efficient time utilization and creating a balance between upskilling and project execution
• The demand from clients who want to migrate to newer technologies for their personal needs
• The requirement to meet varied regulatory frameworks, etc.

5 Benefits of Personalized Learning for BFSI Professionals

Since the term personalized learning was used in a book in the 1960s, its meaning has evolved. What has remained constant is the myriad of benefits it offers for workforce transformation. Let’s look at what it can do for professionals from the BFSI industry.

1. Honing Specific Skills with a Tailored Approach

Customized learning offers BFSI professionals a chance to improve specifically where they need to, using state-of-the-art learning technology in BFSI. A study found that a personalized learning system supports a learner’s needs and interests, facilitating the learning process.

Nothing short of a personalized training program could meet the job requisites, bringing in precision and efficiency through micro-knowledge acquisition. From risk analysis to cybersecurity, the sky is the limit for the number of fields in the BFSI industry.

For example, without personalized learning, an analyst who wants to learn financial modeling specifically might find themselves studying business analysis as a whole. It leads to wasted time and effort, delaying skill-building, and ultimately, employee dissatisfaction.

2. Flexibility with a Self-Paced Learning Path Amidst Demanding Schedules

In a quick-moving industry, personalized learning allows BFSI professionals to learn at their own time and pace. Learning on the go is an unparalleled advantage offered by self-paced banking training or training of any other kind. Remote or mobile learning ensures employees stay caught up when work is hectic, making bridging skill gaps easier.

Research on the impact of self-paced learning courses found that it allowed learners to feel more confident with the material. It is an added advantage.

3. Higher Retention of Complex Financial Topics

The BFSI industry is vast and dynamic. When financial services upskilling is done by keeping an individual’s needs, goals, and learning styles in mind, they are more likely to retain that information due to increased engagement. For the BFSI sector, this is a big win, as attention to detail is vital, and the learning material is often complex.

A personalized learning pathway can improve retention by 64 to 75%. When you remember what you learn, its applications are also seamless, enhancing overall performance in the job at hand.

4. Quicker Career Progress in a Diverse Industry

With the above advantages combined, a BFSI professional gets a tailored education and consistent access to effective upskilling. It leads to better utilization of time, targeted skill building, increased qualifications, and higher adaptability for innovation. It is essential for an industry with highly diverse roles that are constantly changing.

It is supported by a study that found that training increases job performance and productivity. When an individual is well-trained, it increases the probability of them advancing in their careers.

5. Meeting Regulatory Compliances and Avoiding Potential Legal Pitfalls

A quick search on Wikipedia would tell you that there are at least a hundred different financial regulatory authorities worldwide. Taking a micro-learning approach through personalized learning would allow professionals to understand the compliance requirements specific to a project they are a part of in the present or will be in the future.

Navigating through regulatory frameworks and meeting the legal requirements might avoid legal pitfalls that often land jobs in jeopardy.

Also Read: Excel in the Banking Industry with our Training Programs

Personalized Learning for BFSI Professionals: The Path to The Future

Plato’s famous quote, “Necessity is the mother of invention,” applies aptly to personalized learning in the BFSI industry. While it got a push from the COVID-19 pandemic, personalized learning is here to stay, with new technologies like AR, VR, AI, blockchain, cloud banks, etc. emerging constantly.

Engaging employees through personalized learning solutions offers multiple advantages for organizations to stay ahead of the curve. The benefits are even immense for individuals who want to remain relevant, progress, and affect change in the years to come.

If you want to build personalized learning solutions for your organization in the BFSI industry, Hurix Digital has everything you need under one roof. Hurix Digital has expertise in creating fully customizable learning solutions that deliver immersive learning experiences designed to improve skills and productivity. From mobile learning to gamified courses, with Hurix Digital, there is a lot to gain from.

Book a free consultation or get in touch to get started.