Navigating the Employees Through the Digital Innovation of Banking Products

In today's rapid and competitive business environment, organizations recognize the critical importance of investing in L&D initiatives to equip their employees with the necessary skills and knowledge for the success of the organization. However, simply implementing training programs will not be effective. To ensure maximum impact and return on investment (ROI), organizations must have mechanisms in place to measure the effectiveness of their training efforts. Some of the key metrics are:   Training Expenses per Employee Tracking training expenses per employee enables organizations to understand the financial investment required for workforce development. Training Effectiveness Index Assesses the impact of training on employee performance and productivity and measures the degree to which employees apply newly acquired skills and knowledge to their job roles. By conducting pre- and post-training assessments and gathering trainee feedback, organizations can calculate the t...

Employee engagement refers to the level of commitment, motivation, and enthusiasm employees have toward their work and the organization. "Employee engagement is a cornerstone of organizational success, and its roots extend deep into the strategies employed for employee training and development. In today’s dynamic workplace, the connection between training initiatives and the level of engagement among employees is a critical factor in achieving both individual and organizational goals". (Millena, 2024) L&D as a Driver of Employee Engagement Providing employees with chances for learning and development shows that the organization is committed to their success within the company. When workers believe their employer is making an effort to advance them, they are more likely to feel valued and engaged in their work. L&D for Skill Enhancement and Career Growth Creating opportunities for learning and development enables employees to enhance their skills and competencies, whic...

Summary Organizations may foster a continuous learning and development culture that enhances employee abilities and knowledge in alignment with business goals. Employers may increase employee engagement, productivity, and retention by putting tried-and-true strategies into practice. These strategies include tailored learning paths, technological efficiency, and mentorship programs. Additionally, adhering to proper practices in learning and development (L&D) demonstrates a commitment to employee growth, which may attract top talent and position the company as a leader in its industry. Ultimately, investing in proper practices of L&D increases an organization's performance and competitiveness. Such best practices described by the Academy to Innovate HR (AIHR) are: Implementing a training needs analysis (TNA) Analyze the skills the organization has today and those the organization needs to operate effectively in the future. Setting clear goals and objectives Work towards speci...

There is no single approach to learning which is effective for every individual or every company. Individuals are used to different learning styles and organizations aim to have diverse learning outcomes. As an example, the 70/20/10 model is a renowned methodology for organizational learning. It showcases a balanced approach that emphasizes the importance of on-the-job training. However, in some scenarios, workplace learning occurs without formal learning. Also, there are some specialist professions that require years of formal learning and job training.   Hence, there is a vast range of L&D delivery methods that will be useful differently for individuals and businesses. Formal learning Lectures, classes and seminars which are goal-oriented and instructor-led with limited learner interactions.   Informal learning Can be considered organic, unstructured and self-directed. Tasks, feedback, and co-worker interactions in the workplace along with individual study will direct fo...

Master the Product before You Present! It is important for the banks to ensure that every banking employee gain a firsthand experience of the new banking products and applications which will allow them promote the product and to cater the customer queries. When it comes to experiencing the emerging technological banking products, using Kolb's Experiential Learning Theory can be considered as a useful strategy to reduce employee incompetence in banking. Concrete experience, observations and reflection, formation of abstract concepts and generalizations and testing implications of concepts in new situations are all crucial components of learning, according to Kolb's theory. The following are some applications for each step of Kolb's model that pertain to employee training on banking products: Concrete Experience : Employees should engage in hands-on experiences with new technological banking products. This could involve simulated training or real-life interactions with the ba...

The banking sector is undergoing a global technological transformation with the introduction of banking products of cutting-edge technologies such as automation, digital wallets, online banking platforms, metaverse branches, QR/contact-less payments, usage of chatbots and artificial intelligence(AI). These advancements are transforming modern banking products and services, creating new opportunities for efficiency, security, and customer engagement.   Such innovative banking product recently introduced to Sri Lankan citizens is the metaverse bank branch “DFCC Galaxy” launched by DFCC Bank PLC. DFCC Galaxy offers an entirely new banking experience for virtual world users providing a range of banking services such as account opening, lending/credit operations, customer service or call centre operations using chatbots and live agents etc. (DFCC Bank PLC, DFCC Galaxy 2023). B anking organizations must be proactive in bridging the gap between the personal competencies of the employees a...