Kolb's Experiential Learning Theory
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 banking products. By directly using the products, employees gain firsthand experience and develop a deeper understanding of their functionalities.
Reflective Observation: After engaging in concrete experiences on banking products, employees should take time to reflect on their own observations and experiences. This stage encourages individuals to analyze what worked well, what didn't, and why. Reflection allows employees to identify areas for improvement and refine their understanding of the technology's nuances and potential challenges on the usage and sale of the banking product.
Abstract Conceptualization: With insights gained from reflection, employees can move to the abstract conceptualization stage. Here, they should examine the underlying principles and theories behind the banking products of emerging technology. This might involve studying relevant industry literature, attending training sessions, or participating in discussions with subject matter experts. By synthesizing their experiences into broader concepts, employees can develop a more comprehensive understanding of the usage and the technology of the emerging banking products.
Active Experimentation: Finally, employees should actively apply the gained knowledge and insights in practical settings. This could involve experimenting with the technology in different contexts, troubleshooting issues, finding new mechanisms to ease the banking activities and exploring more ways to leverage the value of the product and to enhance the customer usage of the same. Through active experimentation, employees not only solidify their understanding but also build confidence in using and promoting the emerging banking products in a more effective way.
By following Kolb's Experiential Learning Theory, banks can create comprehensive training programs which will cater the diverse learning styles and preferences of the employees. This approach facilitates a continuous learning cycle where employees are constantly refining their skills and adapting to new technological advancements in the banking industry. Ultimately, leveraging experiential learning principles can help the banks to mitigate banking employee incompetency on innovative products and ensure a smoother transition.
References
Kolb, D. A. (1984). Experiential learning: Experience as the source of learning and development. Prentice Hall.
Yes! Banks should ensure employees gain firsthand experience with new banking products and applications to promote and address customer queries. Kolb's Experiential Learning Theory can be used to reduce employee incompetence in banking. This involves concrete experience, reflective observation, abstract conceptualization, and active experimentation. Employees should engage in hands-on experiences, reflect on their experiences, and synthesize their insights into broader concepts. They should also apply their knowledge in practical settings, such as experimenting with the technology, troubleshooting issues, and finding new mechanisms to enhance customer usage. This approach not only solidifies their understanding but also builds confidence in using and promoting emerging banking products effectively.. This is so important
ReplyDeleteYes. Kolb's Experiential Learning Theory properly explains how the employees can gain a proper knowledge and experience over new technological banking products.
DeleteThis is a good blog.. and yes Workplace learning can occur without formal education, or in specialist professions that require years of formal training. There are various learning and development methods, including formal learning, informal learning, experiential learning, coaching, mentoring, skill building, targeted training, cross-training, remote training, and new employee training. Formal learning involves goal-oriented lectures, classes, and seminars, while informal learning is organic and self-directed. Experiential learning involves trial-and-error experiences, such as internships and role-playing. Coaching involves regular meetings with coaches, providing direction, support, and feedback. Mentoring connects role models to employees, and skill building helps fill skills gaps and achieve business goals accordingly Targeted training helps organizations close skills gaps, and cross-training teaches employees to handle another's roles. Remote training includes webinars, online courses, and prerecorded video lessons....
ReplyDeleteThank you for commenting. You may refer my post on "Learning & Developments Methods" to get more insights.
DeleteKolbe's learning theory is a well-known framework that emphasizes the importance of learning through experience and reflection. By implementing Kolbe's theory, a bank can effectively ensure seamless and personalized experiences for their client. As highlighted by Smart and Csapo (2007), experiential learning, also known as active learning, has shown positive outcomes when students take an active role in the learning process. This approach can be used in the banking sector to identify their customer behavior and requirements.
ReplyDeleteYes. The employees should take a hands-on experience of the usage of the digital banking applications which will help them to cater the customers of a digital era.
DeleteOverall, leveraging Kolb's Experiential Learning Theory in banking training programs facilitates a continuous learning cycle. Employees are encouraged to constantly refine their skills and adapt to evolving technological advancements in the banking industry. This proactive approach not only mitigates employee incompetency but also ensures a smoother transition to innovative products, ultimately enhancing customer satisfaction and driving business success.(Fewster, 2018)
ReplyDeleteYes. It is important for the bank to ensure a smoother transition to digital banking products by providing proper L&D for the employees in order to cater the customers.
DeleteKolb's Experiential Learning Theory offers a profound insight into the process of learning and development, highlighting the interconnectedness of concrete experience, reflective observation, abstract conceptualization, and active experimentation. At its core, this theory emphasizes the importance of hands-on experience and reflection in the learning process, suggesting that individuals learn best when they actively engage with their environment and critically reflect on their experiences.
ReplyDeleteHi Nilakshi. Yes, throughout this experiential learning process, banking employees continuously cycle through mentioned four stages, building on their previous experiences and insights to deepen their understanding and proficiency of new applications of innovative banking products.
Delete“Learning is the process whereby knowledge is created through the transformation of experience” (Kolb, 1984, p. 38).
ReplyDeleteYes, also the knowledge results from the combination of grasping and transforming experience (Kolb, 1984).
DeleteTrue, By emphasizing hands-on experiences, reflection, conceptualization, and active experimentation, banks can effectively bridge the gap between employee competence and emerging technological banking products. Implementing such comprehensive training programs ensures employees are well-equipped to promote and address customer queries about these innovative products, fostering a culture of continuous learning and adaptation in the banking industry.
ReplyDeleteYes, it is important to bridge the gap between employee competence and emerging technological banking products to gain a competitive advantage over the industry.
DeleteGood points in the article. Providing first hand experience on new products or technology is critical in this industry. They need to have the product knowledge to address and customer service related queries and also grab any opportunities with confidence.
ReplyDeleteThank you for commenting. Please refer my other articles on effective L&D approaches and best practices for more insights.
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