The BFSI industry has seen a lot of changes recently. There have been increasing customer demands due to so many banks coming up. Due to so much competition, automation has become a part of this industry. Indeed, this industry has now started deploying technologies such as artificial intelligence and Big Data.

Therefore, the BFSI has been stressing about hiring intelligent people for roles who can handle the new technology. The companies, therefore, want them to undergo training through an LMS for BFSI before they can be given skill assessment modules to test their knowledge, and completely become attuned with what the industry needs. Through an LMS, the companies provide initial training to bank recruits so that they can be assessed for their upcoming job roles.

Moreover, the employees have to be trained when new technology gets adopted by a bank, and hence an LMS for BFSI is a necessity where such content can be uploaded. It’s also beneficial when bank employees can’t attend the in-person training.

Use of APIs

The banks have started using specific APIs(application programming interface) to handle this huge number of customers. These APIs are integrated with the software of the banks so that they can easily uncouple the integration between the backend i.e. the server and the front end such as help desks. These APIs enable smooth data transfer without the need to update the back-end programming when a change is made.

Through these APIs, banks don’t need a data entry operator because a 3rd party service provider like a software development company provides them with online application forms linked to databases. The BFSI does not have to worry about wrong data entering the databases. Here, when API comes into the picture, they contain the script for checking credentials and performing other certificate-based customer validation.

Hence, the bank employees have to be trained on how to help customers in using such online application forms and that can be done through video tutorials uploaded on an LMS for BFSI.

The higher reach of banks

Since the banks have expanded their reach especially in developing countries such as India, where they have made a foray into rural banking also, they need to have better data handling and analysis capabilities. It’s because with such a huge influx of data banks have to make critical decisions like whether to provide credit cards to such customers. How to evaluate a customer’s creditworthiness when there are so many applying for such cards all the time? Therefore artificial intelligence software which can rate credit card applicants for their creditworthiness score is extremely useful in such situations. The bank employees can also make better decisions about how to handle customers better based on the data gathered through various surveys and apps. The banks have experienced such a huge flow of data because customers are also applying for credit cards through app etc.

Use of Augmented Reality(AR) in apps

There has also been coming up of technologies such as augmented reality which are working well with the customers of every industry. So, they can be used for creating better experiences for banking customers also. Using such technologies in the banking sector aims to ensure that customers can conduct transactions from home.

For example, some banks have already started deploying AR technology into their mobile apps. The customers can use this feature to find the nearest bank ATM located near their house. Augmented reality means adding something to the environment of a person. The customers can click on the Near Me tab of a banking app so that they can create a geographical radius and find the number of branches located there. They also get to know the route to ATMs through such apps.

AR has also been integrated into their current technology by another bank that can scan the debit card with the phone’s camera and hence get to know their bank balances on phone. These apps provide present account information to the customer.

This is how banks have been using modern technology like augmented reality. The employees have to be trained to access data gained through all such apps through an LMS in BFSI.

What augmented reality does is that it makes sure that through your camera display you get relevant information like the cost of a building. Augmented reality adds objects like cost and other relevant virtual objects into the real world.