Tag: elearning companies

20 Jan 2023
banking training for mortgage lending

What must be banking training for mortgage lending?

Banking training is crucial so that the employees don’t cause any loss to the consumers.

For example, banks have to be careful while extending loans to consumers because any unlawful practice can land them in trouble.

For example, banking training must include the Truth In Lending Act(TILA) which states that loan providers must disclose certain facts to the borrower while issuing a credit card to him. This is necessary for the borrowers because hiding any charges from them is not ethical. This includes disclosing what the interest rate on such credit cards is. When consumers know what the APR on a credit card is, they can compare it with similar products.

Also,credit card companies also can’t levy an unusually high amount of penalty on the customers when the payments are delayed unless they have been disclosed before.

This kind of disclosure requirement also exists for other kinds of loans such as car loans which are close-ended because a borrower has to repay a specific credit amount.

Who is a loan originator?

A loan originator is also a very important person in a mortgage and HELOC. The loan originator can be a loan officer of the bank or any person working for a mortgage broker who has links with several lenders. He is the one who helps home buyers get the correct kind of loan depending on their income.

Also, the loan originator must provide the borrower with loan options with different kinds of lenders with whom he works. Generally, the borrower has no idea about which kind of mortgage options are present in the market and it’s the loan originator’s responsibility to make him aware of the same.

The loan originator is an important component of the mortgage agreement because there are various complications included. The lenders need various procedures to be completed. They can complete all the formalities which include submission of the financial documents and answering the relevant questions by the borrower.

With the loan originator at their end, the borrowers are easily able to close the loan.

They must help the customer and should not suggest those loans to the customers where their compensation is the highest. When the borrower is providing compensation to such a loan originator, he should not get compensation from any other party for the same loan.

Also, the banks that have hired such originators and pay compensation to them for closing the loans must have such records for 2 years so that no confusion is caused later.

Regulation Z about mortgages:

  • Transparency in transactions:

The banking officers have to be cautious with their advice.

As per this regulation, they can’t advise the customers about mortgage loans and home Equity line of credit(HELOC)which means paying a higher rate of interest even when making the latter get such a loan means a higher commission/compensation for the former.

In HELOC, the borrowers and lenders can establish a credit line at the time of the former taking a loan. When he repays his loan amount, his credit line is recharged. But he can only take a loan against the equity in his house till a certain time (draw limit). After that, he has to start repaying the debt portion of his house (repayment period).

  • Duties of the loan originator:

The loan originator must provide the buyer with the correct loan options as per his repayment capabilities and budget. It’s the duty of the loan originator as per regulation Z of the TILA act to prescribe the loan with the best options to the borrower. These options include a loan that has the cheapest interest rate and also no penalty on the borrower in case he prepays the loan. Also, the options must include the loan with the lowest compensation for origination.

  • Ability to cancel/rescind the loan:

The banks must also impart banking training to loan officer to inform customer of the right to rescission. The TILA also protects the customers in the case when they feel that the lender has pressurized them into getting a loan.

They can immediately give up all the rights to the loan and withdraw from it. For example, if the home buyers have taken a loan against the existing equity in the loan, they can back from this loan before the closing period. The borrowers have the right to cancel the loan 3 days before the closing period. This is an excellent option for home loan borrowers who have a certain amount of equity in their purchased property.

Banking training can protect the banks from suffering any jail term due to violations of the TILA act which can be 3 years.

17 Jan 2023
Challenges in a VILT course

What are the challenges in a VILT course?

VILT might be a cost-effective proposition for companies because so many employees don’t have to be assembled at the same place. They get taught virtually, and anyone can come other than arranging a venue for them. Apart from not arranging a venue, the organizations are also saved from the hassles of arranging accommodations for traveling students and teachers. This is advantageous for the company.

There is also a work-life balance for employees because their time to travel to the training venue is eliminated. They can easily attend the training from any place.

But since the employees are logged in from their homes, they can also get distracted by family members. There could be guests arriving at their homes and children who want their parents’ attention.

These are the ways in which the problems of a VILT session can be mitigated:

  • Onus on teachers:

So it’s the teacher’s responsibility to ensure employees concentrate completely during VILT sessions. The trainers can ensure that the employees turn their cameras on during work. If they don’t, they can be during other activities during the session.An employee can mute himself, turn the camera off, and do something else while attending the session.

The trainers can also ask employees questions to know whether he is present or not. The trainer should also include games and polls so that the learners don’t feel bored in the sessions. Instead of lecturing the learners, the documents should be used in teaching them. They can be explained with the help of a whiteboard where the teacher can draw on them. This way, the learners feel engaged throughout the session.

Another way is to use infographics that contain the information in brief. Even animated videos shown during a webinar/VILT session are a better way to get the learner’s attention.

VILT should not be long sessions because this way, the learners’ attention can deviate.

Hence it’s better to have short sessions.

A trainer must be best prepared for the session and know the learners’ first names. If the trainer feels that the learner is not paying any attention, then he should be asked to explain all the concepts to the whole group. This is known as the teach-back option.

The organizations also have much software, allowing them to easily manage employees for such webinars. They can notify them in time and also schedule the trainers.

  • Companies’ Responsibilities:

VILT allows you to deal with a colossal workforce living in distinct parts of the world. They can’t reach the venue at the same time due to traffic and other constraints. But can definitely attend the webinars.

However, VILT does not do away with the difference of time zones, and learners have to attend the session even if there is a night in their country.

If the learners don’t feel they have the best possible concentration during a certain time interval, they can watch the recorded session.

Although the learners might be willing to take the lessons in different time zones, this may lead to a compromise in their quality of work due to lack of sleep. Hence it’s the company’s job to ensure that such learners can log in late for work if they have attended a VILT at night.

If still, it’s not feasible, then the company must be willing to provide housing arrangements for those who have to travel to another time session.

  • Conduct sessions in the UCT (Universal coordinated time):

It’s also better that sessions are conducted in different time zones for both kinds of participants. The native and the foreign participants should have VILT sessions conducted at their convenience. This is only possible when the participants are willing to collaborate with one another.

Instead of using the IST or the EST for holding such sessions, it’s better to use the universal coordinated time. Using such time is better because it does not mean sacrificing any sleep for both kinds of participants, i.e., those living on either side of the equator. Therefore, attending sessions per the UTC is feasible for all participants.

Also, all participants should be ready for the VILT session because if they are not, it means explaining things to them. This means wasting the valuable time of the other participants who might have to leave for a business meeting after attending the VILT session.

19 Dec 2022
rapid elearning

What are the major hurdles in rapid elearning development?

Rapid learning solutions are so necessary for every company, but they are not delivering the best results because of wrong output. Hence, there needs to be careful planning by the business and elearning vendor before they are purchased by a company.

Although rapid e-learning reduces development costs by using authoring tools, it has the same quality levels as a professional e-learning course. Hence, a business should not sacrifice the quality levels when it comes to rapid elearning.

If there’s a need for games and formative assessments, they can be a part of such an e-learning course.

Rapid elearning is as good as classroom training

Every course can be taught through rapid elearning these days.

It’s because even if it needs communication, with social media, rapid elearning provides an opportunity for it, too, like classroom training.

That’s why rapid e-learning has replaced classroom-based training in every sense of the word because learners also don’t miss any opportunities for interaction. The ability to integrate social media platforms with a course depends on which authoring software is used by your vendor to develop the course.

If there is the question of whether the learners can test their theoretical skills or not, it’s possible through virtual reality simulations. Checking whether the learners can practically use what they have learned theoretically is crucial to many jobs like nursing and flying airplanes.

These are the following issues which a business needs to address to ensure that its rapid elearning output is of the desired quality levels.

Challenges in rapid eLearning content development for a business

  • No clear strategy:

It could also be because it has not communicated clearly with the vendor. The business can’t leave everything to the vendor and needs to provide feedback at every stage.

Rapid e-learning is not about completing deadlines when the vendor is just supposed to deliver, but about creating something useful for the business. And that’s where the latter has to play a major role too.

The problem can arise when the business does not prioritize the elearning project and nobody from the company is assigned to manage the project.

So, allocate specific people to deal with the vendor’s queries, and have a single point of communication. With a project manager in place, the vendor knows that he has to get in touch with the former.

Also, with the project being developed and executed in stages, the project manager must be ready to review the vendor’s work after every step.

  • Not enough resources:

The business might not have enough resources for the project to succeed. For example, although SMEs from a company can do rapid e-learning because it’s done on an authoring tool, they can’t produce professional output.

For that, taking instructional designers’ help is necessary because the rapid elearning module needs interactivities and quizzes to test a learner.

Subject-matter experts can use the existing gaming templates; they can’t tweak them to create what’s best for the company’s needs.

The same rule applies to the templates, which must be customized according to the company’s color scheme. Without professional multimedia developers of an elearning vendor company, businesses can be clueless about how to do the same.

Their designers are experienced in using graphic designing tools such as Photoshop to redesign the templates as per the required colors. He can even drag and drop elements on the template to modify their layout for a different look.

  • Unacceptable deadlines set by clients: 

Also, if a vendor is not happy with the deadline, he will not give his best. Therefore, make sure that the deadline is established after the consent of both parties, so to avoid hassles and half-finished output. In the worst-case scenario, the vendor does not want to have any communication due to lack of time.

Cons of not hiring professional eLearning content development companies:

  • Lackluster training: 

The companies need to rectify their rapid eLearning when the employees are not doing their jobs properly. It is causing problems for the other employees also. The content needs to have a sense to it because if the employees can’t put all the pieces together, it can lead to a lack of coherence for them.

The companies also must have the need-to-know information included in the eLearning module because otherwise, the employees feel bored with irrelevant data.

  • Irrelevant content:

When the employees are made to remember too much data than what’s pertinent to perform their job duties, it means cognitive overload. They might end up forgetting the things necessary for their job duties. Hence, including not more than contextual information is quite essential for businesses that need elearning content development companies.

  • Unorganized content: 

The learners also need clear directions through the elearning module. The businesses can’t assume that the learners know how to go through an elearning module. They might not know how to proceed to the next module. Hence, there should be narration in the video, which can include instructions on how to move through the video, including attempting the assessments.

There can also be subtitles in the video containing instructions on how to attempt quizzes or what the next slide contains.

Adult learners need a reason to learn something. They won’t be interested in training when they are not given any reason. Hence, there is a need to have sessions with mentors/leaders to explain to the learners the importance of how attending a training module can benefit them because it will fill their performance gaps. Hence, this is how organizations can attain the best results with rapid elearning development.

Hence this is how organizations can attain the best results with rapid elearning development.

 

12 Dec 2022
storytelling in elearning

Six benefits of using storytelling in elearning

Storytelling is an intrinsic part of human culture. Generations have shared stories as heirlooms. So, it’s no doubt that it has become an inevitable part of elearning. The learners may not remember graphs and charts and their assimilated data. But they can remember a story because of its structure.

Moreover, storytelling is an interesting way to engage the audience because it takes the learners to a different environment. Employees are enthralled through simulations as they get some time away from the monotonous office environment. It’s also easy to get someone’s attention through a story because they have an element of intrigue in them.

Elearning content development companies also help organizations cash on this benefit of stories by curating those pertinent to their work processes.

Stories ensure people remember facts better; in fact, 63% of learners imbibe the data better in their minds when it’s interwoven with stories: These are the advantages of using storytelling in elearning:-

  • Get the audience hooked:

The elearning content development companies can prepare interesting storytelling scenarios for their clients.

Employees today face a lot of pressure at work for upskilling. But when the elearning module is not interesting enough, they don’t gain any knowledge. The learners’ interest can be grabbed at the beginning of the lesson when a story is told to them about another learner’s experience.

When learners listen to this story, they can learn how a subject working in a similar position faced a challenging situation.

The scenarios can help learners understand how complex situations can arise at the workplace because they contain relatable characters, or such stories can come straight from the horse’s mouth. When learners listen to someone’s experience who works in the same role, this has a profound impact on them.

Anecdotes can also be used in a module to inspire the learners because they can ensure that employees can learn how their seniors overcame problems. When senior employees share their experiences about solving problems by following a solution, they take an interest in upskilling themselves.

  • Explain facts: 

It has been found that when facts are put into stories, learners retain them better; the retention rate is as high as 20 times. You can’t attempt to influence the learners by just stating facts to them through PowerPoint slides. Therefore, storytelling is an effective medium when the management has to affect the learners to modify their behavior radically.

With genuine stories, the learners are likely to be persuaded rationally and strongly to change their work practices. The company can narrate facts to the learners about how a certain skill can increase their productivity, but when they listen to someone’s similar experience, their perception of the same skill changes.

When seniors come out in the open about professional mistakes, the learners have the highest retention. The leaders and seniors inspire others to adhere to the company’s values.

Sharing such experiences is a positive way for organizations to make employees bond with each other. Employees prevent others from committing the same errors they did through such experiences. Hence, storytelling is the best way to teach others to escape such situations scot-free.

  • Spread awareness: 

News can also be used to inspire learners. Such news can be any compliance lapses, including cybersecurity events in any organization, and have led to serious consequences for them. They can be video clippings of any real-life incident. You can teach compliance training interestingly through such videos because once learners have the backstory of how not following rules can cost a company; they are bound to be interested. 

  • Explain the relevance of laws: 

Detailed videos can also be shown to the learners, which let them know why a law came into place and how it can prevent negligence.

For example, a law regarding cybersecurity can be introduced to the learners about how it can prevent hackers from accessing the systems. It can prevent unauthorized access by only allowing designated personnel to use certain systems.

Through news bytes, the learners can learn how not following such rules has led to ransomware attacks in organizations. 

  • Instill an understanding of the company’s values:

Stories can also be used to let the learners understand why an organization follows a certain set of values. There is always a reason why an organization believes in a specific value. When the organization’s history is portrayed through simulations, employees become empathic about the values and start believing in them. Sometimes certain values of an organization are very valuable for it because they have led to its success and hence should be followed by employees at all levels. 

  • Stories spread easily:

 Also, stories do get a word of mouth publicity rather than data. Once an employee attends a training   session, he is bound to let others know about it, giving an incentive to the upskilling initiatives of the   company. An organization can’t give data to people and expect them to remember it. But they will   always remember it if data has been interspersed with a story.

17 Oct 2022
product training

What is SaaS product training?

SaaS software is getting rapidly prepared in the market, so businesses can derive the maximum benefit from using them. But the customers need to be taught how to use such software for an extraordinary experience.

When the customers cum businesses cannot find the benefits of using the product, they can shift to the competitors. Hence, software development companies must have proper tools to ease the onboarding of their clients, including product training.

They must provide screencasts to users, including simulations about what issues they can face while using the software. A screencast-based simulation with proper hover boxes and voice-over can help customers understand how to use the software for certain functions.

Although the users need captions on how to use certain software features, they should be concise. Also, product training requires collaboration between software developers and subject-matter experts of the elearning vendors because the former is aware of why the particular software is required.

After the SMEs understand how the software works, they can help the SaaS companies prepare apt product training videos with a usage-based flowchart. Elearning companies in the US have complete expertise in preparing such videos for a lasting impact and maximum attention span.

Why is SaaS product training important?

  • Help customers:

    Companies must implement such product training videos because they can’t always expect the customer support staff to answer the SOS calls.

    It can be due to different time zones between the SaaS vendors and buyers and the lack of availability of solutions with the call center executives. While preparing such product training videos, the SMEs can also get help from the support staff in knowing the problems customers face while using the software.

The aim of any SaaS product training video tutorial is to make sure the customer can easily use it, rather than advertising it. If the product training video fails to address such concerns, the product can see a lot of leads getting lost, i.e., prospective customers who don’t buy the product.

  • Aid the CSR’s: Such videos are helpful for the end customers and sales reps that don’t have time to contact technical support during the calls. Also, the documentation does not ensure maximum retention for them, unlike product training tutorials. So, such videos can ensure the minimum call drop-off rates.

The waiting times are lower due to the sales reps answering the customer queries.

How can elearning companies USA help in creating such product training videos ?

The SMEs of elearning companies USA provide a valuable contribution when they use storytelling to encourage the audience to watch the video in the end. Since storytelling is used at the beginning, followed by screencasts, the audience of such videos is hooked. They feel inclined to continue with the video. That’s why screencasts are not enough to make the audience check the video.

Storytelling containing 2D vector characters allows the audience to relate to the video because they show the situations faced. The ideal storytelling simulation starts with a problem and how it can escalate into stopping work in the company, then using screencasts to show how the software can help solve the issue. They can also provide voice-based narration for proper intonation rather than using the text-to-speech option.

Elearning companies USA can also add interactive games to the video to test the audience’s knowledge. This ensures that the audience is particularly clear about how to carry out certain steps in the software. The elearning vendors know how to write the script for the video, like how to use jokes to add some humor to the video. With a joke, the SaaS vendors can connect with the audience and ensure that the latter remembers the video.

They can also help you design different videos for the technical staff of the SaaS buying companies who need to customize certain features and for the general users.

 The SaaS users should be given tooltips to check what a certain button is used for when they hover over it. The tooltips, known as screen tips, also help the user figure out software rather than consulting the help manual. In their absence, he can also waste time trying to understand what a button does by clicking it and carrying out an unnecessary step. 

Tooltips are also excellent tools when the user uses a SaaS application on a laptop or desktop instead of a mobile phone because they can’t be implemented on it. But there should be a flow of such tooltips, and the users should only be able to use the next one when they have closed the previous one. If too many tooltips load on the screen simultaneously, the users can get irritated. The users must also have the option to go to the previous tooltip in case they feel lost.

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He was a German psychologist who is known for discovering the forgetting curve. According to this curve, the biggest decline in memory happens within 20 minutes, and then 1 hour.