Tag: fintech training

10 Dec 2021
Fintech training

Why Fintech training is needed now? 

The BFSI companies are implementing Fintech on a large scale now. But employees have to be taught how to use Fintech. Fintech implies the technology that makes the provision of banking and related services to customers easier. Employers have to comprehend the underlying problems for the employees in applying new technology. The issue with companies is that when they introduce Fintech is that they forget all the employees have a learning curve. So, they can imbibe the relevant software skills slowly but not in a day and hence employers have to be patient. These learning curves can also vary depending on how sharp an employee is. Hence, Fintech training is a continuous process and not one-time. Moreover, such training has to be implemented again once there are some software updates.

Fintech is used in all kinds of organizations now because each one of them wants faster servicing of the customers. Hence, Fintech enables expedited invoicing.

But the employees all over the organization have to be trained in using such solutions because their cooperation can help in introducing digitalization. These are the reasons why such training is needed more than ever now:

Extensive use in the BFSI industry:

Fintech is getting implemented rampantly in banks and financial organizations because customers want automated operations. They don’t want to waste their time in banks to withdraw money because it takes time dealing with clerks. Instead, a majority of them use mobile or net banking and this trend will increase in the future. So, the financial institutions that don’t employ such software or don’t deliver the relevant software knowledge to employees can end up losing a chunk of customers.

The data generated through the Fintech software is a large part of this product offering. So, elucidating employees about data analytics is a crucial part of software training. They should know how to conclude the data for easing up effective decision-making by the organization. Fintech is safer than compared to the legacy systems used by conventional banks in terms of data protection.

Studying website traffic:

The employees can be taught so much when the banking transactions are conducted online. It’s because, at the end of the day, they can fill in reports about the traffic patterns. This will provide to them the demand for which banking product is the highest.

But apart from employees, customers also need to be educated about the benefit of online banking. It’s because when they are trained so, their cost of the internet would be less due to faster resolution by them.

The banking employees need proper Fintech training also because they should not be installing anything without the permission of the IT.

When they are using any untrustworthy software, they are putting the company’s data at risk.

Tech companies getting into the finance sector:

There are not many options available before finance professionals when it comes to learning the Fintech software critical to their industry. Hence, their company must provide Fintech training to them. The rising need for Fintech training is also getting felt because tech companies are also expanding into this sector. For example, WhatsApp recently launched its own payment platform so that users can pay through it apart from chatting. Given the user base WhatsApp has throughout the world, its payment platform would be a strong competition to others. Hence, employees of such companies need to be re-skilled to deal with the financial services.

Better services by finance companies:

However, the need for Fintech training is more among financial institutions, because 37% of them have included such solutions now. In the future Fintech, training will become quite mandatory because financial institutions believe that artificial intelligence will be an altering technology in the future. In the insurance sector, the Internet of Things is also getting adopted because the insurers are using it to get real-time health information about the insured.

Businesses are also adopting technologies like facial recognition, to ensure that customers don’t become victims of fraud in online transactions. The banks can detect whether it’s the customer conducting the transaction, not an imposter who has stolen his identity.

Hence, Fintech training is important for such banks which want to adopt useful software.

Coming up of neobanking:

The move to digital banking has also made competition tough for traditional banks. Customers also prefer neobanks now because they don’t have to visit the bank’s office. It’s hassle-free to open an account with a neobank because all documents have to be uploaded online. In the case of India, neobanks are yet to exist because RBI has mandated that a bank needs to have a physical presence. So, such banks are providing their operations through the physically present bank. Such banks are posing huge competition for traditional customers in the domain of retail customers.

Hence, conventional banks have to use Fintech to safeguard their business.

29 Oct 2021
Fintech training

How do banks need to plan their fintech training for maximum results?

Fintech i.e. finance and technology has become the mainstay of the BFSI industry. These institutions can’t do without the use of tech-based financial services because they have to simplify procedures for their customers. There is a huge focus on fintech services by banks. Retail banks have started spending huge money on enabling digital technology. The employees, therefore, have to be elucidated about the use of the fintech technologies for the betterment of their work procedures and including efficacy in their services. For example, there is special banking software now and employees must be aware of its usage. It makes sure that any manager can keep a track of the appointments.

Apart from that, he can also share referrals about banking products with other employees. An employee can set an account on this application and through his dashboard, he can view how many accounts his branch has. 

  • View loan application and processing status
  • He can also view how many potential customers have applied to obtain loans from this bank through its website and its locations. When all this information has been aggregated, it can be sent to the concerned banking officer for further processing. This is how Fintech training is useful for banking institutions. 

The employee can also view the status of different loan applications, whether they are still in processing or have cleared the final stage. The manager can also supervise the performance of his subordinates in how much time they are taking in declining or approving a loan application. So, this way, managers can check whether their performance is up to the mark as compared to competitors.

But the banks have not been able to realize value on their Fintech investments because employees have not been able to use them. Companies need to understand why employees are not able to learn technology. It’s better, that when introducing cutting-edge Fintech, banks must know whether employees will be able to use them or not. 

So, how to handle fintech training:

  • Decide which technology is important

Companies need to have a systematic approach to fintech training.

The organization needs to understand what kinds of problems are its priorities. It might be true that some employees might have different issues than others.

Anyway, all the employees don’t need to be trained on the same kind of Fintech technologies, and it varies with their roles in the company. The company needs to prioritize which technologies need to be taught, like how many employees should be acquainted with the banking software.

Companies need to strategize Fintech e-learning based on which technology will make them reap the highest returns. They also need to think in terms of which implementing technology will have the most positive impact on improving customer experience.

  • Continuous training is needed

Fintech training is not a one-time job. It’s because such software is getting developed continuously and hence companies need to update their training material simultaneously. The employees need to be given training material based on any new software introduced in the market. Such training material can be in the form of e-learning including self-help documentation or online sessions either developed in the form of software screencasts shared by an expert.

  • Data analytics e-learning is crucial too

Even though Fintech has eased up consumer connectivity, the employees must know how to do data analysis through them. Although the fintech software can aggregate the data and highlight the patterns, it’s the customer relationship officers who have to analyze the data. The officers have to check the waiting times for different customers and how they have responded. For example, if a certain customer took back his loan application because he didn’t get an answer in time, he needs to be treated well the next time.

The customers also needed to be treated differently based on their spending behavior because they require different kinds of loans.

Big Data analysis helps banking officers deal with customer segmentation based on risk, gender, location, age, and wealth and how they are to be dealt with. Hence, e-learning needs to be customized to provide such data analytics training to employees.

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