Invest in Learning, Build a Champion Team, & Conquer BFSI Growth Challenges

By Akshaya Madurai Venkatesan

October 17, 2022

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Change is constant. BFSI organizations are realigning their business strategies to adopt emerging technologies. Still, they need to equip their workforce with relevant competencies enabling them to thrive in ever-evolving and strictly regulated BFSI business environments. 

Skills are getting obsolete

70-75% of jobs require new skill sets. Gartner TalentNeuron’s data shows that the total number of skills needed per function has increased by more than 10% yearly. Over 30% of the skills needed from 3 years ago are already or soon-to-be irrelevant in the current business environment. This places a premium on relevant skill development.

The employee attrition rate in 2021 alone has been 28.1%, and as we head toward the end of 2022, we don’t see this trend slowing down. The BFSI industry competes with fintech and non-banking startups to attract talent. The workforce is getting younger, and the post-Covid mindset shift towards the workplace, work culture, and the job itself has forced the BFSI sector to evolve. With attrition levels as high as 60% among the young workforce, the BFSI sector needs to adopt new strategies and revisit its workplace culture.

Organizations must be mindful of the complexity of the job profiles in the BFSI industry. The policies evolve rapidly, and organizations must adhere to strict regulatory compliance and government policies and also tackle challenges from fintech and non-banking startups, and adapt to technological evolution. Organizations need to adopt learning paths that are thoughtfully designed and highly relevant to functions and roles.

Let’s Revisit the Major Pain Points of Organizations in BFSI

5 Golden Rules to Keep in Mind to Build a BFSI Dream Team

With a total income of about $14 Trillion and a workforce of 1.24 Million strong, the BFSI sector is one of the biggest sectors and spans across diverse functions and roles. Here’s a list of mindful learning tactics that can help emerging BFSI organizations adapt to the changing tech landscape and propel their workforce from being disengaged toward continuous improvement.

1. Learn where your workforce skill gaps lie – Heat Map Analysis

How do you search for an answer without knowing the question? Similarly, progress is possible only when we understand the root of the problem and address those. Where is your workforce falling short of driving business growth? Are competencies required for your workforce to overcome unique BFSI challenges? Knowing what they are with a detailed competency heat map is required for organizations to be aware of the gaps that are existent and narrow those gaps with customized interventions.

2. Shift to a one-stop solution – A 360­° learning outlook

Businesses in the BFSI industry often struggle to balance multiple learning solutions to adapt to the diverse workforce requirements. The need of the hour is a comprehensive learning solution that provides a 360° learning outlook to address these requirements.  It is necessary to provide relevant learning interventions that are currently pertinent and agile enough to scale functions and roles. Organizations should stop investing in stop-gap solutions to address skill development and need to invest in a one-stop solution that understands their business landscape to drive growth.

3. Adopt a consultative learning approach – Outside-in perspective into competency gaps

Most BFSI organizations have realized that the legacy learning solutions aren’t effective as they don’t cater to the evolving requirements of various roles and functions. Organizations need an outside-in perspective to understand their challenges and run a competency gap analysis to design customized learning interventions that would help narrow the gap.

4. Enable learning in the flow of work – Real-time application

Learning needs to be mindful. It is possible only when the workforce can apply the skills they have learned every day and notice the changes in how they negotiate critical situations. They need a global BFSI expert-led team that understands current trends, nuances, and best practices to create learning interventions that provide a global perspective and accelerate the learning experience.

5. Invest in Learning Experience Platform – Continuous performance tracking

Learning is a continuous process. Organizations must invest in a platform enabling them to assess and apply learnings on both individual and organizational levels. Organizations need to invest in learning solutions that help track progress in real-time through analytics and gamified content to enable a workforce with competencies to drive high business impact.

Key Takeaways

In short, the BFSI sector must be mindful of the challenges in the industry and try to navigate these bottlenecks by placing a premium on learning and upskilling efforts. By doing that, the organizations will be able to attract and drive high-impact individuals who, in turn, drive stellar business outcomes. Organizations need a learning solution that will provide insight, agility, and rich customer relationships and enable continuous innovation to power success sustainably in business

Are you still interested to find out how AntWalk can help conquer your BFSI Challenges? Speak to us!

Akshaya Madurai Venkatesan

Product Marketing Manager @ AntWalk, Akshaya loves the marketing universe, is a lethargic poet, a plant parent, and a stellar cook!

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