The new-age fintech digital transformation has been a roller-coaster ride for banks and financial institutions in the Middle East. Several traditional banks and financial institutions are undergoing digital transformation to provide utmost satisfaction to the clients and compete with the digital giants entering the market. The changing banking and financial ecosystem with digital disruption demand a more skilled and proficient workforce. Upskilling employees can help Middle East banks and financial institutions in capitalizing on the fintech opportunities.
Fintech is prompting changes at traditional Middle East banking and financial institutions
Covid-19 has accelerated Fintech.
Coronavirus drives 72% Rise In Use Of Fintech Apps – source
Mobile payment, online banking, e-wallets, AI, etc., have become the new normal. Fintech has revolutionized the way consumers access their finances.
Banking and financial institutions in the Middle East need to take the necessary steps to adapt to this changing paradigm. Due to the rise of fintech in the ME, consumers expect quick and safe service. The employees need to match up to this pace to improve customer experience.
So, employee skilling and development has become the need of the hour. Providing learning opportunities and resources for expanding the skills can help banking and financial employees feel confident and thrive amid the changes.
How banks and financial institutions in the Middle East can upskill and prepare employees for fintech transformation
Preparing employees for fintech transformation can help them stay competitive and offer the best digital experience to the customers.
Here is how Middle East banks and financial institutions can upskill and empower the employees.
Analyze the situation and define skilling initiative
Banking and financial employees in the Middle East need to give up obsolete functions to adapt to the modern fintech environment. A more focused approach is essential to set up the workforce for success.
The rise in fintech has made it important to process learning and development towards complex problem solving, technologies, better interpersonal skills, etc. A good upskilling strategy can help employees provide better services that encourage positive word of mouth.
Upskilling and employee development need proper planning. The entire learning journey from analyzing the skill gap to filling it needs to be personalized that makes it effective and engaging.
It is imperative to have a clear understanding of the skill set required to perform well in the fintech environment and build upskilling strategies around it. A clear map for skilling and development helps in upskilling current employees and training new hires.
Banks and financial institutions are the significant pillars of the Middle East economy. The pressure is high and the time is less. Moreover, the surge in fintech has added challenges for the banking and financial workforce.
Micro-learning can be a great way to upskill the employees. Banks and financial institutions can quickly impart the necessary knowledge in bite-sized courses that help the employees in delivering a positive experience.
The employees can easily digest and retain nuggets of information whenever they want and on any device they prefer. Concise learning material with appealing visuals and premium content can be apt for the banking and financial institution workforce to learn more in less time.
Make learning and development a continuous focus
Fintech trends keep changing. This is why continuous learning and development are pivotal to upgrade the banking and financial institutions’ skills. Learning should seamlessly merge with their work. Training in the flow of work can help employees strike a balance between their routine tasks and learning without interrupting their work making them hyper-productive.
A solution like Disprz can be of great help in providing continuous skilling and development to the employees. It helps in amplifying on-the-job productivity through mobile-first automated workflows. This advanced tool has a robust skilling architect and harnesses the power of AI to generate tailored learning by curating the most relevant learning materials that can help employees fine-tune their skills as per the changing fintech trends.
Customer loyalty is crucial for banks and financial institutions in the Middle East. Gamification is a powerful mechanism to make learning fun to improve employee performance for offering better service and building trust and lasting relationships with the clients. Gamification can engage and help in conveying complex fintech-related information in a simpler way.
89% of employees claim that if a task is gamified, they feel eager to complete it and are in a competitive mood. – source
Through polls and quizzes, banking and financial institutions can impart information and test the participants’ knowledge. Through rewards, employees can be motivated to work harder and fill the skill gaps.
Monitor results through analytics
Banks and financial institutions would like to know if the time and efforts invested in upskilling are reaping fruitful results or not. The best way to find this is through skill analytics. Insights gathered through skill analytics can help in making more informed decisions in real-time.
If the courses aren’t interesting the employees won’t complete them. So, it helps in measuring the effectiveness of the upskilling programs to take timely actions. An advanced tool like disprz offers a visual analytics dashboard to track important metrics more clearly. It is easy to identify the problem areas through visually appealing graphs to fix them before it is too late. Need to know more about skill analytics and how it can help your banking and financial employees? Talk to us and we will guide you.
Banks and financial institutions in the Middle East are more customer-oriented. And employees are the face that customers recognize. Upskilling can help employees capture every opportunity that comes their way to offer a better experience to the clients. So, the banking and financial sectors need to pay more attention to the learning and development of the employees.