The banking, financial services, and insurance (BFSI) industry has witnessed tremendous evolution in recent years, driven primarily by digital innovation. Contrary to what people think, technology is an enabler for business and to leverage it in an optimum manner requires the right talent and a conducive environment.
From recruitment to onboarding, continuous learning, ongoing lifecycle needs and queries addressed, performance management, rewards and recognition, employee pulse gathering, employee retention, people analytics, and post-offboarding engagement, technology-driven solutions are enabling BFSI companies to streamline and personalize every phase of the employee lifecycle.
Enhanced Employee Lifecycle Management
Modern BFSI firms are adopting integrated, technology-driven approaches to recruitment and offboarding, ensuring a personalized, consistent, and engaging experience for employees at all stages. This holistic approach enables organizations to create a supportive and transparent environment, essential for both retaining talent and maintaining brand reputation.
A digital-first approach ensures that employees experience seamless transitions, contributing to overall productivity and satisfaction. For instance, integrated AI tools now support 60% faster candidate matching in recruitment, leading to reduced hiring times and improved onboarding experiences.
Moreover, managing an employee from hire to hire in a single platform necessitates the integration of technology. A sustainable integration strategy accelerates and simplifies this process, making it more efficient and effective.
Innovation through Hackathons and Challenges
To foster a culture of learning and innovation, BFSI companies are increasingly introducing hackathons and innovation challenges. These events bring cross-functional teams together to creatively solve real-world business challenges, driving both collaboration and practical problem-solving. Banks such as Barclays, JP Morgan, and Wells Fargo, amongst others have leveraged hackathons as a way to unlock innovation.
Further, providing developers with access to a repository of technical blogs, documentation, and curated projects aids in reducing time-to-productivity. This community-oriented approach supports developers’ ongoing learning and skill advancement, further enhancing their experience and fostering a collaborative work environment.
Mobile-First, Self-Paced Induction platforms and learning apps for Continuous Employee Development
One emerging trend is the adoption of mobile-first, digital business induction platforms along with learning apps to upskill employees. These auto-assigned platforms provide new hires with role-specific, bite-sized learning videos that can be accessed anytime, anywhere, making Day 1 job readiness achievable.
Also, the system tracks completion rates, and an assessment-based certification ensures content absorption. Such platforms cover critical topics, from compliance to role-based learning, providing a standardized onboarding experience across teams.
Tracking completion rates and providing assessment-based certification, these platforms ensure uniform onboarding experiences, covering topics from role-specific learning to compliance requirements. A recent study found that mobile learning increases job readiness by over 20 per cent compared to traditional onboarding methods, highlighting the impact of a streamlined, digital onboarding experience.
Besides digital onboarding, companies are turning to mobile learning apps as a comprehensive solution for employee training. Accessible from any location, these platforms provide a wide range of curated learning modules that can be tailored to specific roles, helping employees’ upskill and stay informed. From self-paced courses and interactive videos to assessments and certifications, these apps cater to diverse learning needs.
According to a recent survey, 85% of employees reported improved job performance when given access to mobile learning tools, underscoring the effectiveness of on-the-go learning.
A new perspective on wellness
The 2022 National Wellbeing Survey by Aon India showed a positive trend in well-being investment, with 81% of Indian companies reporting an increase in such investments compared to the previous year. Furthermore, 78 per cent of these companies recognize a growing need for emotional and well-being support in the workplace.
A well-rounded approach to well-being, with policies and initiatives that promote mental, physical, social, and financial wellness for employees, is essential. Technology will also play a crucial role, from digitizing wellness tools to providing personalized wellness solutions based on individual employee needs.
As the BFSI sector continues to embrace digital transformation, technology-driven solutions are setting new standards for workforce management, learning, and development. From mobile-first induction platforms to hackathons that spark innovation, to the usage of generative AI-based capabilities as part ofthe recruitment and pulse-gathering tools, these trends are enhancing both employee experience and organizational productivity.
The BFSI industry’s commitment to technological advancement ensures that employees remain agile, engaged, and well-equipped to meet the dynamic demands of the industry.
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