The 7 Learning Trends that are Shaping the Future of Financial Services
In the fast-paced world of financial services, staying ahead of the curve is not just a competitive advantage – it’s a necessity. As an executive in the industry, understanding and embracing emerging learning trends is crucial for both personal and organizational growth. Let’s delve into some of the key learning trends that are shaping the landscape of financial services.
1. Data literacy and analytics
Data has become the lifeblood of the finance sector. Executives need to ensure that they not only understand but also leverage the power of data science and analytics. Training programs that focus on data literacy can teach teams how to derive meaningful insights from the vast amounts of data at their disposal. A focus on AI and Machine Learning in corporate training programs is key, as these technologies are increasingly used for risk assessment, fraud prevention, and data-driven decision-making in finance.
2. Cybersecurity awareness
As of 2022, more than 75% of American adults preferred digital banking to in-person, and that number has undoubtedly grown as financial technologies become more sophisticated. But, with great technological advancements come greater risks. Financial institutions are prime targets for cyber threats, and executives must be well-versed enough in cybersecurity to understand and reduce those risks throughout their organizations. Learning programs that train teams how to identify and mitigate cyber risks, while promoting a cyber-aware corporate culture, are essential for safeguarding sensitive financial data.
3. Regulatory compliance training
Navigating the intricate web of financial regulations is an ongoing challenge for leaders in the financial services industry, especially since regulatory compliance varies by region and is subject to change. Building a compliance training program and choosing a Learning Management System (LMS) with automation and reporting features can help organizations easily monitor employee progress, identify areas of improvement, and generate reports for management or regulatory purposes.
4. Blockchain technology
The blockchain revolution is underway. This technology has the potential to drive major innovations within the financial sector, which is why learning leaders within finance need to ensure that their teams grasp the fundamentals of blockchain technology and understand how it is transforming traditional financial transactions. Moreover, staying informed about the evolving landscape of cryptocurrencies is crucial for navigating the potential disruptions they may bring.
5. Creating continuous learning opportunities for Gen Z
The financial services industry faces a unique challenge in terms of perception, with younger generations of workers distrusting or outright dismissing banking or finance as a viable career option. According to Earnst & Young, Gen Z will account for 27% of the workforce by 2025. LinkedIn’s 2023 Workplace Learning report found that 18-34 year-olds value opportunities for career growth, learning, and skill building more than their older counterparts. While preferences and expectations may vary across a multi-generational workforce, the importance of continuous learning for attracting new talent to the financial sector can’t be overstated.
6. Integrating Environmental, Social, and Governance (ESG) principles
If executives are looking to attract and retain the next generation of finance workers, then driving social impact has to be their next big priority. For 93% of Gen Z jobseekers, social impact is a major factor in their decision to accept a role. In short: social good is not just a buzzword; a financial organization’s commitment to Environmental, Social, and Governance (ESG) principles can go a long way in bolstering both its internal and external reputation. Finance organizations should be integrating ESG principles and practices into their learning programs, through courses that promote sustainability in finance, Diversity, Equity, and Inclusion, and other core principles that foster sustainable and equitable financial practices. These principles should be woven into the culture of the organization through onboarding and continuous training.
7. Customer-centric employee training:
In an era of digital transformation, customer expectations are evolving rapidly. Executives in the finance sector must prioritize customer-centric training programs that focus on enhancing customer experience, understanding behavioral economics, and leveraging technology to meet the ever-changing needs of clients. Courses that focus on critical thinking, problem solving, and decision-making could better prepare customer service teams in financial services, who are facing more pressure than ever to deliver superior customer service.
The financial services industry is undergoing profound changes, driven by technological advancements, regulatory shifts, and evolving customer expectations. Embracing these learning trends is not just a strategic move; it’s a proactive step towards ensuring long-term success in an ever-changing landscape. Staying informed and continuously investing in your team’s professional development may benefit your bottom line while also contributing to the resilience and growth of your organization.