Page 28 - BANKING FINANCE MARCH 2024

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training is essential to ensure employees understand and tangible impact of training on employee performance
adhere to regulations such as anti-money laundering and organizational success.
(AML), data privacy, and consumer protection laws. Resistance to Change: Implementing new training
Ensuring training programs effectively cover the initiatives or introducing changes in training methods
necessary compliance topics and keep pace with can face resistance from employees or stakeholders.
regulatory updates is very tough and challenging. Overcoming resistance to change and fostering a culture

Technological Advancements: Banks are adopting new of continuous learning can be a challenge. Effective
technologies and digital solutions to enhance their change management strategies and communication are
operations and customer experiences. Training crucial to address resistance and gain buy-in from
employees to effectively use and leverage these employees.
technologies, such as online banking platforms, mobile
apps, and data analytics tools, can be a challenge due Conclusion:
to the pace of technological change and varying levels With the above discussion about need and importance
of digital literacy among employees. Learning and Development in banking, we find a conclusion
Diverse Workforce: Banks often have a diverse that learning and development play an essential and crucial
workforce with employees from different backgrounds, role in the development of any bank. It is the department
skill levels, and learning styles. Designing training that looks after the Human Resource Development and
programs that cater to the diverse needs and provide ample opportunity to each and every employee as
preferences of the employees is the biggest challenge per their skill set and career planning. Though on the way of
for learning and development. learning and development there are many challenges like
attitudinal aspects of employees, understanding emotional
Time and Resource Constraints: Banks operate in a
level, finding skill gap, Ethical challenges etc. yet planning and
fast-paced and demanding environment. Allocating time designing of appropriate training program and its practical
for employees to participate in training programs can content helps the department to overcome the issue.
be a challenge, especially when balancing their regular
work responsibilities. Additionally, dedicating sufficient In rapid changing environment of banking especially in
resources for training, including budgets, training technological front learning and development makes all its
facilities, and qualified trainers, can be a constraint for effort for upskilling of its employee and make them remain
some banks especially small and mid-sized banks. competitive. It is not one time process rather it is a
Measuring Training Effectiveness: Evaluating the continuous and systematic process of acquiring knowledge,
impact and effectiveness of training programs can be skills, and competencies that are relevant to the banking
challenging. Determining the appropriate metrics, industry. Introduction of Digital learning, Mobile app-based
capturing data, and analysing the outcomes to measure learning, Learning through LMS portal etc has changed the
the return on investment (ROI) or training effectiveness learning curriculum from physical to phygital and increase
can be complex. The challenge lies in aligning training the learning avenues for the employees.
outcomes with business goals and demonstrating the Changing banking environment has changed the learning
and development also in bank and made it more agile and
robust for the employees. Now it is the important duty of
Learning and Development to come up with new and
innovative methodologies of training which creates interest
in employees in learning and delivering and they feel more
empowered while they discharge their duties in the field.

Hence, we can say that Learning and development plays one
of the important key roles in development of any
organisation which develop the sound culture within the
organisation that makes the organisation profitable and
employees happy and satisfied.

26 | 2024 | MARCH | BANKING FINANCE