People working in the Fintech industry are aware that there are a lot of rules to which companies in the field need to be compliant. Nevertheless, accidents occur, and managers are doing their best to make sure their employees are well-prepared and aware of the regulations in the industry to avoid any others. For this purpose, they rely heavily on compliance trainings, which are often created with a one-size-fits-all approach in mind. But are traditional compliance trainings becoming outdated?
Curious about how traditional and modern compliance training differ from each other? Download our free Fintech Infographic to see more insights!
Why should compliance trainings be fun in the first place?
Compliance trainings serve as prevention of breaching specific laws and regulations imposed on Fintech. As the consequences of such non-compliances are extremely harsh, it is crucial to avoid them as much as possible. Only in the first half of 2020, fines regarding anti-money laundering trainings reached the mind-blowing amount of 580+ million euros.
It's shocking to see that close to 80% of businesses globally suffered from increased numbers of cyberattacks because of the switch to working from home. What's more is that more than 40% of people aren't sure of their capabilities of protecting their company.
So, why is it so important for compliance trainings to be interesting? When engaged and entertained, employees are more attentive hence digest information easily. Better trained employees = better-secured company, lower risk of lawsuits, improved customer relations, and more. This is why compliance trainings should be seen as an investment, not an expense.
How can I make my compliance training engaging?
Today we are highly reliant on online content. According to Deloitte, Fintech employees spend 8.1 hours/year in compliance trainings. To get meaningful results, we need to provide comprehensive content yet make it fun and engaging. How?
- Setting values: Compliance culture has to come from the top – leaders have to openly communicate the organization’s values. They should be setting the example, going through the trainings and adjusting their work habits, to encourage and inspire employees to act the same way.
- Self-paced courses: Consider group VS individual study –group trainings take longer than individual ones. Mobile and self-paced learning is the standard today.
- Experiential learning: Simulate real-life scenarios to create a proper environment for meaningful information to be passed on. Interactive classrooms are an effective method for higher engagement.
- Fit-to-role: Custom fit it to your employees' roles - Show employees how regulations can be applied to their day-to-day work to improve their motivation and understanding.
- Regular updates: Your courses have to be relevant to the latest regulatory requirements as training is a continuous process.
Here are some tips & tricks that Melon Learning suggests for you to make your trainings more interesting:
- As compliance trainings can be a tedious exercise, why not reward those who went through it? Maybe some public appreciation or even a small gift card?
- Human brains usually assimilate visuals faster than text, so it’s only logical to include more beautiful graphics into your courses!
- Gamify the experience – you can add leaderboards, badges, trophies, anything that can push your employees the extra mile further!
Here are the numbers to prove it as reported by a JoyTunes research:
- Close to 80% of people prefer gamification in learning and think it will improve their productiveness
Improving your traditional compliance training by tailoring it, updating it, and making it more engaging can save you a lot of money and have a high ROI. Interested in learning more about transforming and modernizing your compliance training? Download our infographic.