New financial advisor legislation training means reading pages and pages of legislative jargon and regulations, doesn’t it? When new regulations came into force in New Zealand, Kineo Pacific created an elearning solution for all staff in three Australasian banks including ASB Bank.
Each bank chose to use a blend of elearning with face-to-face training to facilitate the distribution of new knowledge and skills. Elearning was the perfect answer to distributing new learning to staff nationally and within a short time period. There was simply no way that armies of trainers could have gone out and facilitated these changes in time and for a reasonable cost.
Making it real…
We take our hats off to financial analysts and legal departments who sift through regulations to ensure that business practices are adhering to ‘the rules’. It’s a detailed job and someone has to do it! However, when it comes to explaining what the legislation means to someone’s day-to-day job, then the art of the instructional designer comes into play.
Our instructional designers worked with business experts in each bank to understand the impact of the changes, and what that meant for processes and job roles. They also helped to define the key outcomes and performance expectations.
There were many different types of outcomes to cover: new concepts, differentiating service types, new processes, decision making, and more! We used a mix of graphical and text interactions to get over new concepts because legislative subject matter can often be very wordy. It was important to help learners recognise what they could now offer in their job role, as well as supporting them to practise making the correct decisions for specific customer needs. Our approach builds up new concepts until finally challenging learners in real situations they might encounter. ASB Bank chose to use audio explanations to support on-screen text and graphics to vary the delivery.
More than just content...
We can’t ignore the fact that when change happens, it is never about ‘reading the manual’. Changing practice means changing behaviour. By using online situations and scenarios, we build in the emotive side of learning; facing the consequences of not making the correct decisions is always a powerful strategy. After all, not getting it right would have serious financial and reputational consequences for the banks.
Working with the three banks on this initiative meant they could benefit from our knowledge of the regulatory concepts and reusability of the instructional design approach, even though some of the detail of the modules would be different for each organisation.
Hundreds of banking staff in all three banks across New Zealand were ready to go by the time new legislation came into force! Online modules helped to get the key changes and new concepts across – with short online scenarios helping staff to test their understanding of the situations they would face on a daily basis. A blended approach proved to be the most cost-effective way of handling the large volumes of training over the short time period before the new regulations came into force.
If you'd like to transform your approach to compliance training using blended learning, download our free guide "Compliance: Blended Learning That Works" today.