In the fast-paced world of finance, employee training is a vital component for success. Ensuring that employees are well-prepared to handle situations ranging from sales and customer service, through to complex challenges like fraud investigation, is critical for maintaining a competitive edge in the market.
Traditional methods have limitations – face to face training is costly and time intensive, standard elearning is seen as dull and ineffective. This is where interactive video branching scenarios come into play, offering a dynamic way to deliver better results. In this blog post, we will explore why interactive video branching scenarios work exceptionally well for financial companies: improving engagement and knowledge retention.
The power of interactive video branching scenarios
Interactive video branching scenarios are a unique training tool that allows employees to actively participate in the learning process. These scenarios are designed to mimic real-world situations, providing employees with a safe environment to practice their skills and make decisions. This method is particularly effective in the financial sector due to its high-stakes nature, where the slightest error can have significant consequences. Let’s dive deeper into why this approach is so effective for financial companies.
Enhanced engagement
Engagement is crucial for successful employee training, and interactive video branching scenarios excel in this regard. Traditional training methods often involve passive learning, such as reading manuals, clicking through an online course or attending lectures, which can lead to disengagement and decreased retention. Interactive videos, on the other hand, captivate the learner’s attention by immersing them in realistic scenarios.
For example, consider a fraud investigation training module. In an interactive video branching scenario, employees might be asked to navigate a simulated fraud case, making decisions at key points to uncover the truth. The dynamic and engaging nature of such scenarios not only makes learning more enjoyable but also ensures that employees are actively participating, leading to better knowledge retention.
Realistic application
One of the key advantages of interactive video branching scenarios is their ability to mimic real-world situations. Financial employees often deal with intricate issues that require critical thinking and decision-making skills. By placing them in lifelike scenarios, such as handling a customer dispute or engaging around a sales process, employees can practice and apply their knowledge in a risk-free environment.
In customer service training, for instance, an employee can interact with a virtual customer who presents a challenging situation. This allows the employee to explore different responses and consequences, learning from their decisions and improving their problem-solving skills. When employees eventually face similar situations in their work, they are better prepared to handle them effectively.
Immediate feedback
Interactive video branching scenarios offer the advantage of immediate feedback, which is invaluable for learning and improvement. Employees can see the consequences of their decisions in real-time, helping them understand the impact of their choices. This instant feedback loop is particularly useful in the financial industry, where errors can result in financial losses or legal complications.
For example, in a fraud investigation scenario, an employee may choose to follow a particular line of inquiry. If this choice leads to an incorrect conclusion, they receive feedback that explains the mistake and provides guidance on how to improve. This iterative learning process allows employees to refine their skills and make better decisions, reducing the risk of errors in real-life financial transactions.
Better knowledge retention
Interactive video branching scenarios have been shown to significantly enhance knowledge retention. According to a study published in the Journal of Educational Psychology, interactive learning methods, including branching scenarios, can lead to a 15% improvement in retention compared to passive learning methods. In the finance sector, where up-to-date knowledge is paramount, this can be a game-changer.
The dynamic nature of interactive video branching scenarios ensures that employees are actively involved in the learning process. As they make decisions and experience the consequences of their choices, the information is more likely to stick in their memory. This is particularly vital in financial companies where employees need to stay abreast of constantly changing regulations and market trends.
Interactive video branching scenarios offer a powerful training solution for financial companies, particularly when it comes to training employees in fraud investigation and customer service. The engaging, realistic, and feedback-driven nature of these scenarios leads to improved engagement, better knowledge retention, and enhanced skill application.
By embracing this innovative approach to employee training, financial companies can equip their workforce with the skills and expertise needed to excel in the fast-paced and complex world of finance. As the industry continues to evolve, investing in cutting-edge training methods like interactive video branching scenarios becomes not only a competitive advantage but a necessity for success.
Near-Life is designed to make the creation of interactive video branching scenarios quick and easy. To find out how the platform can help with your learning needs book a demo now.