Today's financial institutions are facing a competitive talent landscape, and banking leaders need to support their organizations and employees by building critical skills using the latest technology. By addressing skills gaps with VR training, banks are increasing productivity, decreasing onboarding time, and enhancing client experiences.
With VR training, financial organizations have standardized and scaled effective learning that employees prefer and remember. VR puts associates in real-world situations to apply what they learn, which increases long-term knowledge retention and boosts confidence to offer memorable experiences for clients.
Fraud is a multi-billion dollar problem. But inconsistent training across consumer branches makes it challenging to reinforce fraud detection with associates. There’s a big difference between reading the steps to detect check fraud, and actually applying those steps under pressure with a real customer. VR training gives cash-handlers that realistic practice, but without the costs of actual fraud. In the headset, they learn the proper detection techniques, then face real customers to apply their learnings. VR gives cash-handlers the confidence to follow the process and address issues effectively on the spot.
Today’s financial institutions have a unique opportunity to change the paradigm in how they train and upskill the workforce. Read our ebook to dig into how VR is providing critical benefits that help financial institutions tackle their biggest workforce challenges.
A powerful way to improve customer service in the contact center is to humanize customers on the phone. VR training builds empathy by placing learners into a virtual contact center to help understand the impact of listening and helping customers through real-life scenarios. VR helps bring them to life as more than just a voice on the other end of the line, and helps boost customer satisfaction scores.
Throughout the training, the employee is ‘transported’ between the call center and the customer’s living room to view the environment, facial expressions, and personal perspective.
-VP Emerging Technologies, Leading financial institution
Providing customer service offers a detailed view into a banking customer’s life, which consistently tees up cross-selling opportunities. But customer service associates are not always prepared to discuss additional products and services with the customer, or they lack the confidence to do so. With the realistic practice that VR training provides, associates get mental repetitions to handle these scenarios – listening for the right cues, how to mention certain products, and what to do if a customer isn’t interested. For these kinds of selling skills, VR training is realistic practice in a safe environment.
As Financial Services organizations adjust to rapidly changing standards for workplace and customer safety, implementing new processes and/or equipment means retraining associates at lightning speed. With VR training, associates get hands-on learning and practice performing safety processes, which shortens their time to proficiency. More importantly, associates are on the floor contributing sooner because training times are significantly reduced – in some cases, from an entire day down to 15 minutes.