Stratbeans has developed a cloud-based assessment platform for the banking, financial services, and Insurance Sector (BFSI). The platform helps to streamline the employees’ assessment process and introduce a more systematic approach for faster and more accurate decisions on employee training plans. The solution helps to certify the manpower in various fields to boost the organization’s overall efficiency, technology adoption, change-overs, and knowledge management. After the assessment, the platform links up two value added options for upgrading the competency of employees. First, is a coaching environment using live role play, and the second is competency augmenting recommendations, to strengthen the skill, knowledge, and behavior triad.
The BFSI sector has grown in importance by supporting all the other sectors in the current environment, making it imperative for BFSI organizations to evolve their employee training programs and practices. BFSI, comprising all Banking, Insurance, and Non-Banking Financial Institutions, represents a major chunk of the multi-billion dollar Indian economy. The banking industry, per se, holds a place of pride in contributing nearly 7.7% to the national GDP. Besides that, banks are the prime employment generators for almost 1.5 million people in the country. Since its contribution to economic growth is so high, it becomes even more important that mandatory compliance training is provided to the teams effectively.
Commenting on the same, Prasoon Nigam, CTO & Co-founder, Stratbeans, stated, “The banking sector is in midst of a technological revolution, witnessing fast-paced changes in products and services, requiring customer education and compliance with regulatory frameworks. Interestingly the pace of change is increasing in the entire BFSI domain and in order to train employees adequately, it is important to understand the evolving training needs and competency gaps. It is equally, if not more, important to give learners an advanced platform with an engaging user experience. Through our platform, we are giving an opportunity to all employees to contribute to the capability development on one hand, and on the other, we are giving organizations powerful tools to correctly evaluate employee performance and link it to desired competency level for required business outcomes.”
Undeniably, there is a digital skills gap, which is most apparent in new tech-driven roles, as BFSI companies struggle to fill the void in specialties like UX design, data analytics, AI, and cybersecurity. Stratbeans’ cloud-based assessment solution is backed by AI-based evaluation technology, allowing companies to get a clear view of their organizational skill matrix and help them in planning for the future.
Another aspect of this cloud-based assessment solution is that companies can know the specific skill levels down to an individual, and then bring in peer learning and training through collaboration. Stratbeans’ solution extends the learning platform by including engaging informative and interactive content that evokes more interest from learners and ensures higher retention of concepts. The improvements are reflected in statistical and analytical reports to enable close monitoring for determining the gaps and taking corrective actions.
Stratbeans’ assessment engine not only evaluates and improves the cognitive abilities, skills of employees but also allows the companies to coach and devise better hiring strategies to find employees with specific skill sets that match the requirements of each job role.