In 2021, the percentage of U.S consumers using Fintech rose to a record high of 88%. According to a recent survey, Fintech is now one of the most adopted technologies in the consumer market and customers are flocking to fintech apps in order to save money, feel more in control of their finances, and increase connectivity to their bank accounts and digital apps.
With the financial landscape changing at a rapid rate and becoming increasingly involved with technology, we have seen the rise of emerging spaces in Fintech such as digital banking, cryptocurrency, contactless payments, investing apps, robo-advisors, data analytics and cybersecurity. With all of these new technologies, fintech customers are in dire need of education to keep up with the changes, and fintech companies have the opportunity to provide it to better increase product adoption and customer retention.
To keep customers engaged with your organization’s products and services, it’s important to avoid letting your customer training fall into the “boring” category and make the learning experience as dynamic and engaging as possible. With the Fintech industry growing at an astronomical pace (reaching $210 billion worldwide by the end of 2021 and expected to hit around $305 billion by 2025) its learning needs are growing just as fast.
Fintech: A Snapshot
Fintech, as the name implies, is a term that describes financial technology. Once upon a time, it was used to label businesses that created and delivered the hardware and software used by the financial sector. But with customers demanding more tech-enabled services, banks, insurers, investment firms and lenders have jumped into the fintech world too.
The landscape is expanding quickly across verticals like lending, accounting, digital banking, cryptocurrency, contactless payments, robo-advisors, data analytics and cybersecurity. And just as quickly as that landscape changes, so do the customer demands and regulations that surround it.
Nowadays, legacy systems are being replaced with simplified, state-of-the-art and best-in-class solutions that keep up with these trends. At the same time, products and services remain relatively complex.
The Basics of Fintech Customer Education
The traditional approaches to learning – think long in-classroom sessions, dense reading and ad-hoc video – don’t cut it anymore in an increasingly digital world. That goes double considering the recent uptick in remote and hybrid work within financial organizations.
When it comes to educating your customers on your fintech product or services, your learning and development teams need to support many different needs with new methods of learning delivery, including:
- Onboarding: When new customers sign up, they need to learn all the details of your product, operating procedures, policies, regulations, and/or compliance requirements.
- Upskilling: As the landscape changes, new features are released, or new knowledge is required for your customers. Investing in developing those skills helps retain the best customers.
- Training: Customers need to maintain their current knowledge as well as learn new feature releases, processes and policies.
Does your Fintech Product Have These 6 Must-Haves?
A learning management system is an effective tool to engage learners and achieve better learning outcomes. Using an LMS to deliver education and training allows companies to create custom courses, deliver them online and measure learning outcomes – all unified on one platform.
No two LMSs are exactly alike, however. Picking the right one is a balancing act between reducing the costs to purchase and operate, and providing the best fit for educating your fintech organization. To help you weigh your options, we have six LMS must-haves to share:
Learning needs to change as fast as the latest tech. Choosing an LMS that offers simple course creation means you can get training up-and-running in a jiffy. Streamlined course management and maintenance count too, as you swap out old content with the latest-and-greatest information.
Online, on-demand delivery means you don’t have to book a room, bring in an instructor, or block time in everyone’s schedule. It means your customers can move forward at their own pace, or revisit lessons when they’re dealing with complex topics.
You can only fit so many people in a boardroom. And you can only run so many trainings in a year. Zoom or in person training might suit your needs when working with smaller organizations, but as your portfolio grows, planning and implementing education becomes more of a hassle if you don’t have a solution that can accommodate more learners.
Learning needs look very different for the different customers that engage with your product or service – not everyone needs to know the nitty-gritty technical details, but some certainly do. A customizable LMS gives you the ability to create whitelabeled experiences to meet all of your stakeholders learning needs – or to sell B2B.
Your LMS should provide robust tracking and measurement about who has done which courses, when they did them, and how well they did. Not only is this data helpful to measure training and onboarding, but it can also help you measure the effectiveness of your courses. LMS reporting can also help you correlate learning with customer success and product adoption.
Your LMS may need to meet certain regulatory standards around data privacy and protection. Look for an LMS that offers features such as access management, encryption, endpoint protection, Single Sign-On OpenID and enterprise-grade support service-level agreements.
The Benefits of Effective Fintech Education
Selecting the right LMS (and subsequently implementing it) isn’t something that should be done in a vacuum. You’ll need to consider your organizational learning goals along with the learning needs of your customers’ teams, the IT requirements to roll it out, communications to get people on board and the content creators who will make your courses shine.
The support team from the LMS you choose can make a huge impact on how quickly and effectively you can set up education within your fintech organization.
Once you select the right LMS for your organization though, you’ll like what you see.
- Lower costs: Not only is online learning generally cheaper to implement and scale than in-person alternatives, but it can also help avoid the costs associated with compliance and regulatory risks.
- Better retention: The complicated concepts that come with your product or service in the financial industry can be tough for your users to appreciate the full value of your offering. An LMS can activate your customers faster by helping them see the full value in your offering with effective training – and staying longer.
- Saved time: Getting a lot of requests on that one nagging topic? Create a program for it and help your users help themselves. Your support teams will thank you for it when they can focus their efforts where they add the most value.
- Deeper insights: Knowing exactly what works and what doesn’t means you can focus and hone your training to the point of (near) perfection.
Fintech can be complex. Fast-changing. Heavily regulated. Data-driven. But with the right educational tools by your side, you can educate your customers with ease. That’s why Thinkific Plus is a perfect fit, giving you the ability to create immersive and engaging online education experiences for your organization’s stakeholders and customers with dynamic tools such as live lessons, assignments, certificates, quizzes and more.
How can we help your fintech business? Our experience supporting fintech businesses speaks for itself. Look no further than BankersHub®, a financial services training company that has reached more than 150 corporate clients with over 1 million course enrolments. Or check out Corporate Finance Institute, an online academy offering financial programs and certifications to students from over 170 countries.
If you are ready to help your fintech business reach the next level of success, learn more about how Thinkific Plus can help you achieve your goals today.