Building trust in financial services
The securities and investment sector has grown beyond all recognition in this region over the years and those working to secure the financial future of their clients have much to be proud of. However, our industry is scrutinised critically for its conduct all over the world, and there is no place for anything other than the highest standards of both service and ethical practices, that puts the needs of customers first. This is not just about regulation, professional development and learning have a key role. Financial services advisers need to show that they are not just qualified, but that they keep their skills and knowledge up- to- date and value the importance of professionalism in all that they do. In a sector where information is leverage and mistakes can cost millions, Continuous Professional Development ( CPD) is key to building that trust and to the sustainable growth of the financial services profession.
While most financial services institutions in the region are keen to adapt global standards of professionalism — the effective combination of knowledge, skills and behaviour — they are perhaps not aware of the opportunities available to them to ensure their staff have access to the latest qualifications and to Continuous Professional Development ( CPD) workshops or similar upskilling opportunities.
With increasing changes in the financial services industry, investment professionals and wealth managers across the region need to adapt, especially when it comes to upgrading their skill set for career growth. There is a high demand of new skills to reinforce UAE’s economic stability, making it imperative for financial professionals to seek continued learning to keep up with the industry.
Online learning, or more commonly known as e- learning is making its way to the forefront of the industry to support this need as it comes with convenience and accessibility to professional learners. According to research from ‘ Research and Markets’, the global online learning market is expected to grow to $ 325 billion ( Dh1.193 billion) by 2025, of which, the Middle East is a key contributor to growth.
One key factor in favour of e- learning is cost. Running an e- learning programme costs significantly lower than a traditional course in a classroom. In the fast- paced world of finance, where working long hours is the norm, classroombased education, with its rigid schedules, is disruptive to workflows and productivity. E- learning allows professionals the opportunity to educate or upskill themselves at their own pace, between client and board meetings, when work winds down and the market closes for business. Having a smartphone also ensures on- the- go learning and prevents commuting which, of course saves time, money and offers less disruption to work. E- learning allows course materials to be shared electronically, allocating more time to learning and development.
E- learning is also self- paced, which means professionals have the option to immerse in particular lessons according to their time preference. They can easily apply their lessons to a task they are working on, providing real- time applications of knowledge towards work.
Positive impact on learning behaviours
Research also supports that e- learning provides a positive impact on learning behaviours. Effects include having a better attitude towards learning brought by convenience and customisability, better long- term retention due to selfpaced delivery and improved scores correlating with focus and concentration as the learner can choose the place and time of delivery.
E- learning also facilitates privacy and control. Financial organisations have a myriad of internal procedures and confidential documents that should never be ‘ outside’ the company. With internet- based learning, courses can be arranged in a tightly controlled manner providing fine- grain access only to the right employees. For financial organisations operating in multiple cities, countries, offices and branches, e- learning allows to deliver training to all locations from a single deployment, that the firm’s IT department can easily manage, monitor and secure.
Lastly, the financial industry is not a static environment. In fact, it’s perhaps the most dynamic sector of the knowledgebased economy, with each day and week bringing unique challenges and changes ( especially in areas such as compliance training). This means a lot of the learning material has to change frequently to adapt to new developments in the market. This is another area were e- learning beats classroom- based sessions that need printed textbooks, specialised instructors and a pre- defined lesson schedule. Central, web- based courses make updating e- learning material quick and seamless.
For an ever- evolving, knowledge- driven industry such as finance, training is a matter of survival and adopting elearning is critical to success. Considering the demand of the ever- evolving finance sector in the UAE, e- learning is valuable to professionals in securing their skills and preparing for new technologies and paradigm shifts as the global and regional economies continue to grow.