How an eLearning Course launched a New Business Channel

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Customer Profile

Our client is among India’s premier integrated financial services providers backed by a big financial conglomerate of South India. Our client has a wide network of over 140 branches, presence in more than 200 locations across the country serving more than 10 lakh customers under various financials category. They are professionally managed and supported by the knowledge, expertise, guidance, and experience of over 700 employees and a large group of business associates engaged in Fixed Deposit business and marketing activities. They empower customers by facilitating financial tools to grow wealth. grow wealth.

Business Need

Our client has various channels to distribute and sell financial s like Life Insurance, General Insurance, Deposits, Mutual Funds etc., To fulfill the organisation’s vision of facilitating financial s to improve the protection and prosperity of customers a new business segment called ‘Wealth Management Channel’ was proposed by the Top Management. This channel would consist of Top Sales professionals who are Subject Matter Experts in the field of Finance and Finance related s. They would play the role of wealth advisors by planning and maintaining Customer’s financial portfolios. Our client identified the Top Salesmen in the organisation with the potential to become wealth managers.

The Challenge

• Client operates in 2 tier/3 tier cities and Towns and hence the customers lack knowledge of financial markets and s and hence wealth advisors have to be well trained to handle such customers
• The selection of wealth managers had to be made purely on knowledge with evaluation metrics to justify the selection
• Employees of the client are usually experts in one portfolio and do not possess knowledge & skill to handle multiple financial s
• Provide opportunity to maximum sales people to learn and prove their potential to become wealth managers

The Challenge

Considering the client’s business challenges we conducted a Business Requirement Analysis and proposed solutions which can yield them better and efficient results with great ROI.

We proposed a simple yet powerful solution to solve internal job promotion needs. A “Wealth Management” self-paced eLearning Course that was designed, developed and offered to a handpicked group of the existing sales force.

• The course would have 3 levels and certification would be done at the first 2 levels
• The top 10 scorers in Level 1 assessments will be selected to administer the Wealth Management Channel
• Level 2 would be offered to employees who get certified on Level 1 and the wealth management channel will be strengthened based on the upcoming certifications in Level 1 and Level 2
• Employees who get certified on Level 2 would be eligible to access Level 3 course which would be a case based and scenario based learning to reinforce the financial concepts applied at work
• Level 3 would be perpetual as the scenarios will be updated periodically based on Industry updates and hence the learning will be unceasing

Wealth Management – The Course

The most important asset of this model was the course. The course was designed in such a way that it covers all the fundamentals in Level 1, advanced learning in Level 2 and application of Learning in Level 3.

The key feature of the course is that it was developed and designed to cater the needs of 2 tier and 3 tier customers of our client. The examples, case studies and scenarios used were customised as per the inputs provided by the Client’s Management team and SMEs.

Course Curriculum

Level 1 – This level covers the basics of Financial Planning, Economics, Investments Options, Regulations and Taxation.

Level 2 – This level covers Risk Management, Investment Planning, Retirement Planning & Estate Planning.

Level 3 – Case Studies and Scenarios

The Learning Platform – Axle LMS

The E Learning modules were launched in myCoach which is a versatile Learning Management System swarmed with powerful features and tools

• Provision to upload any type of content – SCORM/Videos/Documents/HTML
• Discussion Forums for knowledge sharing among learners
• Knowledge support through direct interaction with SMEs through the portal
• Analytics and Course Completion tracking
• Leaderboards to enhance engagement
• A dedicated Learner Support Team to handle queries of learners and constantly communicate course details and updates to learners
• Mobile App to facilitate Anytime/Anywhere learning
• Click here to know more about Axle LMS

Wealth Management – Certification Process

Each learner will complete the modules in the course and the knowledge checks accompanied by the eLearning Module. The learners who complete the E learning modules with 80% score in each knowledge check will be eligible to take up the Certification Assessment. The Certification Assessment is knowledge and application based online test in which the learner is proctored using a webcam.

Business Impact

Return on Investment – The entire process would have costed a fortune had it been done offline as the training cost and training time spent by sales personnel would have impacted the current operations. An estimated 120 man hours of Instructor led training and assessment time was reduced to 8 hours.

Launch of Wealth Management Channel – The first Wealth Management team comprising of 10 Wealth Advisors was established after the First Certification Process.

Learning Engagement Level – The engagement level in the learning management system (course Completion status, login status, learning hours etc.,) after the course launch sky-rocketed to 89%. Out of 150 Sales personnel who participated in the drive, 52 Sales personnel have been certified in Wealth Management Level 1 of which 14 have been certified in Wealth Management Level 2.

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