How MIGOTO AI™ Created an Impact in Canara Bank’s Employee Training

Canara Bank, one of the largest in the Indian banking sector, is known for its consistency in building a culture supported by a strong learning ecosystem. They have recognized the need for employee training and leadership development and introduced programs to support their learning initiatives. From their digital learning platform, CanDLE (Canara Digital Learning Experience), where employees can access eLearning modules and initiatives like Radio CIBM for knowledge sharing, to programs like Advaita, focused on holistic employee well-being, Canara Bank has built a comprehensive learning ecosystem.

MIGOTO AI™ - An addition to Canara Bank’s L&D Crown

Canara Bank recently adopted Novac Technology Solutions’ AI training simulator, MIGOTO AI™, into their L&D program, enabling 70,000+ employees in their training along with 150+ real-world sales scenarios, including product knowledge, customer interaction, sales pitch, customer onboarding, all within a real-time simulated environment. The result: measurable improvements in performance, confidence, on the job and an overall boost in business outcomes.

How AI Training Simulator is transforming employee training in banks

Most banking employees leave their jobs due to a lack of career development and growth. With the rise of virtual assistance, banks are adopting digital solutions to enhance customer experiences. Without quality training, banking staff may be left feeling underconfident and unprepared to face customers. L&D teams can provide better employee training through digital learning and AI to ensure that they build strong customer relationships, empathetic communication skills, and ultimately close more deals.

Apart from soft skills development, banking employees have to complete compliance courses like cybersecurity and risk management to prevent fraud and keep up with the necessary regulations.

To know more about how AI training simulators are enhancing sales and customer interaction skills in financial institutions, read our blog, “How MIGOTO AI™ Helps Banking Employees Master Sales and Customer Handling Skills”.

How Canara Bank is leveraging MIGOTO AI™ in its L&D initiatives

One of the most challenging tasks for banking staff is to build strong sales and soft skills to interact with customers, and MIGOTO AI™ focuses on training employees for the very same challenges with practical solutions. MIGOTO AI™ prepares and assesses employees for real-world scenarios. Through this AI-based training simulator, we have introduced 60+ realistic scenarios to practice from, covering diverse topics from conflict resolution and customer service to fraud detection and compliance. Its immersive and interactive nature also gives employees a completely personalized experience, allowing them to choose roles and scenarios to practice with. This aspect of training with relatable scenarios makes learning more engaging and helps with knowledge retention.

This has also decreased the time to onboard new customers, speeding up time-to-productivity. Employees from different regions, with different job requirements and training needs, can receive the right training they need with this AI simulator. Once the training is complete, performance scores can be tracked, giving L&D professionals insights to improve content, identify talent gaps, and strategically align training with their business goals.

Benefits of using AI in employee training for Banking

MIGOTO AI™’s impact on Canara Bank’s employee training has been significant due to the understanding that financial institutions require robust features. Here are some features that our AI-powered training simulator, MIGOTO AI™, delivers:

Personalized Scenarios

Based on learner responses, the AI can modify the flow and complexity of the conversation. For instance, a learner who requires more practice with empathetic speech skills may be given more scenarios to improve that aspect, while those who are good with it may advance to handling tougher scenarios - all based on learner needs.

Persona Creation and Language Inclusivity

For a more personalized experience, learners can choose from various personas that are role-specific. It also allows learners to select their preferred language. The solution’s natural language processing (NLP) is trained to understand various Indian accents and dialects, ensuring seamless interaction, regardless of fluency or linguistic style.

MIGOTO AI™’s Special Feature - Coach AI

Coach AI can monitor learners’ performance during their training and identify when they give false answers or answers that are not up to the mark. Not only does this AI coach improve the accuracy of the training, but it also helps correct errors faster, leading to better learning outcomes in a shorter span.

Cross-Device Compatibility

Learners can access the platform from both their desktops as well as VR headsets, based on what setup suits them best. That being said, MIGOTO AI™ also has a responsive interface that requires no high-end hardware or installation.

Remote Accessibility

MIGOTO AI™ is web-based and cloud-hosted, optimized to perform even in locations with low bandwidth internet connectivity. This is ideal for training employees in rural and remote branches, ensuring that every employee across locations receives equal access and quality training, just like in the urban branches.

Learn Anytime, Anywhere

The AI training simulator supports learners to learn anytime they want, at their own pace, regardless of when and what time zones they are in. They can practice their training at their convenience without disruptions.

Multi-Sensory Learning Experience

With 3D animated avatars, voice-based interactions, and realistic role-plays, MIGOTO AI™ provides a multisensory learning experience, catering to visual, auditory, and kinesthetic learners with varying learner preferences.

By implementing MIGOTO AI™, Canara Bank has yet again established that they put their employees’ needs at the forefront, empowering them with practical and contextual learning experiences across the organization. As organizations across industries are rethinking their learning strategies, Canara Bank’s example showcases the true potential of AI-powered training.

To explore how MIGOTO AI™ can empower your workforce, connect with our team at Novac Technology Solutions.

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