MIGOTO AI™ – An AI Training Platform Redefining Employee Training in Banking

Professionals in the banking sector don’t just offer products; they deliver trust, empathy, and care with every customer interaction. The banking sector requires a thorough understanding of customers to provide the best-suited solutions for them. For instance, if a customer approaches a bank to invest in bonds, the banking professional has to have complete knowledge of what bonds to suggest, along with the details of the type of bond, the interest rate, returns, tax implications, and more. But knowledge alone isn’t enough; effectively communicating and applying it is important. This is where an AI Training Platform plays a vital role.

Today, the banking sector is moving towards digital learning solutions and a step further with providing AI-based employee training in banking. This has significantly improved training outcomes, boosting sales and customer satisfaction levels. Traditional training was failing to provide a well-rounded training experience for employees. In this blog, you can explore the role of AI in banking employee training.

Digital Transformation in Banking Employee Training

Digital transformation in banking goes beyond online banking services. It includes integrating mobile banking apps, online payment systems, and using blockchain and AI to provide better services to their customers. Today, with the rising demands of well-informed customers, digital transformation is paving the way to meet their expectations and stay competitive. AI is specifically a game-changer in this aspect. With AI chatbots for 24x7 customer care, risk management, and employee training, the banking sector is enhancing its operational tasks.

Challenges Faced By Banks

Employees come with different skill sets and varying levels of expertise. This can lead to inconsistent service delivery

Banking professionals need to have complete product understanding with good communication skills to deliver it effectively to customers

Employees are pressured to upsell and cross-sell products and introduce them naturally to customers

Banking professionals must be trained to manage difficult conversations with empathy and professionalism

There is very limited time for continuous learning due to the time-consuming nature of the job

Benefits of Implementing an AI Training Platform in Banking

AI training simulators allow employees to practice in realistic life-like scenarios without the impact of real-life consequences

New hires can get up to speed and reduce time-to-productivity as AI training helps with faster onboarding

AI understands individual learner preferences and adapts learning based on them to achieve the best outcomes

With an AI training simulator, learners can learn continuously, which in turn improves retention and employee engagement

It is important that employees across all bank branches receive the same training, and AI training allows standardized learning across locations

By improving customer-handling skills, employees can deliver better services, resulting in happier customers

With data-driven insights, AI training simulators allow easy tracking of learner performance, identifying knowledge gaps, and improving training results

Novac: Improving Employee Training Outcomes in Banking With AI

Novac is a technology and digital transformation solutions company. MIGOTO AI™ is Novac’s AI training simulator, a platform designed to improve how teams learn, practice soft skills, and train sales. It can also step in as a sales consultant bot to guide potential clients and help close more deals. With real-world simulation, role-based learning, and real-time feedback, learners can gain deeper product understanding, improve decision-making, and improve overall performance.

Transforming Employee Training in Banking with MIGOTO AI™

MIGOTO AI™ is changing how banks train their workforce with immersive and adaptive learning methods. It helps bridge current skill gaps and prepare banking staff for real-world challenges. Here are some major use cases of AI in banking:

Sales Skill Training

MIGOTO AI™ tracks individual learner styles to provide personalized training for sales professionals. They can practice sales in real-world scenarios, making it easy for employees to make realistic customer interactions using role-play methods. It allows the simulation of any type of customer in any scenario you choose to improve sales skills. Professionals can practice cross-selling and upselling, develop personalized pitches, and handle objections with ease.

Soft Skills Training

While hard skills are important, they will not be fully effective without the support of soft skills. In today’s era, they remain an important requisite in the workplace and recruiting process. People coming from different backgrounds will have different levels of skills, and it is important for the banking sector to implement dedicated training programs to help employees develop soft skills that align with the organization while meeting the needs of the specific role. An AI training platform for banking employees like MIGOTO AI™ helps banking professionals improve leadership, communication, and negotiation skills, assessing tone, response accuracy, and emotional intelligence.

Employee Onboarding

Traditional methods of onboarding new employees are time-consuming and many times incomplete. For an all-around training experience, new hires must be given real-world simulations for practical learning. AI training simulators offer interactive training that simulates scenarios, allows the use of role-play in risk-free environments. Employees can get product walkthroughs, launch product updates, and receive feature-specific training for employees with MIGOTO AI™.

Sales Consultant Bot

Apart from training employees with soft skills training and sales, MIGOTO AI™ also helps guide clients with selling products directly. For instance, banks provide several schemes for their clients, which they can learn about and opt for directly from the online banking website. This acts as a sales agent and improves sales.

What Sets Migoto AI™ Apart

MIGOTO AI™’s Cross-platform capability provides access through both PC and VR devices for flexible and immersive learning, anytime, anywhere.

Our AI-based learning and persona creation allow AI trainers to adopt various personas that are role-specific for personalized training.

It is highly configurable and adapts to industry-specific scenarios, avatars, and personas based on the internal knowledge base.

MIGOTO AI™’s adaptive learning style evolves based on individual learner progress for a more personalized training experience.

Equipping banking employees with the right skills has become the need of the hour. With increasing customer expectations and the need for consistent service across locations, AI training has become a necessity. The future of banking employee training with AI lies in delivering role-based, real-time training based on individual needs. Experience better training outcomes with MIGOTO AI™.

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