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How IIFL transformed employee experience with EdCast
IIFL Finance is one of the largest financial services firms in India. It provides a diverse range of loans and mortgages through its subsidiaries — IIFL Home Finance Limited and Samasta Microfinance Limited. They offer home, gold, and business loans, including loans against property, medium & small enterprise financing, microfinance, developer and construction finance, and capital market finance — catering to retail and corporate clients. The company has a nationwide presence with a thriving network of 3000+ branches in over 500 cities. IIFL strongly believes in the power of people to be their strength, support, and backbone of the business.
Key people development challenges
Employee learning and development was always a priority for IIFL, but their traditional learning system was not helping them create an employee-centric learning culture. IIFL employees had limited access to learning opportunities in the organization for the following reasons:
1. Employees were dependent on their traditional LMS (Learning Management System) for all of their learning needs
2. Assignments were the only possible mode of distributing learning content in the organization, resulting in a top-down learning culture
3. SCORM was the only reference model for content type
4. LMS access was available to the employees only through desktop, not capable of delivering anytime, anywhere learning
5. Lack of a social and collaborative learning experience
The need for an LXP
IIFL needed a new-age learning system that could provide employees a personalized learning experience and deliver learning content anytime, anywhere. IIFL wanted an LXP that could support collaboration and sharing of tacit knowledge by internal subject matter experts. IIFL’s goal was to provide their employees with a robust learning solution that would:
- Acts as a single solution for all learning needs across
- Offers a more prescriptive and personalized learning approach using a pool of internal and external curated content libraries
- Acts as a single collaborative platform for SMEs to create contextual content and upskill employees in a personalized and secure environment
- Seamlessly integrates with their existing learning platforms
EdCast by Cornerstone provides a modern learning experience
EdCast by Cornerstone LXP met most of the requirements of IIFL that could help eliminate limitations of their traditional learning platform, like limited content type, poor adoption rate, etc. EdCast by Cornerstone LXP was deployed at IIFL with a critical objective to transform employee experience with a learner-centric approach. Some of the key features of the LXP deployment at IIFL include:
- Unified experience across the platform for employees
- Availability of multiple content types on the platform (Audio, Video, PPT files, SCORM, PDFs, Streaming, User sourced web content, etc.)
- Single window for access to content from multiple internal and external sources
- Mobile app deployment, enabling anytime, anywhere learning
- Grouping of users based on function and job roles for seamless availability of learning content with AI-powered content recommendations to drive personalized learning
The learning experience at IIFL creates a more interactive journey for all employees and external clients. Virtual ILTs and SCORM courses were brought into the LXP, as were polls and quizzes to engage employees. Now, robust pathway-based learning journeys align with individual development needs. Other benefits derived from EdCast by Cornerstone’s LXP include:
- The curation team at IIFL got access to seamless content authoring tools within LXP, which improved the overall content curation experience
- Significant improvement in Social Collaboration on the platform with 3.6 expressions per user against a global benchmark of 0.90
- The L&D Team at IIFL used new-age engagement tools, including WhatsApp, Workplace by Facebook, etc., to drive learner engagement and adoption of the newly deployed platform
This program creates an environment that enables and promotes continuous opportunities for clients. Through the LXP, IIFL clients had access to industry certifications and content supporting financial literacy across Capital Markets and other Investment domains.
The analytics engine of EdCast by Cornerstone LXP helped the L&D team access rich data and insights so that they can stay focused on creating programs and making decisions that can help build an employee-centric learning culture across the organization. Some of the critical KPIs defining the success of the LXP deployment at IIFL include:
- 30k registered users
- 64% average monthly active users
- 89% average repeat monthly active users
- 75% LXP adoption
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