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Financial services tips, guides, and best practices

How Fairway Mortgage transformed its compliance training with Cornerstone Content

Customer Story

How Fairway Mortgage transformed its compliance training with Cornerstone Content

Fairway Mortgage has local offices in all 50 U.S. states and a workforce of over 10,000 that they must keep in compliance. That's no easy task when numerous states have unique regulatory requirements. The company's previous learning and content vendor was letting them down. They provided Fairway Mortgage with the same old learning content year over year, never modernizing with the times. Plus, managers who had direct reports in different states had to take the courses multiple times per certification, wasting everyone's time and creating repetitive frustration for learners. Fed up, Fairway Mortgage partnered with us at Cornerstone to transform their compliance training with engaging, modern content that their learners greatly appreciated. Thanks to Cornerstone Content, they reduced their training hours and costs, and eliminated frustrations. Now, their learners are excited to learn again. Low-quality content created frustration According to Debbie Christensen, AVP LMS technical education solutions at Fairway Mortgage, the vendor who shall not be named created a lot of unneeded frustration for managers across all 50 states. Fairway Mortgage knew they needed to find a new vendor and knew the type of content they wanted. "We needed for the new content to be compliant and make sure that we're meeting state-specific requirements, but also to provide additional or supplemental training, rather than reassigning that same content over and over again." There were so many grievances from upper-level managers that they had to pause assignments for all their employees. They needed a solution, and they needed it fast. "We needed to implement quickly. We really wanted to provide a much better learning experience for our end-users." Finding more engaging content Christensen continued to tell us about how with Cornerstone, Fairway Mortgage found the solution to their frustrating, mediocre content problem. The speed and efficiency of the Cornerstone content stood out. "What we learned is there's a great depth to the Cornerstone content. It's awesome that the content is created in a small, microburst format. Our learners can take a little bit at a time and go back to their busy days and not feel like they're overwhelmed with training." A switch to Cornerstone also saved their HR department a lot of time because it removed the burden of creating and managing content. "[Cornerstone has] saved us the burden of creating internal training and having to keep it up to date ourselves." Getting up and running quickly with Cornerstone Because they need to keep their over 10,000 strong workforce complaint, Christensen said they couldn't afford to keep their training paused for long. Thankfully, setting up Cornerstone went quickly and smoothly. "It was a very successful rollout. It really was seamless. Not only did we reduce hours of training for our upper-level managers, but the content is really, really good. It's to the point. It's relatable, and honestly, it's enjoyable." Fairway Mortgage is committed to creating a fair and diverse workforce where everyone feels they belong. And they found Cornerstone content that genuinely helped them continue progressing on their DEI goals. "Our diversity team identified four different modules or certifications, and it's really been a huge win. It's available for learners to self-enroll and has been promoted throughout the organization. It's great." Measurable results Since implementing Cornerstone, Christensen said that Fairway Mortgage has found and eliminated many organizational inefficiencies. "We're seeing a lot fewer tickets posted and less negative feedback, both from a content perspective and functionality in the system." And the improvement they've received from their new modernized LMS has been second to none. "Cornerstone content works great on the LMS and other different platforms and browsers, which we have throughout our network. It's been a great experience for our admins, managers, and network." Overall, Fairway Mortgage has streamlined its compliance processes and improved the content. It's been a big win. "It's just a realization that the content really is working. We've reduced the number of anti-harassment courses we were assigning from 16 to four, and that's a huge difference administratively. That's a cost savings for the team."

How Westpac Banking accelerated onboarding with MyGuide

Customer Story

How Westpac Banking accelerated onboarding with MyGuide

Established in 1944, the World Bank Group is headquartered in Washington, D.C. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership working on the mission to implement sustainable solutions to reduce poverty and build shared prosperity in developing countries. As part of a larger strategic plan, Westpac was required to revamp and strengthen its technology environment. The company rolled out a new banking platform and needed to onboard employees to the new system without spending time and energy training, documenting, and organizing workshops. Westpac also needed to transfer knowledge from subject matter experts to new hires and colleagues in a scalable manner. Need for digital transformation Westpac’s IT transformation journey led to replacing multiple legacy HR and financial systems with new applications. The project was of such an immense nature that achieving total adoption of the new system would be difficult. And slow adoption threatened Westpac's ability to gain value from their billions of IT spend quickly. Westpac also rolled out a new banking platform to thousands of employees, including lenders, credit managers, and assessors. Their platform automates and streamlines an end-to-end process for a loan from start to finish. The most challenging problem for the bank was to quickly close loan applications to their customers. Any large-scale project requires an incredible amount of training and support from SMEs across the business. And there was no guarantee that employees would retain knowledge after the training sessions. Westpac realized that users who had access to support in the “flow of work” were more likely to be more proficient within the system and adopt the digital tool than those who only remember training sessions. Westpac’s structure is incredibly agile and requires resources to jump across various projects. Systems, processes, and installation can vary as employees enter new spaces, requiring them to quickly learn the inner workings of an application, business process, workflow, or transaction. This presents a unique challenge of training employees on new systems to achieve desired efficiency and quick onboarding for Westpac employees. The above business challenges required Westpac to look for an in-app training and digital adoption platform to enable contextual guided learning or Learning in the “Flow of Work” at scale. MyGuide, an EdCast by Cornerstone product, offers this exact experience to digital users. EdCast by Cornerstone MyGuide solution To overcome the challenges of faster onboarding, enable digital learning, boost knowledge sharing between employees and increase productivity, Westpac uses MyGuide from EdCast by Cornerstone. They do this through a self-serve model where content is “on-demand” and conveniently delivered inside core applications in order to accelerate the digital adoption of new applications used globally. MyGuide drives engagement and in-app support to ensure that Westpac’s human capital and tacit internal knowledge are shared across the organizations without needing hands-on training or IT support. This allows experts at Westpac to make valuable contributions to internal processes so that best practices are well-known and consistently practiced. User Onboarding MyGuide provides step-by-step guidance as an overlay to the Westpac application with audio/video in native languages. MyGuide enables trainers to easily create multiple interactive on-screen guides that allow users to quickly and accurately complete many complex tasks. This core functionality is known as “GuideMe.” Content created as a guide can also be available as a PDF, PPT, DOC, GIF, and video. This is called “ShowMe.” Workflow Automation In addition to being learned, they can also automate guides. This removes any potential for human error while performing a task and allows users to spend their time on other meaningful tasks. This is called “DoItForMe.” Content Accessibility Next, MyGuide gives users the flexibility to access in-app guides across web browsers so that they can access content on the go, anywhere, anytime. There are substantial productivity gains by having all training content aggregated and consolidated in one place. MyGuide creates a valuable jumping-off point for users to navigate new applications and works with any type of application. Thus, exploring a new application's homepage becomes much easier and more engaging. Employees learn workflows more quickly if guides are interactive and embedded within the application. Search Insights MyGuide provides valuable insights into how users perform within an application, as well as the content and the application itself. For example, the search data from an organization tells them what training areas are in demand. User Engagement Insights Change managers can gain an in-depth understanding of the usage data of each specific application and how it is performing via pages, features, workflows, and funnel intelligence. This allows companies to delve deeper into the overall employee experience to empower higher levels of efficiency. Usage data helps paint a better picture of the onboarding process, the customer journey, and how different types of users interact with an application. Measurable impact Increased System Proficiency Westpac saw an uptick in system proficiency using analytics to monitor guides and user engagement. With a simple view of analytics, they could use the information to drive business decisions across various projects and understand what works best. Insightful dashboards support leaders at Westpac and their goal to get users more engaged. Productivity with Insights During certain events, such as internal restructuring, implementation of new technology, events, or including a manager in a critical process, MyGuide was able to provide contextual insights on adoption and productivity to functional leaders.

How IIFL transformed employee experience with EdCast

Customer Story

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 impact 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. Measurable outcomes 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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