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American Bankers Association: Engaging millennial members with social learning and collaboration

Founded in 1875, the American Bankers Association (ABA) is a membership organization serving banks of all sizes and charters. They provide online professional development opportunities for over 180,000 bankers.

Prior to implementing Cornerstone, ABA leaders did their research. “We asked ourselves, ‘What could constitute mobile, social and collaborative learning at ABA?’ We determined this meant continuing to offer formal learning opportunities with specific and measurable outcomes. But these opportunities would also be accessible anywhere, on any device, and at the learner’s convenience,” said Marsch. “We also wanted our programs to enable learners to have the opportunity to interact with peers or the instructor and to give and receive feedback, both synchronously and asynchronously.”

A significant component of ABA’s charter is providing professional development opportunities for its members, but with members scattered across the nation, delivering training efficiently, engagingly, and scalably was an ongoing challenge.

ABA recognizes that demographics in the banking workforce are rapidly changing. According to Clare Marsch, SVP, training and development, at the ABA, “Millennial workers are now the largest share of the workforce. They are very mobile, tech-savvy, and adept with social networking both personally and on the job. To stay relevant, ABA needs to ensure our training meets millennials’ expectations.”

Training is marketed through Extended Enterprise, facilitating an ongoing revenue stream. “With Cornerstone, we can efficiently provide students with valuable learning opportunities and resources that improve their skills and knowledge. It’s not necessarily a one-time delivery program. Students can refer back to the training on demand and print out guides,” said Marsch.

Plus with Connect and Learning, students in cohorts can collaborate easily, discussing topics, providing feedback to their fellow students, and playing roles in banking simulations.

Results

Streamlined and unified learning to improve the member experience. ABA members now have access to a one-stop-shop of classes, transcripts, discussions, and instructors. “Cornerstone enables us to provide a unified experience,” said Marsch. “Students appreciate that they can log in once and access everything they need. They can complete assignments, participate in discussions, take quizzes and exams, and submit CE credits all on the same platform. Instructors like it, too, as they can moderate discussions and enter grades in a single location.

Enabled students to learn at their own pace while collaborating with learning communities. Members can take courses on their own time while remaining part of a team. Enhancing the collaborative element in learning improves learning overall and helps ABA engage learners over time — crucial to supporting an ongoing “culture of learning” within member banks. “Students self-select courses. They can watch videos on their own, but there are certain activities required each week,” said Marsch. “These activities are mandated at first, but they tend to develop beyond the instructor’s expectations as students begin sharing their experience and context.”

Facilitated ongoing simulations. Previously, courses with simulations were conducted in person, limiting member participation. With Cornerstone, ABA enables bankers from all over the nation to learn together. “One of our senior-level courses is an online simulation, where bankers can team up and make financial decisions that mirror the choices they must make on the job. Cornerstone enables us to deliver it virtually instead of making it location-specific,” said Marsch.

Engaged millennials with social learning. Using Cornerstone, ABA can deliver “micro” learning opportunities, short lessons delivered in a social context. This micro-learning includes offering short videos, enabling user-generated content, and facilitating discussions. Social learning is particularly critical to the ABA’s ability to engage and retain millennial members.

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The challenge of non-compliance for financial services

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The challenge of non-compliance for financial services

Financial service institutions are turning away from the esoteric, paper-based and manual compliance strategies, bolstering their digital compliance initiatives. LMS's are an increasingly popular option for companies looking to mitigate risk and maintain compliance on a day-to-day basis. They provide companies with the training programs and learning tools they need to stay ahead of compliance and regulation changes and ensure reporting to regulatory bodies is streamlined, accessible and done in real time.

The Friedkin Group case study

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The Friedkin Group case study

The Friedkin Group, Inc. (TFG) represents a consortium of businesses focused in the automotive space, as well as the hospitality and entertainment industry. The automotive business is the focus of TFG’s Cornerstone implementation and provides finance and insurance, marketing, automotive transport and distributing vehicle parts to more than 150 dealerships across Texas, Oklahoma, Louisiana, Mississippi and Arkansas. A Learning Approach As Dynamic As Its Workforce TFG needed a best-in-class learning approach that would meet the needs of a growing company. To continue its success and further that growth, the company decided to invest in a platform that would support career development across the organization. But finding a solution dynamic enough to meet the needs of associates across these varying sectors posed a challenge. The combination of Cornerstone’s Learning and Content Anytime subscriptions proved to be the solution TFG needed, offering interactive and engaging learning content that would meet the demands of TFG’s diverse—and ever-growing—workforce. OnDemand Learning Keeps Business Running Even When Disaster Strikes When Hurricane Harvey tore through the southern U.S. in 2017, TFG felt the impact. The category four storm completely flooded the company's corporate HQ in Houston. With over 20 inches of water in the building, it was clear no one was going back to their desks anytime soon. But, TFG’s associate development and compliance needs had to continue, and thanks in large part to Cornerstone, they were able to do so nearly seamlessly. Keeping Associates Learning and Engaged Wherever They Are To keep these diverse businesses running, TFG associates worked remotely for two weeks before occupying a temporary office for the next four months. Some businesses would have struggled to recover from such disruption—not TFG. Thanks to the help of Cornerstone’s on-demand learning platform, which TFG implemented in 2015, associates could access learning as well as performance reviews, from their home or temporary office space, or anywhere else they were working. Looking back, “if all we had was instructor-led training, we would have been in a tough spot because no one was onsite and the focus was on keeping the business running,” TFG Manager of Learning & Development Rob Denton says. “Instead, Cornerstone enabled us to get relevant information out to associates, wherever they were.” TFG kept the strategic momentum going, and today the enterprise offers associates thousands of curated courses through Cornerstone’s Professional Skills and Leadership and Management subscriptions to enable continued growth and development. Engaging and Meaningful Learning Content In the age of smartphones, TFG’s associates expect content that is fast, easily accessible, and user-friendly. That’s especially true for the next generation entering the workforce, the Gen Zers, also known as Digital Natives. TFG knew it needed an innovative approach to learning—not only to accommodate its newest hires, but also to help tenured associates adapt and grow as technology changes business operations. By investing in Content Anytime’s Professional Skills and Leadership and Management subscriptions, TFG effortlessly drives relevant, engaging content across the workforce—making development as binge-worthy as content on similar platforms like YouTube. Driving Targeted Learning, Across Modalities One of the reasons TFG continues to invest in Cornerstone is the ability to satisfy diverse learning preferences. For example, drivers employed by US AutoLogistics, LLC (USAL), an automotive transport business within TFG, are always on the go, so many of them require on-demand learning courses that they can access at their convenience from wherever their work takes them. “Before, if we had a driver on the road and they had training, they had to stop at a terminal, sit down at the computer, and take it,” Denton said. “Thanks to Cornerstone, we now just give them a push notification that tells them about assigned training, and they can complete via a tablet they have in their truck.” In an effort to increase program engagement and awareness, TFG rebranded the Cornerstone platform as “Develop U,” complete with a bespoke collegiate logo to complement it. TFG also organized a tailgate-themed party to introduce the platform and demonstrate how to navigate it. Committed to catering to a diversity of learning styles, TFG configured Content Anytime to give leaders of all levels the ability to create their own learning playlists and post relevant content for their specific business units. Associates stay up-to-date on the latest learning trends by subscribing to playlists for automatic notifications whenever new course content is available. Instead of having to constantly check if new content is available, regular notifications guarantee that associates never miss a learning opportunity. Content is Key to Unlocking the Next Generation of Leaders Businesses like TFG must always be prepared to navigate the next big challenge—whether it be a hurricane or a new technology trend. Much of the company’s success comes from good leadership, and Content Anytime has a direct hand in helping foster emerging leaders through its Leadership and Management subscription. Blending the accessibilityof Content Anytime’s topics with instructor-led learning provides a blended learning approach thatallows TFG associates to apply course content confidently. With Content Anytime, they know they are equipped with the knowledge and expertise needed to successfully navigate a changing business environment. Content Anytime course content runs the gamut-from the basics of employment law to how to run effective meetings-and meeting the leader where they are with the skills they need to develop next. “TFG continues to see changes in the learning space,” Denton says. “It’s no longer enough to just tell someone they need to know something and have them learn it. Now, people want to know why they’re being asked to learn certain skills. With Cornerstone, we can be strategic in helping associates understand the meaning behind these initiatives and delivering it in the moment they need it most.”

5 Things Keeping Financial Services HR Teams Up at Night

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5 Things Keeping Financial Services HR Teams Up at Night

It's an extremely challenging time to be holding the reins of an HR team at a financial services institution, with 45 percent of senior executives revealing their companies are hit by cyber attacks as often as on an hourly basis. Plus, as new technology emerges, so do new avenues for hackers to find vulnerabilities and attack. These ongoing data threats not only plague executives tasked with securing their organizations, but they also weigh heavily on HR departments in charge of hiring security teams that are up to the challenge. Below are the specific threats keeping financial services HR leadership up at night, and how they should strive to overcome them. The Fears There are a number of security-related concerns that today's financial services HR teams have, caused by a variety of internal and external factors: 1) Financial Services Firms Are Prime Targets Financial services firms are targeted more than any other industry, with breaches tripling over the past five years, according to the latest report from Accenture. 2) Compliance Is Challenging and Costly Compliance costs create enormous burdens on companies. Accenture found that the average cost of cybercrime for the industry has grown by 40 percent over the past three years, from $13 million per firm in 2014 to $18 million in 2017—that includes regulatory fines, legal expenses, restoration of customer losses and other costs. The daunting responsibilities even push some businesses to reconsider their service lines—some banks and other financial institutions are shedding capital-intensive ventures in order to lighten the burden of regulatory compliance,research from Cornerstone OnDemand reveals. 3) Emerging Technology Presents a Threat Looming rollout and adoption of 5G networks for smart phones could be the biggest data security nightmare yet. The technological advancement of 5G means more consumers and employees will bypass wi-fi and its accompanying security grid for speedier mobile networks, at work and at home, but these networks are also significantly more exposed from a security standpoint. 4) Employees Create Risk Workers themselves often cause breaches by error or outright theft of information. Without fluid, constantly-updating, on-demand learning platforms that allow and encourage employees to stay on top of all new developments in their field, employees may not be up to date on the latest compliance requirements, and inadvertently break the rules, according to research from Cornerstone On Demand. 5) Breaches Hurt Recruiting The regulatory load and fears of failing compliance tasks hurt recruiting efforts. Top candidates may choose to go to industries with a lighter compliance load, or to non-bank financial firms that don't have to play by as many strict rules. Leading financial institutions spend $250 million annually on data security, but are regularly losing their best IT staff to competitors or other enterprises. Without top talent to execute strategy investments in high-end tech just won't cut it. The Fixes As these existing realities and emerging trends continue to plague financial services HR teams, they're faced with challenging questions: How do we recruit, educate and retain talent to handle cybersecurity, compliance and customer satisfaction, without crippling rates of burnout and defection? The first step is adopting a multi-pronged approach to recruitment that encompasses education and retention through a trusted HR partner who is well-versed in automation, online employee learning and performance tracking. Another key is to spend less on hiring by retaining existing talent through comprehensive learning, compensation, evaluation and succession plans aimed at cementing a loyal and skilled workforce. Ensure that compliance and IT security leaders are involved in planning ongoing employee training, so that every part of the team is up to date on the steps needed to block cybersecurity leaks, hacks or theft. This way, as security leaders become aware of upcoming challenges—i.e. vulnerabilities created by the 5G network—HR teams can take these new challenges into account when recruiting and interviewing. And finally, because turnover will always be a reality, make it easy and enjoyable for candidates to apply—nine percent of candidates who have a negative experience in the process will tell family and friends not to purchase products or services from the company. Finding an HR software partner who can create early-stage skill screenings and maintain contact with good prospects is key to getting your positive story shared instead. Photo: Creative Commons

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