Can You Hear Me Now? The Benefits of Online Training Software for Financial Contact Centers

Facilitating new learning and development initiatives in contact centers can be a thankless job— we know that it can often feel like you’re shouting into the void a la a certain cell phone commercial of the early aughts. 

Don’t worry, we hear you loud and clear! While it might take a little elbow grease to get the ball rolling, establishing online training programs for reps can alleviate many of the challenges that contact centers face these days. 

Let’s look at the major roadblocks financial contact centers face today and how an online training software can ease the pain. Note that we’re focusing on the financial services industry here, but many of these advantages apply to contact centers of all shapes and sizes, regardless of industry. 

Challenge: Rapid Technological Change

A study by PwC found that 39% of bank and capital market CEOs were concerned about the pace of technological change right now, but only 20% of them have made significant progress toward improving workers’ and leaders’ knowledge of technology and its potential implications.  

So if you’re feeling behind the ball, you’re not alone. The right online learning software equips employees to navigate technological change with ease. How? Online training software makes it easy to build, deliver, and track training efforts through one easy-to-use online platform. Reps can have the training they need at their fingertips, so that they’re ready to handle new technologies, important processes, and critical customer interactions quickly, calmly, and effectively. 

Challenge: Increasing Call Complexity 

67% of call center leaders say that CSRs are dealing with more complex requests these days. According to one study, that complexity increased by a whopping 43% year over year. As financial call center reps are pushed to new limits, their internal training software needs to be able to keep up. 

The best online training software for complex situations is one that is powerfully simple—that’s why we built Lessonly to be intuitive and easy enough for anyone to use. If you can write an email, you can build a lesson! Traditional training tools and techniques might take weeks or months to develop, build, and implement. And by the time those training resources are in the hands of CSRs, they’re outdated and ineffective. By using software to create online training modules like Lessonly, they get the training they need exactly when they need it. 

Challenge: Hybrid Work Environments 

The typical financial contact center looks different than it did a decade ago—or a year ago for that matter. With 70% of call centers operating hybridly, trainers need a way to deliver consistent enablement to remote and in-person reps alike. 

Whether they’re logging in from India or Indiana, access to online training tools for employees has never been more important to business success than it is today. An online training management software makes it easy to ensure that reps are ready to tackle the challenges of their roles, regardless of zip code. Learning and development leaders can even recognize knowledge gaps across large, dispersed organizations and work to quickly eliminate them, which is not always the case with an in-person training model. 

Challenge: High Turnover 

Lack of growth or advancement opportunities is the number one reason for contact center attrition these days. The cost to replace that unmotivated contact center agent? A staggering $8,780. But what can training managers do about it? 

The good news is that the cost to invest in better training management software is significantly less of an investment per rep than it would cost to replace them. What’s even more encouraging is that well-trained agents are 8.5x more likely to stay with the company they’re at for the next 12 months. And we all know that a year with a well-equipped, productive contact center rep is like gold. 

Everyone deserves the chance to be great at what they do, and the best managers and leaders embrace the chance to provide their reps with that opportunity—online training software makes it easy to deliver those opportunities more often. Rather than waiting around for an in-person training course or a once-a-month webinar, reps can sharpen their skills when they have the time and energy to do so. 

Eliminate These Concerns with Lessonly

The financial services industry is a perfect storm of learning and development challenges. But we’re here to help. To see if Lessonly is the best employee training software for your team, book 15 minutes with us for an exploratory chat at lessonly.com/demo.

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