Mortgage Trainingmortgage training
Innovation in the use of Mortgage Training for a large high-street banking institution
State-of-the-art e-learning technologies have a huge beneficial effect on the finance sector (as in many others), save training department costs, shorten competence times and improve results. This is where we see Day One Technologies in Yorkshire changing mortgage education at a large US banking company.
What is also evident is that e-learning developers must work hard to build storylines, scenes, games as well as simulation that defy and assimilate this-generation that, as we know, has short attentiveness ranges and a penchant for authenticy. Yorkshire-based e-learning consulting firm Day One Technologies has been providing "technologically improved training environments" for 10 years and has an extensive customer base, including Lloyds Bank, Halifax and Standard Life.
It' s about as real and always as intense as you can get," it's "an example of a state-of-the-art, efficient system training approach that really makes an impression. Quickly approaching 2016 and we took another look at what the First Day is up to - with new customers like fhd, Virtual College, The Internet Society, TSB and The Co-operative Bank.
Day One Learning Director Elaine Teal talked to us about a recent development for a large high-street banking firm that had difficulty training its mortgage consultants. In the absence of a secure, real -world setting in which the end-to-end can be practised, they found that learners' experiences were bad, that time-to-competence was too long (and therefore too expensive) and that there were regulatory anxieties.
Within 3 month Day One created a mortgage calculator which has now been launched in 600 branch offices across the UK. This is a simulation with one thing in common. In collaboration with the bank's educational staff, it became clear on the first day that what would really make a real difference among manager, trainer, trainee (and eventually client) would be a place where the trainee could practice the entire mortgage survey - not just (as important as it is) the MSP mortgageware.
The first day watched the whole interviewee and created role playing functions for a second apprentice (or assessor) who plays the role of a bank client in the store. Now, students can practice the whole procedure, from jogging the client's hands when he enters the room, speaking with the client to help understanding his needs, inputting all the detail into a MSP system simulator, print out a copy of the mortgage dossier, making sure the client knows the reason for the mortgage suggestion and is pleased about it, to jogging the hands again when he stops his mortgage offering - or not if that's the way the simulator works.
The customers of the bank's day one client were surprised at the creative spirit behind the mortgage training and how they were brought to create genuine added value. The Teal tells us that the bank's Learning Manager joked that working with the First Open Door was a "utopia of interest groups" and "as different from the existing approach as yesterday and tomorrow"!
See the Day One Mortgage Simulator case studies for more information.