• Robert Bell

Misconceptions about Game Based Training for the Financial Services Sector

Game based training has been around for years now, but there are still some misconceptions about its use, especially within professional services. Good game-based learning can support training goals with all of the content usually offered in traditional training packages, alongside inspiring significant motivation to continue learning with the gameplay. 


But some in the industry still harbour concerns about the word ‘game’ and worry that it conceals informal or superficial content, or that it simply isn’t difficult enough. Former teacher and U.S. education reporter Greg Toppo has written extensively about the benefits of game-based learning, pointing out that what makes games fun isn’t that they are easy – it’s that they are hard. It’s all about overcoming the challenge and the rush that comes with it. So with that in mind, let’s bust a few myths about game-based learning for the financial services sector.


Misconceptions about Game Based Training for the Financial Services Sector

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Advantages of Game Based Learning

1. It’s not for professionals

Widely used in pure learning environments such as schools and colleges, this doesn’t mean game-based learning isn’t suitable for complex subjects and themes that financial services professionals need to know. If staff enjoy the training, they’re more engaged and more likely to dip in regularly, which helps them to remember and apply more of the subject matter.


There’s a fear it might trivialise serious subjects, or a misunderstanding that it couldn’t possibly help to demonstrate empathy for vulnerable customers. On the contrary, however, a well-designed game platform helps learners to expand on their knowledge of these subjects. The same aspects that drive so many towards game play in their spare time is what makes game-based learning so effective in professional training.


2. Traditional training is the only option for compliance training

Those who are unfamiliar with game-based training might be concerned about the ‘game’ element. After all, traditional compliance subjects can be fairly sophisticated, and maybe a little dusty at times. There’s sometimes a concern that game-based training means a focus on the ‘fun’ aspect, rather than the content, and that employees will waste time and not learn anything.


But training does not have to be serious and humdrum to be effective. The advantage of game-based learning is that employees will quickly learn the focus on outcomes and improve their skills rapidly. That the learning is in an enjoyable format means that employees will come back to the platform more regularly, making consistent and continuous learning – and learning that sticks – possible.


Goal achievement drives learners to engage and continue to participate – something which isn’t always possible in traditional training. Our platform provides a clear goal for learners to achieve – increasing the number of their clients and building a bigger bank.

Differing levels of complexity in the steps mean that some games challenge the learner more than others, but get them closer to their goal. 


3. Progress can’t be measured.

We’re all familiar with traditional training. Attendees are registered, they sit through the training, they’re tested, and the results are stored on file. There’s often some concern that with a game-based learning platform, employees will head off, play the games, and then measurement of achievement goes by the wayside. But that isn’t the case. In fact, platforms can provide analytics, showing achievement and where the employee might need additional focus.


4. It’s time-consuming / slow

Why bother with an online platform that needs to be accessed more than once, when you can get the training done in a single day? 


A major benefit to game-based learning is that whole days, or even hours, don’t need to be taken out of an employee’s day and written off to training. Steps are short, and can be taken anywhere and at any time that is convenient. And there’s the added benefit of increased retention, meaning that learning is more likely to stick. Learners also benefit from immediate feedback, meaning there’s less risk that incorrect assumptions will work their way back into the world of work.


5. This type of training will only appeal to younger employees

There’s a stereotype that games are only for millennials. However, research shows this this simply is not true – more older people play games now than ever before, with an estimate in 2019 that around 42 per cent of British people aged between 55 and 64 had played video games in the last five years. Game-playing is also roughly equal across genders.


What’s important isn’t the format – it is to make training offered approachable for all ages.


To find out more about the benefits of a game-based approach to learning and how to train a remote workforce, join our FREE 45 minute webinar on 18 August 2020 at 3pm BST.




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