As we progress through 2024, regardless of whether your training budget has expanded or remained constant, the emphasis is undeniably on leveraging resources for maximum impact. It’s becoming increasingly essential for human resources and training managers to justify training investments by delivering tangible results, such as bolstering employee retention and advancing their institution’s business objectives.
Feeling the squeeze to elevate performance? Generative artificial intelligence (AI) might just be the ace up your sleeve. This innovative technology is transforming online training, delivery, and management—taking the learning experience to unprecedented heights. It’s not just about innovation; generative AI ushers in remarkable efficiencies, too. In this article, we’ll unpack tactical approaches for harnessing the power of generative AI to refine and enrich training in your institution.
96% of business leaders are implementing or likely to implement generative AI to increase efficiencies.
Source: Fall 2023 Fortune/Deloitte CEO Survey Insights
AI in Learning & Development
Generative AI model is a form of AI designed to produce text, visuals, or other forms of media when prompted. It assimilates the underlying patterns and frameworks from its training data and then crafts new content that mirrors the traits of this learned information. In the ever-changing financial industry, generative AI can help HR and L&D professionals keep training aligned with regulatory updates and their institution’s skill development needs.
Here are three ways to leverage generative AI for training development and delivery.
#1. Make Content Creation More Efficient. If you’ve tried or are regularly using ChatGPT or another tool such as Google Bard AI or Bing AI Chat, you know how quickly they can generate text. Some of the ways they can be used for training content development include writing outlines, creating video scripts and tables, and simplifying legalese. They can also be used to blend disparate writing styles when training content is being written by several experts and to adjust the course’s level of difficulty for the student base.
Furthermore, the efficiency gained through generative AI in content creation allows training teams to allocate more time and energy to other aspects of learning and development strategies and programs, such as interactive elements, discussions, and hands-on activities. This holistic approach to training program design can contribute to a richer and more effective learning environment.
As efficient as these tools are, there are some important drawbacks to be aware of. They may create content that is biased, and they often struggle with nuanced, specialized topics, such as the complex regulations that are so prevalent in the financial industry. For these reasons, it’s important to examine the content closely and edit it to fit your institution’s lexicon. You can also lean on the subject matter experts at OnCourse Learning, who ensure that the training OnCourse provides accurately explains the laws and regulations.
#2. Simplify Video Production. Video is an extremely engaging and effective format for learning, but producing videos that meet professional standards is costly and time-consuming. Generative AI platforms like Synthesia and Pictory create exciting opportunities to develop training videos faster and for less. Some of the features in this tool category include avatars, video templates, text-to-speech, captioning, and availability in multiple languages. In addition, the easy-to-use interfaces mean you don’t need video production expertise to produce a quick and professional video.
#3. Accelerate Training Delivery. Many generative AI tools speed up training development by automating the process. They can assist with form filling, tagging and metadata, audio transcription, language translation, and spelling and grammar checks. For instance, DeepL performs translations of multiple file types and sizes more accurately than many other translation tools. The translated versions require minor formatting updates and final translation review, saving training teams countless hours.
Be Aware of the Risks
Using generative AI does pose some risks. For example, data inputted into an AI tool will no longer remain confidential and protected. As mentioned above, another risk is the inadvertent perpetuation of bias and discrimination. In addition, training development and education on complex topics such as financial compliance should only be trusted to compliance training leaders like OnCourse Learning. Inadvertently misinterpreting financial regulations can lead to financial penalties and legal ramifications.
HR and L&D professionals need to acknowledge and understand the potential risks that accompany this innovative technology. Developing a robust strategy to mitigate these risks is a crucial step in using generative AI for training content development. By proactively addressing these challenges, you can maximize the benefits of generative AI while safeguarding the integrity and effectiveness of your training initiatives.
Like to delve deeper into using generative AI for course development? Download our eBook Enhancing Learning Experiences with AI-Powered Course Development. You can also attend the Basics of ChatGPT webinar. Register today at BankWebinars.com. Explore the opportunities and see what’s on the horizon for the use of generative AI in course development, delivery, and management.
