How IIFL transforms the employee experience by implementing EdCast LXP on its classic LMS

Finance IIFL is one of the largest financial services companies in India. Provides a wide variety of loans, through its subsidiaries IIFL Home Finance Limited and Samasta Microfinance Limited: real estate loans for individuals, mortgages, gold loans, business loans for access to property, financing for VSE-SMEs, microfinance , financing for development and construction, but also finance for capital markets divided into two areas of activity: distribution and institutional organizations.

The company has nationwide coverage with a dynamic network of 3,000 branches in more than 500 cities. IIFL is deeply inspired by the power of human capital.

In this context and in the vision of IIFL, their employees represent a strength, a support but also the backbone on which the company is built.

Challenges for the development of key people

Employee development and learning has always been a priority for IIFL, but traditional LMS has failed to foster an employee-centered learning culture.

IIIFL staff had limited access to learning opportunities in the organization due to the following pitfalls:

• employees depend on their traditional Learning Management System (LMS) for all their learning needs,
• Assignments were the only possible way of disseminating learning content in the organization due to a top-down approach to learning in the corporate culture,
• SCORM was the only reference model for the content format,
• Employee access to the LMS was only available through a desktop computer and it was impossible to broadcast learning anytime, anywhere.

The need for an LXP

It became clear that IIFL needed a next-generation learning platform that could provide a personalized employee experience and deliver content that can be enjoyed anywhere, anytime and by any employee.

IIFL wanted to have an LXP that could incorporate capabilities for tacit collaboration and knowledge sharing through internal experts.

The goal is to provide employees with a robust learning solution that:

• works as a “complete solution” for all learning needs, regardless of branches,
• offers an approach to learning with multiple recommendations and customizations, leveraging a pool of aggregated content libraries (“curates”) internally and from external sources.
• works as a unique collaborative platform for SMEs to create contextual content and improve employee skills in a personalized and secure environment,
• seamlessly integrates with existing learning platforms.

Solution provided by EdCast

EdCast’s LXP solution meets most IIFL requirements that can overcome the limitations of traditional learning platforms, such as content format restrictions, low adoption rate, etc. EdCast LXP was implemented within the IIFL with a key objective: to transform the employee experience with a centralized approach to the student.

Key features of the LXP EdCast distribution include:

• a unified experience through the employee platform;
• the provision of multiple content formats (audio, video, PowerPoint, SCORM, PDF, streaming, user-identified web content, etc.);
• a single gateway for all content from multiple sources (internal and external);
• the implementation of a mobile application, which allows learning anytime, anywhere,
• the ability to federate users by functions or professions for a regular supply of educational content. Thanks to the associated content recommendation capabilities driven by artificial intelligence (AI), we can then promote personalized learning adapted to the needs of the student.

Beyond the focus on employees, IIFL leverages the platform to oversee skills improvement across the extended enterprise.

Retraining of managers

This program has been designed to enable managers to acquire skills related to their function. This means providing compulsory training so that they excel in their profession.

The programs and training below are part of a skills refresher program for managers, all available on LXP:

• sales training;
• field manager training;
• arming program
• product and compliance training.

Improvement of user skills

This program was designed to create an environment that connects and even fosters ongoing opportunities for customers.

Through LXP, IIFL users have access to industry certifications and content on finance, capital markets, and other investment areas.

The impact

The learning experience at the IIFL has been redefined to create a more interactive journey for employees and external customers. Live training with distance trainers (VILT) and courses in SCORM format are integrated into the LXP, as well as surveys and quizzes to engage employees. Solid learning paths are now aligned with individual development needs.

You can take advantage of other benefits from the EdCast LXP platform such as:

• uninterrupted access to content created by the IIFL curatorial team. This improves the experience of the content available in curating;
• a significant improvement in social collaboration on the platform with 3.6 “demonstrations of engagement” (“expressions”) per user (against 0.9 on a global benchmark);
• taking advantage of the involvement tools of the IIFL L&D team such as WhatsApp, Facebook Workplace, etc.

Measurable benefits

EdGraph, the data analysis engine of the EdCast LXP platform, supported the L&D team to:

• have dense and in-depth data so you can keep your focus on creating programs,
• making the right decisions to foster the emergence of a self-learning culture by employees within the organization.

Here are some parameters to shed light on the success of the EdCast LXP implementation within the IIFL:

• 30,000 registered users,
• 64% of them are active every month on the platform,
• 89% re-engagement rate every month,
• LXP adoption rate of 75%,
• 82% of the learning provided by the content (“Content Completion”).