The financial services sector is now taking gamification seriously and with the help of True Office, employee compliance training has never been more engaging. True Office, a one year-old startup, has attained some success working with several financial services by gamifying regulatory compliance training. Currently being tested in three banks, the startup’s product aims to train employees to meet regulatory compliance mandates by incorporating real life examples of compliance cases with its customizable game narrative.
Conventional training methods often overwhelm and discourage employees from actual learning. “Compliance training is one of the most despised areas in a company, everyone just wants to get back to work.” says Adam Sodowick, True Office’s founder and CEO. However, True Office gives employees the freedom to explore a variety of situations such as anti-money laundering and insider trading at their own pace. Through its interactive gameplay and immersive stories, it encourages a firm’s employees to learn and experiment while encouraging higher retention and recall rates within a shorter time frame. If you can recall Jon Radoff’s GSummit talk this year, having strong narrative is one of the most effective features of a gamification system. Sodowick also mentions that research has shown higher retention rates among learners when a lesson is combined with a game or a story.
True Office’s analytics dashboard enables a firm’s upper management to analyze overall employee performance and perform early interventions on high risk individuals. The inclusion of a scoring system to quantify results is paramount in establishing True Office’s gamification system. Despite True Office’s numerous benefits, there lies unintended consequences of gamifying the training process. Employees who do not understand gamification may perceive training as simply game and not take it seriously. While a long road lies ahead for gamification and True Office, continuous reiteration and feedback from its financial clients may tip the scale in favor for wider acceptance of gamification in the financial services sector.