Emirates Institute for Banking and Financial Studies (EIBFS), a regional leader in banking and finance education and training, today unveiled its 2019 Annual Training Plan with a strong emphasis on digital transformation and smart technologies.
Next year, EIBFS will conduct over 690 regular training and development programs – which is 28% higher compared to 2018. A vast majority of new programs introduced in 2019 focus on Fintech and other digital technologies, driven by the recommendations and demands of the EIBFS Board of Directors, Advisory Board and banks in the UAE.
The 2019 training plan includes 150 annual training programs and 120 e-learning courses. In line with the new direction, the Institute will introduce several new platforms in addition to enhancing the existing ones with new features. Approved by the EIBFS Board at its latest meeting in October 2018, the training plan and new platforms will go live in January 2019.
As part of its mandate to equip banking professionals across the UAE, of the 690 programs planned in 2019, Dubai campus will host 31%, the Sharjah campus will host 28% and the Abu Dhabi campus will host 25% courses. The balance 16% courses will be held in Fujairah, Ras Al Khaimah and Al Ain.
Jamal Al Jassmi, General Manager of EIBFS, said: “Digitalization is progressing at an unprecedented level and speed, and this is most evident in the realm of banking and finance. Following in-depth discussions with our stakeholders, comprising training and talent specialists from banks and insurance companies, we realized the importance of developing new learning courses on digital applications in the financial sector. The Fintech Training Lab established in June 2018 is an outcome of these discussions.”
He added: “We also understood that true digital transformation requires more than just offering a few courses on the latest trends. It is critical that we fully embrace the new technologies, and that means adopting a digital-first approach to training and education. In adopting this approach, we are transforming the delivery processes and mechanisms – from student registration all the way to certificate issue. I thank the Board members for approving the changes that will give EIBFS a competitive edge and help it attract students from across the region.”
Mobile learning apps
The EIBFS 2019 Annual Training Plan involves the launch of four mobile learning apps, available on the App Store and in the Android App Bundle on Google Play, catering to smartphone-savvy learners and supporting a seamless, scalable and interactive learning process. The apps will include:
· EIBFS Training: Helping students stay connected while on the go, the app will provide access to relevant information about EIBFS, its training programs, corporate directory and locations, as well as the option to submit applications for the programs and monitor their status.
· EIBFS Education: The app will offer a detailed overview of existing as well as upcoming training programs, including notifications on the latest developments.
· EIBFS Library: The information resource app will enable database search on a wide range of subjects covered in the training courses.
· EIBFS Research: The app will contain information on research strategies, detail how to get published in the Institute’s International Journal of Research in Banking and Finance, and include blogs by industry experts and white papers, as well as economic and industry reports.
EIBFS will deliver its online learning programs via Moodle – a powerful open-source e-learning platform that will be integrated with the Institute’s own training portal. The Institute will also upgrade its existing e-learning portfolio with Intuition, a learning management system that combines technology and blended learning solutions.
The system will comprise up to 120 e-learning courses for more than 3,500 banking professionals – nearly 10 percent of the total workforce in the sector. Areas of focus will include banking science and operations, credit management, HR management, Islamic banking, treasury and investment, among others.
Internet of Things
To facilitate a seamless learning experience, EIBFS will leverage the Internet of Things (IoT) to link various classroom and online elements, including devices, projectors, screens, cameras, microphones, lecture capture systems and learning management systems.
EIBFS also announced that it will implement blockchain-based academic credentials starting from January 2019. The solution is aimed at enhancing security and accessibility of official documentations and will enable the issue and verification of academic certificates.
To fast-track the learning curve, EIBFS will set up two dedicated simulation learning rooms for interactive, real-life experience. Providing students with exposure to a real market environment for trading stocks and bonds, the Dealing Room will feature 22 trading stations, equipped with market tools linked with Bloomberg and Thomson Reuters Eikon.
Similarly, the Simulation Bank Branch will offer a high-level, interactive virtual bank back office experience. The room will host team sessions and workshops on topics such as expanding the product and service range, multi-channel distribution, market segmentation and competition, branch income, expense reallocation and branch human resources management.
The fintech programs, comprising 13 new courses across 40 schedules, will include Masterclass in Business Analytics and Analytics Using Python, as well as continuing professional development courses, such as Future of Banking, Fintech 101, Blockchain Applications, AI and Machine Learning, IoT Application and Cybersecurity. The two-day courses will be delivered by fintech experts from select banks.
In addition, EIBFS will offer the Fintech and Analytics Vertical training program across its three campuses, catering exclusively to banking professionals, spanning two levels – Intermediate and Advanced, and utilizing blended learning and simulation.
As part of the Institute’s ongoing efforts to establish national qualifications with the aim of providing learners with locally recognized credentials to support their professional development and create a transparent talent market, the National Qualifications Authority has approved five of its continuing education units (CEUs) as national qualifications in banking. These include the successfully completed Risk Management with Derivatives, as well as the upcoming Bancassurance, Trade Finance 1, Trade Finance 2 and Quality Management.
The development is a response to the demand for UAE based banking qualifications that reflect the needs and regulatory standards in the UAE. Feedback from industry groups highlighted the need for local qualifications for retail banking to reflect local requirements and that emphasizes on the practical applications of retail banking services and knowledge.
The Institute’s 2019 training portfolio will also comprise 13 professional development certificate courses, 10 national development programs for Emirati personnel, five blended learning and simulation courses, seven panel discussions and CEO talks, and three leadership programs.
Source: APCO Worldwide