ISG enables one of the world’s best-known banking and financial services companies with a long-term solution for training-development capacity issues and training support for 40,000 new employees.
Opportunity
A multinational bank and financial services holding company with trillions of dollars in assets needed to develop training for 200 applications to onboard 40,000 new hires across 10 lines of business. Before the pandemic, the company's training was all instructor-led, internally developed and internally delivered. It was releasing about 100 simulation training courses a year, which was not keeping up with demand.
Limited throughput from its internal training team had led to an extensive course-development backlog, negatively affecting key business objectives and internal customer satisfaction. Unable to realize the intended return on a previous training technology investment and faced with limited internal capabilities for creating digitally-enabled learning, the bank turned to ISG.
ISG advises 65 percent of the global outsourcing market and has extensive expertise ranging from training advisory to training development and delivery, with more than 5 million end users trained across various industries. The bank chose to engage ISG in a “Training as a Service” (TaaS) contract to address its issues, beginning with a pilot that led to immediate success. ISG built a business case with a projected savings of 39% and a conservatively projected output increase of 40%.
ISG advises 65 percent of the global outsourcing market and has extensive expertise ranging from training advisory to training development and delivery, with more than 5 million end users trained across various industries. The bank chose to engage ISG in a “Training as a Service” (TaaS) contract to address its issues, beginning with a pilot that led to immediate success. ISG built a business case with a projected savings of 39% and a conservatively projected output increase of 40%.
Imagining IT Differently
ISG used best-in-class rapid training development tools, expert resources and an agile approach to produce an immediate increase in training throughput: a 400-percent boost in the first month. The intense training-development model included a global support team and a high degree of responsiveness, as well as a heavy customer service focus.
Fast success bred excitement, increased demand and an extended contract for ISG’s “Training as a Service” (TaaS) as a lower-cost, high-output option to complement the company’s internal training organization.
The training is culturally aligned with the bank’s own values, processes, tools and structure. ISG continues to deliver on increased internal demand and new projects to enable systems and role-based training that support the bank’s digital transformation initiatives in a seamless manner.
Fast success bred excitement, increased demand and an extended contract for ISG’s “Training as a Service” (TaaS) as a lower-cost, high-output option to complement the company’s internal training organization.
The training is culturally aligned with the bank’s own values, processes, tools and structure. ISG continues to deliver on increased internal demand and new projects to enable systems and role-based training that support the bank’s digital transformation initiatives in a seamless manner.
Future Made Possible
- The company increased initial training output by 400 percent in one month, equaling the entire output of the bank’s internal training team from the previous year. Ultimately, it saw a 900% increase in training output for the first year of the program.
- Over the course of the first year, ISG built net-new or maintained and updated 1,800 "sims" (simulation training courses) for the company.
- This resulted in $17 million (94%) in annual cost savings for the company.
- Thousands of new employees received real-world simulations and scenario-based training to adopt to new systems and serve clients.
- The training-development backlog was addressed, and the company can now accelerate its learning and capability plans.
- ISG’s TaaS model gives the bank an optimal solution for lower-cost, scalable training development to meet ongoing training needs for a digitally-enabled, virtual workforce, including a roadmap for leveraging AI tools and in-application/on-demand learning.
- ISG is also working with the bank to build a business case for significant operationalized savings focused on training modules for its highest-turnover/high-demand jobs.
- Bank leaders have declared the partnership “beautiful” and “exactly what we had hoped for.”
