Simulation Learning: Advantages of the Virtual Workspace
When you think of simulation learning, you probably think of flight simulators for pilots, or medical simulations for healthcare workers. But what about simulation learning to help your financial institution’s employees become better lenders?
Simulation is the artificial representation of a real-world process. It can help learners develop skills by exposing them to a variety of scenarios that require deliberate practice, which can be more effective than traditional methods, such as lecture or apprenticeship.
Simulations are beneficial because they give learners the opportunity to:
- Gain practical experience that will help them on the job immediately
- Experiment in a low-cost, low-risk environment
- Make—and learn from—mistakes
- Learn new skills or—for seasoned employees—gain additional practice
- Understand the consequences of their actions
- Actively participate in their own learning
- Develop quick-thinking skills
- Improve their ability to do their jobs efficiently and consistently
In the image above, you can learn more about Omega Performance’s Case Studies, or commercial loan simulations, and how our virtual workspace helps your employees transition from having foundational knowledge to being efficient, independent lenders.
As you can see, your learners will have the opportunity to evaluate a loan opportunity in a realistic way, with the information organized much as it would be in a real work environment. From using a tablet to research an industry to discussing issues with customers by phone, the commercial loan process is mimicked as closely as possible.
Want to see the virtual workspace in action? Watch our video here.
It was mentioned earlier that simulation training is beneficial to your lenders. It is also beneficial to your organization. Experienced lenders make better decisions. A business’s managers may know their business needs a loan, but they’re not the experts, and they may ask for something that doesn’t really suit their needs.
An experienced lender is not a salesperson but a consultant who can put together the best loan program for your customers. This not only builds customer relationships, but increases the likelihood that customers will be able to fulfill their loan terms.
Want to learn more about Omega Performance’s simulation learning? Watch our webinar, “Case Studies: Increasing the Rate of Ascent while Decreasing the Forgetting Curve.”