A Simulation Success Story for the ABA

A Simulation Success Story for the ABA

Banking is one of the world's oldest professions, no doubt, but when Washington, D.C.-based banking trade group the American Bankers Association (ABA) wanted to sell primers on topics such as financial, estate, retirement and tax planning to the financial advisers it serves, it turned to one of training's newest technologies--simulation. "They were looking for engaging and interactive, scenario-based simulations, something that would be in the neighborhood of maybe 30-45 minutes," says William Geheren, marketing director for Pearson Performance Solutions, a training provider in Chicago that creates custom solutions for clients, and which the ABA turned to for help.

More than merely watching life-like instructional scenes play out before them, the association wanted users to be able to practice and test themselves within the simulation. "They wanted us to help them [users] highlight gaps in knowledge," Geheren says. The result was the creation of 70 assessments built around simulations that users and their managers could access to create instruction followed by tests on areas they might need boning up on.After sitting down together to work out the details, Pearson and the ABA agreed that it was important to create a tool that wasn't just impressive from a technological bells-and-whistles perspective. The organization needed simulation-based assessments that would be versatile and practical, meaning able to instruct and test users at a range of skill proficiencies on each of the topics it addresses.

"Something that no matter what level they were at, they would be able to relate to and grad a hold of, and, again to make sure the results from that demonstrated their competencies and weaknesses," Geheren explains. Each scenario is based on a financial challenge faced by a fictional family that the user of the simulation assessment is asked to advise. Descriptions are provided for each member of the "family," including what the head of the household does for a living, Geheren says, as well as details such as the kind of schooling given to the children. One scenario, for example, might focus on the couple Sarah and Jack, who lead very busy lives, but want to make sure they're planning adequately for the future in terms of their taxes.

The quandary presented to the financial adviser user of the simulation could be this: given the goals of this couple, when should their trust tax be filed? Options are then given for the user to choose from including "at the end of the calendar year," "one year from the date of so-and-so's death," "at the end of a two-year period" or "the 15th day of the fourth month following the close of the taxable year."The program, which was made available to employees around the beginning of this month, has not yet had its effectiveness measured, but Geheren says Pearson will be working with ABA to create measures of the program and make adjustments as needed.

"I've been told that so far they've received positive feedback from several of their banks," he notes, "primarily regarding how interactive the simulations are and just how realistic the quality of the content is."For more information, visit http://www.elabs2.com/c.html?rtr=on&s=cc4,j8r,21,93w5,4pws,bv7k,fy01.