Image credit: LemonadeLXP all-in-one learning experience platform for financial institutions
LemonadeLXP, a 2020 International Serious Play Awards entry in the Corporate/Vocational category, has an ambitious value proposition for companies that need to reduce costs while training employees faster: a game-based learning experience platform that speeds up time-to-proficiency with addictive microlearning. According to the developers, Lemonade drives distributed practice so learners master the skills they need to succeed in their jobs at a record pace.
LemonadeLXP For Financial Institutions (FIs)
FIs have spent millions over the past few years developing new digital banking products, self-imposing the challenge of getting consumers to adopt them. This adoption is often lagging.
LemonadeLXP helps drive adoption of digital banking products by delivering immersive experiences that turn FI staff into digital products experts. Combining microlearning for bank employees and a digital adoption platform for FI customers and frontline staff, LemonadeLXP is specifically designed to tackle that challenge:
“FIs are regularly releasing new banking tech but are struggling to get their customers to use it. In order to foster digital adoption, frontline staff need to act as advisors and recommend this tech to customers. However, employees do not always bank with the institution they work for. This means frontline staff are often unaware of new banking technology, do not know how to use it, and are not prepared to recommend it — or even answer questions about it — in retail settings.”
Lemonade addresses this issue by providing quick, game-based daily learning sessions for frontline staff. The platform uses microlearning modules to teach basic product facts, interactive product walkthroughs to give employees hands-on experience using new tech, and role-playing scenarios to let frontline staff practice recommending products in simulated retail situations.
Lemonade learners are encouraged to take courses daily, and repeat courses regularly, so the knowledge becomes ingrained, and the application becomes habit. Lemonade can be accessed on demand, on any device, and each module takes only a few minutes to complete. On average, Lemonade clients see a 106% increase in voluntary participation, a 288% increase in repeat engagement, and a 91% increase in digital product recommendations.
John Findlay, a founding partner of the digital engagement agency Launchfire established in 1999, is also the founding partner and CEO of LemonadeLXP. In his too-many years in the business he has developed digital engagement strategies for a mighty impressive list of leading marketers.
In 2018 John and his team decided to use their expertise to address another type of experience: corporate training. They started a SaaS (Software as a Service) company, LemonadeLXP, a learning experience platform that helps financial institutions make their training experiences more engaging and effective.