Transformative Learning in the Digital Age: Constructivism-based eLearning

 

Gautamkumar H. Vyas ¹, Harishchandra Singh Rathod ²

 

¹ Research Scholar, Gujarat Technological University, Ahmedabad, Gujarat, India

² Principal, SAL Institute of Management, Ahmedabad, Gujarat, India

 

1. INTRODUCTION

In the rapidly evolving landscape of the digital age, the traditional approaches to learning and training have undergone a significant transformation. The advent of eLearning, particularly Constructivism-based approaches, has emerged as a powerful catalyst for reshaping the educational paradigm, especially within the context of the Indian banking industry.

 

 

 

2. What is eLearning?

ELearning, a term coined in 1999, represents a paradigm shift in learning methodologies. Facilitated by the development of Information and Communication Technologies (ICTs) and the widespread availability of the Internet, individuals can now access educational resources at any time and from anywhere. Various definitions have been proposed, emphasizing its electronic nature, accessibility beyond traditional classrooms, and the use of digital platforms for information exchange.

 

3. Types of eLearning

Understanding the diverse types of eLearning is crucial for grasping its multifaceted impact on the banking industry:

1)    Computer Management Learning (CML)

CML plays a pivotal role in enhancing the education sector by providing additional information through computerized textbooks and simulations. For instance, a banking professional can simulate complex financial scenarios, fostering a deeper understanding of risk management strategies.

2)    Computer-Assisted Instruction (CAI)

CAI, or Intelligent Tutoring Systems (ITS), combines multimedia elements to create a dynamic teaching-learning process. An example would be an interactive module where bankers learn about financial modeling through engaging simulations.

3)    Asynchronous Online Learning

In this student-centric environment, learners can set flexible timeframes for their studies. Tools like email, discussion boards, and blogs enable discussions and collaborative learning even when offline, promoting a sense of community among learners.

4)    Synchronous Online Learning

Real-time learning occurs through video conferencing and chat, creating an active environment for discussions and interactions. For instance, bankers can participate in live virtual workshops where they discuss case studies and exchange insights in real-time.

5)    Blended Learning

This approach combines asynchronous and synchronous online learning, incorporating self-paced web-based training followed by face-to-face instruction. An example is a blended course where banking professionals learn about regulatory compliance online and then attend in-person workshops for practical application.

 

4. Trend in eLearning Market

The global eLearning industry is undergoing exponential growth, with the market projected to reach $1 trillion by 2032, emphasizing its crucial role in modern education. Presently valued at $399.3 billion, eLearning is a multi-billion-dollar industry making significant contributions to various sectors. Many educational institutions, corporate organizations, and non-profits are embracing online education, making learning more accessible for learners across diverse demographics. Constructive eLearning,

The eLearning landscape is marked by compelling statistics: the industry has grown by 900% since 2000, and it's expected to triple by 2025. Organizations are increasingly adopting digital learning solutions, with approximately 90% providing digital learning opportunities for their employees. The shift toward online education is evident in the surge of registered learners on platforms like Coursera, experiencing a 438% increase in the last five years, reaching a remarkable 136 million. The global eLearning market is projected to experience a 200% rise between 2020 and 2025, with significant growth in markets like India, Thailand, the Philippines, and China.

Statistics also highlight the cost-effectiveness of eLearning, with organizations experiencing a 42% boost in income and reduced energy consumption by 90%. Moreover, corporate eLearning is expected to grow by almost 142% between 2021 and 2026, with 98% of US businesses planning to incorporate eLearning. Notably, 40% of Fortune 500 companies have already implemented eLearning, contributing to business retention rates rising from 25% to 60%. The future of eLearning seems promising, with projections indicating a $350 billion global market by 2025.

The adoption of eLearning is not limited to formal education; corporate training and development are witnessing significant transformations. Businesses incorporating eLearning have reported 218% higher revenue per employee, and employee engagement has seen an 18% increase. Organizations believe that eLearning provides a competitive advantage, with 94% of employees willing to stay with a company investing in their learning and development. Furthermore, the corporate eLearning industry is expected to be worth $50 billion by 2026.

In academia, eLearning tools are becoming increasingly prevalent, with 64% of middle school students in the USA using digital learning tools daily. Student retention rates for online courses range from 35% to 60%, significantly higher than in-person classes. Online learning trends are evolving, with platforms like Udemy and Teachable offering a plethora of courses, and 63% of US students using online learning tools daily.

On a global scale, Europe and the US contribute the majority of eLearning users, with the Asia Pacific market expected to grow by 11% between 2020 and 2026, reaching over $90 billion by 2026. The German eLearning market is projected to expand at a remarkable 22% annual rate until 2028.

As we look toward the future, approximately 50% of all corporate training is anticipated to be delivered online by 2025. The mobile learning industry is expected to grow at a rate of 27% per year through 2028. The eLearning market is projected to reach $848.12 billion by 2030 from its estimated $210.1 billion in 2021, showcasing the continued significance and evolution of eLearning in reshaping the global education landscape.

 

5. Advantages of eLearning in Banking

The banking industry, facing frequent regulatory changes and the need for continuous training, has embraced eLearning for various reasons:

1)    Privacy and Security

eLearning allows banks to maintain the privacy and security of their operations by electronically controlling the training and skill improvement processes. For example, cybersecurity training modules ensure that banking professionals are well-versed in the latest security protocols.

 

2)    Adapting to Regulatory Changes

With the banking sector known for its frequent rule changes, eLearning provides an agile solution for efficiently adapting to new regulations. Virtual compliance courses can be rapidly updated, ensuring employees are always in compliance with the latest laws and regulations.

3)    Accessibility and Flexibility

eLearning accommodates recruits from diverse educational backgrounds, offering flexible training that can be undertaken anywhere. For instance, a rural bank employee can access training materials online, overcoming challenges associated with dedicated physical classrooms.

4)    Continuous Updates

eLearning ensures that banking employees stay abreast of new rules, regulations, and updates to government policies, facilitating ongoing professional development. Regularly updated modules on policy changes can be seamlessly integrated into eLearning platforms.

5)    Efficient Tracking

eLearning platforms make it easier to track training completion and gauge the proficiency of bank employees. Analytics and reporting features enable banks to assess the effectiveness of training programs and identify areas for improvement.

 

6. Challenges Faced by eLearning in Banking

While eLearning brings numerous benefits, challenges are encountered in its implementation within the banking sector:

1)    Regional Diversity

Customizing courses to suit regional requirements presents a challenge due to the diverse operations of banks across different locations. An example would be tailoring compliance training to adhere to specific regional banking laws.

2)    Customer-Facing Roles

eLearning solutions may face limitations in training bank employees who directly interact with customers, such as those involved in payment, mortgage, and loan approval processes. Simulated customer interaction scenarios can be incorporated to address this challenge.

3)    Infrastructure and Security

Extensive hardware and software setups are required for eLearning solutions, with potential vulnerabilities to bugs and viruses that could compromise data security. Investment in secure cloud-based platforms can mitigate these risks.

4)    Process Training Risks

Training employees on banking software through eLearning requires careful precautions to prevent data compromise and security threats. Simulated training environments can be employed to mitigate risks associated with real-world data.

 

7. Why Use eLearning for Banking Employees

eLearning emerges as the preferred training method for several compelling reasons:

 

 

1)    Role and Duty Knowledge

Well-designed eLearning courses enable banking employees to acquire comprehensive knowledge about their roles and duties. Interactive modules can simulate real-world scenarios, allowing employees to apply theoretical knowledge to practical situations.

2)    IT Skill Improvement

eLearning contributes to improving the IT skills of banking officials, making them more adept at utilizing newer technologies. For instance, interactive programming courses can enhance the coding skills of banking IT professionals.

3)    Swift Onboarding

New recruits can be swiftly inducted through eLearning courses, enhancing overall efficiency in the bank. Onboarding modules can provide a comprehensive overview of the bank's policies, procedures, and values.

4)    Continuous Updates

eLearning serves as an effective means to keep banking employees constantly updated about new rules, regulations, and any changes to bank processes. Regularly updated content ensures that employees are well-informed and compliant with the latest industry standards.

5)    Efficient Tracking

eLearning platforms provide an efficient way to track training completion and gauge the proficiency of bank employees. Detailed analytics dashboards enable HR and training managers to assess individual and team performance effectively.

 

8. Constructivism in eLearning

Constructivism posits that learners actively build their knowledge rather than passively receiving it. It involves learners making connections between new information and their existing mental models, thus creating a personalized understanding of the subject matter.

Constructivism, as an educational philosophy, emphasizes the active construction of knowledge by learners through their experiences. When applied to eLearning, Constructivism transforms the learning environment:

Constructive eLearning actively engages learners, providing them with a variety of options for what, where, how, and with whom to study. This active involvement is crucial for effective learning and knowledge construction in the digital age.

 

9. Modes of Constructive eLearning

Numerous modes of Constructive eLearning include blog learning, discovery learning, discussion boards, educational software, game-based learning, interactions through digital appliances, mobile learning, online learning, simulated learning, virtual learning communities, and web-based learning.

1)     Blog Learning

Blog learning involves learners documenting their experiences, sharing knowledge, and engaging in direct interactions with peers globally through blogs. It provides a platform for reflection, collaboration, and knowledge dissemination. Learners can share insights, case studies, and real-world applications, fostering a sense of community and collaborative learning.

2)     Discovery Learning

Discovery learning encourages learners to explore and discover information independently, leveraging the vast knowledge available on the Internet and through electronic devices. It emphasizes hands-on experiences, problem-solving, and critical thinking. This mode allows learners to construct their understanding by actively engaging with the learning materials and applying them in practical situations.

3)     Discussion Boards

Discussion boards are asynchronous communication tools that facilitate discussion, collaboration, and knowledge enrichment among learners. Participants can share perspectives, ask questions, and provide feedback. This mode promotes active engagement, peer-to-peer learning, and the exchange of diverse ideas, creating a dynamic and interactive learning environment.

4)     Educational Software

Educational software comprises computer programs designed for teaching or self-learning, breaking down barriers to formal education. It includes interactive modules, simulations, and virtual labs. This mode offers a revolution in self-directed and lifelong learning, allowing learners to acquire skills and knowledge at their own pace through interactive and adaptive learning experiences.

5)     Game Based Learning

Game-based learning, or edutainment, combines education and entertainment to impart skills and knowledge through various types of games. It enhances engagement, motivation, and retention by incorporating gamified elements into educational content. Learners can acquire and apply knowledge in a fun and interactive manner, fostering a positive learning experience.

6)     Interactions through Digital Appliances

This mode utilizes digital devices such as mobiles, discussion boards, blogs, conferencing, e-mail, and chat groups to enable global collaboration, information exchange, and the creation of a learning society. Learners can connect in real-time, share resources, and participate in collaborative projects, transcending geographical boundaries and enhancing the overall learning experience.

7)     Mobile Learning

Mobile learning occurs beyond fixed locations, utilizing mobile technologies for accessing a treasure trove of knowledge anytime and anywhere. It provides flexibility and convenience, allowing learners to engage with content on smartphones and tablets. This mode is especially effective for on-the-go professionals and those in remote areas, ensuring access to educational resources at their fingertips.

8)     Online Learning

Online learning takes place over the internet, leveraging webzines, websites, journals, wikis, blogs, online dictionaries, and various online resources. It offers a vast array of information, interactive multimedia, and collaborative tools. Learners can access a wealth of content, participate in virtual classrooms, and engage with experts and peers globally, fostering a borderless learning environment.

9)     Simulated Learning

Simulated learning involves learning through computer simulations, providing realistic and immersive experiences across diverse fields of education. It allows learners to practice skills, make decisions, and explore scenarios in a risk-free virtual environment. This mode is particularly valuable for professions that require hands-on experience, such as medical and technical fields.

10) Virtual Learning Communities

Virtual learning communities are social networks that facilitate interaction, collaboration, and learning among individuals with mutual interests or goals. Participants can share resources, engage in discussions, and collaborate on projects. This mode creates a sense of belonging and community, enhancing the overall learning experience through shared knowledge and collective problem-solving.

11) Web-Based Learning

Web-based learning utilizes the World Wide Web as a rich source of information, offering learning materials, discussion forums, video conferencing, live lectures, and links to diverse sources of information. It provides a dynamic and interactive learning environment where learners can access multimedia content, engage in online discussions, and explore a variety of resources to support their learning journey.

 

10. Conclusion

In the rapidly advancing digital age, Constructivism-based eLearning emerges as a dynamic force, reshaping educational approaches, particularly within the Indian banking sector. The article navigates through the evolution of eLearning, showcasing its diverse types and global impact. The trends and statistics underscore the monumental growth of the industry, emphasizing its pivotal role in modern education.

The article dissects the advantages and challenges of eLearning in the banking industry, shedding light on how it addresses privacy concerns, adapts to regulatory changes, and provides accessible training. Practical examples illustrate the industry's embrace of digital learning, and the statistics paint a promising picture of the future landscape.

Advancements in academia, corporate sectors, and global markets are explored, showcasing the widespread adoption of eLearning. The banking sector, in particular, finds eLearning indispensable for continuous training, with a focus on privacy, adaptability, and efficient tracking.

Constructivism takes center stage, portraying learners as active participants in their knowledge construction. The various modes of Constructive eLearning, from blog learning to web-based learning, offer a diverse and engaging learning environment. As the article concludes, it advocates for collaborative efforts in enriching Constructive eLearning, ensuring that the transformative potential of digital education is harnessed for the greater good.

 

CONFLICT OF INTERESTS

None. 

 

ACKNOWLEDGMENTS

None.

 

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