See Teamwork in Action at FICO World 2023
BankersLab recently hosted a conference-wide simulation competition at FICO World 2023.
Our private workshops are tailored for the audience’s knowledge level and business issues. At the FICOWorld conference, we opened the gates to any conference attendee, with any level of experience. What happened?
Collaboration.
Some of the teams were formed by participants who had never met each other, may not have had the same native language, and had varying levels of experience. We noticed that the language of analytic thinking is, indeed, global. Participants discussed and debated the cause-and-effect relationships in their virtual portfolios and shared their experiences.
Rapid Product Understanding.
Most participants were not familiar with the UltraFICO Score, and suddenly found themselves using it to make important lending decisions in their virtual portfolios. Using hands-on, gamified learning, within an hour we noticed participants becoming conversant in their use of the score. They quickly figured out how to use it effectively for credit approval decisions, loan pricing and loan exposure decisions.
Learning and Teaching.
One participant did not have lending experience at all – she came from a financial literacy non-profit background. She teamed up with an experienced credit union risk executive. We stepped back and watched the magic happen. He patiently walked her through each decision and result, which empowered her to quickly ramp up her knowledge of lending. No textbooks, no powerpoint; just guided, hands-on learning.
Innovation is Driven By Idea Generation: This is Why We Simulate – Jeremy Utley
What did we observe from opening up the simulation to a larger audience?
- Gamification drove high engagement. Normally we drive learning engagement, but in this case we drove product education engagement.
- Diversity of though and an analytic mindset in the teams drove success.
- Idea Generation drives innovation. Goofy ideas, ordinary ideas and genius ideas can all be tested in a simulated environment!
Join us for a simulation workshop soon!