Would you feel more comfortable flying in an airplane with a first-time pilot who has or has not completed a flight simulation series? How about the engineers who designed the buildings you live and work in every day? Would you feel more confident in the solidity of the structures if they used a simulation to devise the blueprint?
Simulations are so prevalent in today’s society that many people may not even realize how and where they are used. Forecasting storm patterns and development with simulations enable emergency management professionals to provide evacuation updates that could save the lives of thousands of residents in hurricane- or earthquake-prone areas. For sports enthusiasts, simulations are used to determine game and ranking predictions, which may not seem significant, but for those who eagerly anticipate the start of each NFL and NCAA football season, it’s one of the most exciting times of the year.
Simulations are changing the way we learn by enabling a deeper understanding of information across a multitude of subjects, specialties and industries. Students who traditionally learn in a classroom setting are using simulations to experience subjects in more profound ways and transition more naturally to the professional world. Simulations are helping medical professionals practice intricate, life-saving procedures and design advanced clinical trials to find cures for illnesses that affect millions of people worldwide. Some governments even train their armed forces through virtual combat scenarios and simulated hostile environments.
So how do simulations relate to lending? Simulations can offer an immersive and powerful learning experience that may give us an edge when facing situations that involve life and death, but they can also benefit banking professionals by equipping them with the skills they need to make sounder decisions on-the-job. When a financial institution is presented with a valuable loan opportunity, it is critical that lenders possess the skills and knowledge they need to accurately assess risk through multiple phases of the lending process. Credit training simulations, such as Omega Performance’s SimuStar, prepare lenders for these situations by improving their judgmental decisions in credit analysis and assessing their ability to structure high-quality, profitable loans.
As simulations continue to evolve we can expect this remarkable technology to push the boundaries of how we as individuals learn, process and retain information, and challenge us to examine the true effectiveness of the training solutions we offer in our own organizations.
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