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Case Study: How Kuda’s L&D increased onboarding module completion rates by 40%, generated a 150% ROI, and promoted an inclusive learning culture with 5Mins.ai
Introduction
In the vibrant landscape of modern financial technology, few companies have blazed a trail as swiftly and impactfully as Kuda. Founded in 2019 by Babs Ogundeyi and Musty Mustapha, this Nigerian fintech firm has disrupted the traditional banking scene by prioritising digital innovation, financial inclusion, and a customer-centric approach. Kuda’s testament to its innovative spirit is reinforced by its meteoric growth, exceeding 6 million users and establishing itself as one of the fastest-growing fintech companies in the world in just four years.
With offices in Lagos, and Cape Town, and team members working remotely from other locations across the world, Kuda's workforce needed access to the relevant knowledge and skills that would help it thrive in the fast-paced, on-the-go world it operates in. Kuda’s L&D team was determined to find a solution that enabled their employees to learn in the flow of work and delivered tangible business outcomes that their existing solution failed to provide.
About Kuda
Challenges and Approach
Kuda strives to provide its employees with the best possible growth opportunities and enable its team to learn in a way that’s both productive and enjoyable. Kuda needed a solution that could cater to its employees’ fast-paced, on-the-go lifestyles, providing them with relevant, up-to-date knowledge and skills in just a few minutes.
The decision to implement a new learning platform was driven by limitations of their existing long form learning tools. These tools were unable to meet the demands of their learners, who sought immediate and concise answers to their questions, and deliver tangible outcomes to the organisation as a whole.
“When searching for a new platform, we prioritised finding a learning solution that not only offered cost-effective pricing aligned with the organisation's budget but also featured adaptive learning capabilities. These capabilities were essential for adjusting content basedon our employees' progress and performance. Additionally, we sought a platform with a customisable interface to reflect our organisation's branding and ensure compliance with industry regulations and data security standards.” - Kuda Academy
Enter 5Mins.ai, the skills based bite-sized learning platform.
Implementing a new solution presented unique challenges, including aligning with organisational goals, gaining stakeholder buy-in, encouraging learner adoption, and maximising the platform's features.
Kuda addressed these challenges through a user-centric approach, leveraging 5Mins.ai’s features like gamification and AI-driven personalisation to foster peer-to-peer learning, thereby creating greater overall learner engagement. Having built up as a skills based learning platform, 5Mins.ai empowered learners to keep track of their progress and develop in areas relevant to their goals and enabled management teams to assign courses that filled the business’ skill gaps.
Key Outcomes: Onboarding 5Mins.ai for Cohort-Based Learning
With 5Mins.ai, Kuda was able to create a culture of learning and pump excitement back into learning and development through cohort-based learning and competitions. As a result, the company achieved the following:
Key outcomes
40%
Improvement in onboarding module completion rates
60%
150%
ROI achieved through cost savings and hitting desired learning outcomes faster
Key Outcomes: Onboarding 5Mins.ai for Cohort-Based Learning
A high activation rate - 99% of all employees invited to join 5Mins.ai have been activated and have engaged with the platform
Onboarding module completion rates increased by 40% compared to traditional onboarding methods, and enabled the team to set their new employees up for success.
Most importantly, its learners praised the platform's convenience, interactivity, and ability to foster peer-to-peer learning within their cohorts. This is further supported by a 25% increase in learner satisfaction and a 60% rise in voluntary participation in cohort-based learning activities, and contributed to a 12% improvement in overall employee retention.
Additionally, through the detailed user level analytics provided by 5Mins.ai, Kuda was able to leverage real-time data on learner progress. This allowed its L&D team to provide timely support and customisation of learning paths based on performance and business needs, resulting in achieving desired learning outcomes 20% faster.
As a result of these outcomes, Kuda was able to foster a true culture of learning that helped serve it’s business needs as well. Fueled by the passion for helping its employees grow and develop, Kuda transformed its approach to L&D, which has resulted in happier learners and a clear return on investments.
“Through their initiatives and aided by 5Mins.ai, Kuda’s cohort-based learning strategy contributed to a 60% increase in voluntary learning, saving the organisation thousands annually in training costs”- Kuda Academy
Conclusion
Since becoming a partner of 5Mins.ai, Kuda has seen:
Shift in learning paradigm: A significant shift in learning effectiveness, efficiency, and engagement.
Quantifiable business outcomes.: Measurable improvements in learner engagement, development, productivity, retention, and cost savings.
Happier learners!: Employees that actively want to engage with their L&D platform!
Skill development: Employees have voluntarily developed skills in entrepreneurial thinking, people management, organisational development, communication, teamwork, and collaboration.
“Our experience with 5Mins.ai has resulted in improved engagement, satisfaction, and tangible impacts on business outcomes, making it a pivotal tool in fostering our employees’ development and organisational success.” - Kuda Academy
With the 5Mins.ai learning platform, Kuda has transformed its approach to learning, bringing substantial organisational benefits by leveraging the gamified user experience, skills based approach, and bite-sized lessons to deliver a deeply personalised and engaging experience to its employees.
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