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How the finance industry adapted to remote working


by PaySpace Magazine

According to the research, the pandemic adjusted employees to new ways of working thus reducing the challenges they faced in the pre-COVID-19 world.

Initially, 53% of workers felt difficulties in collaboration, whereas 36% of them lost social interactions with colleagues. Besides, 33% and 26% faced home distractions and loss of creativity, respectively.

As a result, 81% of financial institutions agree that remote working provides more opportunities for the future.

The future of work will not be 100% in office places or simply at home. Innovation requires openness and cross-functional tension for creative breakthroughs, which depend on relationships of mutual trust and high levels of employee collaboration. And, these relationships are built stronger together. At the same time, many activities enabled by new technologies can be done just as effectively and even more productively by employees remotely, as both customers and companies expect greater independent, virtual business interaction. But, the balance of office-based work versus remote work must be purposeful to achieve these goals, not randomly applied, with thoughtful plans to balance customer, employee, and organizational needs

Brian Sweeney, SVP, Chief Human Resources Officer, OpenText

Nevertheless, 35% of banking execs think that the lack of digital skills can damage their organization. However, 58% of respondents reveal their company has made minimal progress in establishing a technical upskilling program.

The report also reveals that banking organizations aren’t using modern technologies that would allow workers to deliver a positive customer experience.

In fact, only 4% of banking organizations significantly use cloud and customer journey mapping. At the same time, 22% and 17% are leveraging chatbots and AI, respectively.