Across economies, industries, and societies, the pandemic's effects have triggered rapid and remarkable changes. Financial institutions (FIs) turned increasingly to the digital channel to provide all banking services instead of the in-person and digital hybrid they had previously leveraged.
Sudden (and uncertain) changes
This quick pivot to new account holder support strategies caused a considerable shift for FI professionals, many finding themselves working remotely and providing services in a new way. With the fluid nature of COVID-19’s effects on the world, even the near future remains unclear – but it's clear that FI employment has changed and will likely continue.
Many industry watchers, including The Financial Brand and McKinsey & Company, have weighed in with predictions and observations about the future of FI employment. As FIs adapt to evolving pressures, they should consider the following factors.
Remote work and “the digital lobby” represent the first wave of this evolution; look for more change to follow. For much of the banking industry’s history, account holders were beholden to FIs’ physical locations and lobby hours. This standard is no longer the case, and as account holders continue to adopt and rely on digital solutions, their expectations will likely mirror those they have of Amazon, Netflix, and other “always-on” providers. These demands could prompt a need for further adaptation in the FI workspace, such as different hours and increased online or phone support.
Digital is no longer a differentiator. For many FIs, outmoded and paper-based processes were just good enough to let the organization avoid change. As account holders move to the digital channel, it will be increasingly difficult to sidestep the need to evolve. In some ways, FI professionals may need to start thinking like IT professionals. Employees who can adapt to new expectations may see their professional profiles progress as the business develops.
Technology and automation will decrease the burden on front-line and back-office staff, providing the perfect opportunity to train and advance your employees’ careers within the new normal. You’re likely to increase retention, safeguard valuable employees’ account holder relationships, and hang on to institutional knowledge and company culture.
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