Creating a human-centric approach to hybrid working in the financial services sector

But, in the fast-paced financial services sector where millions of dollars could be at stake if you make the wrong impression, this has led to an even wider disparity between employees and employers.

In a report from Accenture, 80 percent of financial executives prefer their employees to be in the office 4 to 5 times a week, while a similar survey by PwC shows only 20 percent of employees would be willing to return more than 3 days a week. And employees are considering leaving their job to get the new hybrid work they want.

So, how can the financial services sector continue to create valuable client relationships with this disconnect between employer and employee?

Two sides of hybrid working in the financial services sector

On the one hand, some firms have maintained that company culture and innovation is the main driver for returning to the office. Dealmakers at investment banks do not want to risk poor virtual meeting experiences, especially when clients are demanding more collaboration and personalisation. On top of this technical issues were considered the most common challenge for 41 percent of MENA-based employees.

On the other hand, some firms saw hybrid working as an opportunity to reduce real estate costs and get access to a global talent pool. A survey of workers in the MENA region shows that 76 percent of employees are satisfied with remote work and don’t want to return to the workplace. Britain’s banking and financial services sector says 54 percent of employees have experienced improved work-life balance and 35 percent have renewed motivation because of remote work. As a result, 54 percent of UAE firms that are fully prepared for hybrid working.

And the UK isn’t alone. An increasing number of financial organisations across the UAE, KSA, and worldwide are embracing the new way of working, and those resistant to it run the risk of losing their workforce to other companies. Establishing a deep personal connection is at the root of success in the financial services sector. A key component of that connection is ensuring that there is total equality between those in the room and those who aren’t. So how can it find the balance between remote work and human connection?

Using human-centric technology to make hybrid work effective

Strengthen client relationships

For investment banks, creating an emphasis on personalised experience doesn’t have to be sacrificed remotely. Technology can enable deeper connections to maximise employee and customer engagement through remote training and events like virtual conferences. Creating global virtual events can also increase the coverage base and offer clients insights from anywhere in the world.

For wealth managers and financial advisors being accessible at any time for clients provides a better experience with less disruption. It can also limit the amount of missed physical appointments which can lead to inefficiencies. 

Maintaining Excellent Impressions

Investing in professional-grade audio and video technology allows dealmakers the confidence to close virtually. Bringing more of the deal cycle to video conferencing without compromising on quality can speed up the process leading to a better experience regardless of where the client is in the world. This keeps financial services businesses competitive on the global stage.

Encouraging Collaboration

Internally, retail banks can create a seamless experience across regions and branches using professional-grade collaboration technology. Giving employees access to the right technologies can underpin productivity, motivation, and engagement leading to lower turnover and better customer outcomes. Besides the technology, it is also imperative to engage remote workers by harnessing the power of digital collaboration.

Hybrid work is disrupting many industries and the reality is it’s here to stay. By leveraging high-quality communications technology, financial services businesses are able to put human relationships and experience at the center of a digital strategy. Ensuring that engagement, teamwork, and customer service is never compromised.

Bob Aoun, regional sales director at Poly.