Are banks prepared for employees to work off-site indefinitely?
The onset of the coronavirus pandemic has forced banks to suddenly and unexpectedly adopt remote working as the new norm. This shift may have been chaotic for many banks, but it increasingly appears that remote work won’t be going away any time soon.
Many banks are indicating that some of their workforces will continue to work remotely even after the pandemic recedes. For example, JPMorgan Chase and UBS Group AG said that a significant portion of their workforces could remain remote permanently or on a rotational basis. Barclay’s CEO has acknowledged that the bank may never again put thousands of employees together into office buildings.
This shift offers an opportunity for banks. With customers flocking to digital channels to conduct their financial lives, banks can re-align their real estate portfolios with customer demand. Additionally, operating remotely allows banks to take advantage of more flexible working models to be more agile in meeting demand.
However, banks will need to prepare themselves. The initial dive into working remotely may have been hasty and haphazard for many financial institutions. A strategy that addresses the risks and challenges in remote work will improve employee and customer experiences, so financial institutions can take advantage of these benefits.
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