Since it was first identified in late 2019, COVID-19 has caused significant operational and commercial disruption for companies worldwide. However, financial services were better positioned than most industries to weather the initial storm. Digitalization initiatives were in many cases already underway, and institutions were accordingly able to pivot quickly to accommodate remote working arrangements for most of their employees, ensuring a relatively high degree of business continuity.
The financial services industry is now focused on the journey towards a post-COVID ‘new normal’. Financial institutions that grasp the opportunity to reassess, reengineer and reimagine working models in a proactive fashion will be best placed to reap the benefits of increased efficiencies, productivity and ultimately a significantly lower cost base. In the current environment, near-shoring elements of your operations certainly appears compelling – but which processes or functions should you choose? In this paper, we detail the four working models available to firms; onsite, remote, nearshore and offshore, and examine the pros and cons of each.
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