The crisis brought on by COVID-19 has led companies across all industries to re-evaluate their business and operations models.
While the most immediate and severe impacts were felt by true brick-and-mortar industries like restaurants, gyms, and movie theaters, it is clear that no sector is immune to the fallout. In particular, financial institutions (FIs) have had to re-evaluate how they conduct day-to-day business in the wake of stringent restrictions set out by health organizations and state and local governments.
Specifically, FIs have been forced to adopt a remote workforce model to ensure the continuity of critical business activities. With little preparation, droves of employees have had to migrate to home offices and adjust to makeshift work environments. The drastic transition has mostly been seamless, with more focus on market volatility driven by uncertainties about the virus’s global social and economic impacts.
Amid the uncertainty, one pleasant surprise for FIs has been the ability of their employees to successfully execute the responsibilities of their roles, while managing risk in remote locations. Roles, such as traders, once assumed to be desk-chained, are now fulfilled from home with minimal interruption to business as usual.
This realization begs the question of whether specific roles can be performed remotely on a regular or even permanent basis, even as the COVID-19 crisis subsides. This transition will allow firms to take advantage of the benefits of remote workforces, including cost savings, increased productivity and employee satisfaction.