As the COVID-19 pandemic creates shockwaves through the global economy, most organizations are facing a reduction in business volume and profitability. While financial institutions are sheltered from some aspects of this economic downturn, the sector is by no means immune. In fact, the pandemic’s effect on financial institutions has only just begun and may take years to fully materialize.
Spending cuts will help many companies weather the storm, but prudent organizations will take advantage of this inflection point by redefining what they do and how they do it. Forward-looking financial institutions will revisit how digital initiatives can help them navigate today’s obstacles and better position them to take on the challenges and opportunities of the future.
While the discussion around digitization does not always take place in the context of human resources (HR), human capital is a major factor in the success of automation programs. If digitization is to reach its full potential, an organization’s workforce must be ready, willing, and able to embrace a digital workforce.
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