# Finance: The future of workplace Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2016-08-10 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: How Technology is Changing the Workplace for Finance Meta Description: Discover how new tech and innovations are reshaping the financial sector, from flexible working to fintech companies and video conferencing. URL: https://financedigest.com/finance-the-future-of-workplacehtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/jason-downes-2-1736844598703-compressed.jpg) _**Jason Downes**, MD at conference calling provider,_ _Powwownow_ Jason Downes In the last few years the financial sector has been confronted by new technological innovations that have been disrupting the traditional ways of working. Almost all parts of the financial sector are being reworked due to rapid growth in technology and the rise of tech start-ups. All this is contributing to the changes in the way that people work. Traditional finance [services are seeing this and reacting to what once seemed like a static sector](https://www.financedigest.com/why-the-financial-services-sector-could-thrive-in-the-subscription-economy.html "Why the Financial Services sector could thrive in the subscription economy"). Here I take a look at how the workplace is [changing for finance](https://www.financedigest.com/digital-marketing-for-finance-and-insurance-firms-is-changing-are-you-ready.html "Digital marketing for finance and insurance firms is changing — Are you ready?") professionals. **The use of technology** Associated with long working hours in the office, the financial sector has been gradually embracing flexible working. Particularly, now with new laws in place, making it compulsory for all employers to seriously consider flexible working [requests and with people being more aware of the importance](https://www.financedigest.com/australian-state-balks-at-energy-companys-request-for-help-with-lng-import-terminal.html "Australian state balks at energy company’s request for help with LNG import terminal") of having a good work-life balance – our own research found that over three quarters (77%) of employees believe that flexible working makes a job more attractive. This can be credited to new [tech and innovation](https://www.financedigest.com/financial-services-tech-tools-to-foster-innovation.html "Financial Services: tech tools to foster innovation"), which is giving businesses and individuals the tools to work flexibly and effectively to get the job done. For instance, banks like Royal Bank of Scotland and Bank of [England](https://www.financedigest.com/investors-trim-bets-for-peak-bank-of-england-rate.html "Investors trim bets for peak Bank of England rate") have now implemented a flexible working culture, they see the benefits it has on the business as well as for their employees – quite simply a happier workforce means a more motivated and productive one. However flexible working is just one of the results of innovation; we have also seen a rise in [fintech companies that are making technology](https://www.financedigest.com/financial-technology-fintech-how-to-navigate-the-latest-trends-and-innovations.html "Financial Technology (FinTech): How to Navigate the Latest Trends and Innovations") unavoidably intertwined with finance. Fintech companies have been quick to embrace [technologies that make their businesses more efficient and productive](https://www.financedigest.com/product-innovations-and-advancements-in-technology-to-boost-automotive-ignition-system-market-growth.html "Product Innovations and Advancements in Technology to Boost Automotive Ignition System Market Growth"). These businesses are usually start-ups and need to find effective ways to communicate and collaborate and they are using [online platforms](https://www.financedigest.com/brand-strategy-tactics-for-an-online-learning-platform.html "Brand Strategy Tactics for an Online Learning Platform") such as video conferencing to do this. Not only does video conferencing allow them to have meetings without the hassle of travelling, it can also be used as a collaborative tool, through file sharing and [editing technologies](https://www.financedigest.com/innovative-apps-to-foster-the-growth-of-gene-editing-technologies-market.html "Innovative apps to foster the growth of Gene Editing Technologies Market"). A major benefit of these tools is that they reduce the need for [business travel](https://www.financedigest.com/foreign-business-travel-missing-ingredient-for-irish-hotel-recovery-dalata.html "Foreign business travel missing ingredient for Irish hotel recovery – Dalata") and face-to-face meetings. Our [research found that a third](https://www.financedigest.com/the-pandemics-impact-on-working-mothers-new-research-reveals-that-two-thirds-have-stopped-working-or-now-work-less.html "The Pandemic’s Impact on Working Mothers: New Research Reveals That Two-Thirds Have Stopped Working or Now Work Less") of people find face-to-face meetings to be a waste of time. **Workplace structure** There also has been a noticeable shift in how the office is structured to accommodate modern ways of working for financial companies,like every business,they want to find the most efficient and [cost effective](https://www.financedigest.com/cost-effective-digitized-innovation-to-drive-the-immune-thrombocytopenia-treatment-market.html "Cost-effective Digitized Innovation to drive the Immune Thrombocytopenia Treatment Market") ways to work. One of the solutions has been to reduce the amount of office space needed, to reduce cost in the long term. We have noticed more and more [companies in the financial sector doing this by implementing hot-desking and using co-working spaces such as The Office](https://www.financedigest.com/analysis-u-s-companies-spend-billions-on-stay-at-home-tech-boding-ill-for-office-properties.html "Analysis-U.S. companies spend billions on stay-at-home tech, boding ill for office properties") Group. This, combined with the use of [video conferencing technology](https://www.financedigest.com/adverty-launches-industry-first-streaming-video-technology-for-in-play-ads-in-partnership-with-seenthis.html "Adverty launches industry-first streaming video technology for In-Play™ ads in partnership with SeenThis") means they can hire less office space but remain just as efficient. These workspaces also encourage employees to co-work and mingle with different members of the team, creating a more open environment. **Recruitment** The traditional financial sector has notoriously found it hard to recruit graduates over recent years, facing stiff competition from modern fintech start-ups – so they need to [move with the times](https://www.financedigest.com/move-over-tina-its-time-for-tara-2.html "Move over TINA, it’s time for TARA"). Technological innovations have completely changed how people interact with employers and what people look for in a job. Recruiting has become more competitive and complex and the financial sector faces challenges attracting top candidates, as potential employees look for [jobs that meet](https://www.financedigest.com/amazon-will-not-cut-jobs-in-italy-unions-say-after-meeting.html "Amazon will not cut jobs in Italy, unions say after meeting") their requirements. Our own research has found over half (55%) of the UK workforce said that flexible working had become crucial when looking for their [next job](https://www.financedigest.com/britains-next-buys-failed-furniture-retailer-made-com-400-jobs-axed.html "Britain’s Next buys failed furniture retailer Made.com, 400 jobs axed"). In particular, the traditional sector will have a tougher time, as [top talent](https://www.financedigest.com/techie-turn-offs-top-7-things-that-put-talent-off-applying-for-tech-roles.html "Techie turn-offs: Top 7 things that put talent off applying for tech roles") moves in favour of fintech companies offering a more modern work-life balance. The traditional 9-5 office working day is becoming outdated, even for a traditional sector like finance. It no longer meets the needs of the modern-day workforce, which [expects a work-life balance as a minimum requirement when taking a job](https://www.financedigest.com/dollar-jumps-as-u-s-job-gains-wage-growth-beat-expectations.html "Dollar jumps as U.S. job gains, wage growth beat expectations"). It is good to see the financial sector gradually embracing this and integrating modern ways of working, but they must remain savvy with the technology they implement, the structure of the workplace and their [recruitment strategies to avoid](https://www.financedigest.com/how-to-avoid-the-compliance-recruitment-merry-go-round.html "HOW TO AVOID THE COMPLIANCE RECRUITMENT MERRY-GO-ROUND") missing out on the best financial talent to tech startups down the road. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---