# Hybrid working: a risk or opportunity for the financial services industry?
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-05-13
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: The Future of Hybrid Working in the Financial Services
Meta Description: Discover how the financial industry is adapting to a hybrid work environment post-Covid, and why embracing this change is crucial for success.
URL: https://financedigest.com/hybrid-working-a-risk-or-opportunity-for-the-financial-services-industry-2html

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_By_ **_Sof Socratous_** _Vice President, Northern Europe at Poly_

The financial services sector is an industry that has traditionally relied on face-to-face interactions to build meaningful customer relationships. Wealth advisors, M&A bankers and fund managers us their well-honed soft skills to nurture client relationships, build trust, and [close deals](https://www.financedigest.com/greece-britain-discussing-parthenon-sculptures-return-but-deal-not-close-athens-says.html "Greece, Britain discussing Parthenon Sculptures return but deal not close, Athens says"). But the global pandemic forced [financial service](https://www.financedigest.com/trends-in-the-financial-service-landscape-and-the-impact-on-fraud.html "Trends in the financial service landscape and the impact on fraud") professionals to reinvent how they work – and how they interact with customers.

Now that they have had a taste of this new way of working, many [financial services](https://www.financedigest.com/how-crowdsourcing-can-help-drive-the-benefits-of-advanced-analytics-in-financial-services.html "HOW CROWDSOURCING CAN HELP DRIVE THE BENEFITS OF ADVANCED ANALYTICS IN FINANCIAL SERVICES") professionals are ready for a more permanent change. Their perspective has been altered. Many are now saying “so-long!” to the days of commuting and desire more of the [flexibility they’ve experienced since working](https://www.financedigest.com/the-flexible-working-revolution-is-here-so-why-arent-you-tracking-expenses-on-the-go.html "‘The flexible working revolution is here – so why aren’t you tracking expenses on the go?’") from home. In fact, [96%](https://connect.poly.com/GL-WB-PS-Hybrid-Work-in-Financial-Services--EN1603496_LP.html) of financial industry professionals say they would prefer a mix of office-based and remote working in a post-Covid environment.

However, with offices now re-opening, some [firms are reluctant to change](https://www.financedigest.com/uk-watchdog-warns-crypto-firms-to-prepare-for-advertising-rule-change.html "UK watchdog warns crypto firms to prepare for advertising rule change"). [Our research](https://connect.poly.com/GL-CN-PS-eBook-Recruit-Retain-and-Grow-report--EN1707743_LP-Gated.html), shows almost 20% of financial services organisations expect employees back in the office full time. Many are concerned that [hybrid working](https://www.financedigest.com/how-collaboration-technologies-are-helping-organisations-to-embrace-a-hybrid-working-model.html "How collaboration technologies are helping organisations to embrace a hybrid working model") could have an impact on customer relationships, with questions being raised: “How can you build trust without meeting clients in person? How can you look and sound your professional best on video? How can you train new remote [employees](https://www.financedigest.com/how-to-deal-with-challenging-employees.html "How to Deal With Challenging Employees?") in the art of managing relationships and closing deals?”

**Customer expectations have changed, and the [financial sector](https://www.financedigest.com/how-big-data-is-sending-shockwaves-through-the-financial-services-sector.html "How big data is sending shockwaves through the financial services sector") needs to move with it**

What firms must realise is employees are not alone when it comes to [reaping the benefits](https://www.financedigest.com/can-finance-reap-the-benefits-of-the-cloud-without-compromise.html "Can finance reap the benefits of the cloud without compromise?") of hybrid working. Clients too are embracing hybrid [work schedules and choosing to do more virtual meetings](https://www.financedigest.com/despite-return-to-work-virtual-meetings-will-continue-to-disrupt-business-as-usual-in-finance.html "Despite Return to Work, Virtual Meetings Will Continue to Disrupt Business as Usual in Finance") for convenience. Many years ago, the only [way to access finances](https://www.financedigest.com/3-key-ways-you-can-transition-from-finance-to-fintech.html "3 key ways you can transition from finance to fintech") would be to visit a bank in person and have a conversation over the counter with the teller. But in today’s digitalised world, there isn’t a need to [physically venture into a bank](https://www.financedigest.com/73-of-employees-in-the-banking-and-financial-services-industries-are-looking-for-better-physical-and-mental-wellbeing-support-in-the-workplace.html "73% of employees in the banking and financial services industries are looking for better physical and mental wellbeing support in the workplace"), when time can be saved by interacting online. [Times are changing and clients will reward firms that can expedite decision-making](https://www.financedigest.com/decision-making-in-times-of-crisis-should-they-be-based-on-gut-feeling-or-data.html "Decision-making in times of crisis: should they be based on gut feeling or data?"), provide immediate access during crisis moments, and streamline routine and procedural matters via on-demand video calls.

This new way of working is driving change and it is up to the [financial sector](https://www.financedigest.com/boom-or-bust-how-the-financial-services-sector-is-coping.html " Boom or Bust: how the financial services sector is coping") to embrace hybrid working or risk falling behind. Our [research](https://connect.poly.com/GL-CN-PS-eBook-Recruit-Retain-and-Grow-report--EN1707743_LP-Gated.html) shows that over half of organisations (56%) believe that if hybrid work plans aren’t addressed, they’ll start to lose staff and will be unable to attract new talent.

**Enabling meeting equality will be key**

It’s in the best interest of employers to ensure that the work-from-anywhere culture they [create is one with equal opportunity and experience](https://www.financedigest.com/digitalisation-why-using-the-opportunity-of-fintechs-can-create-an-innovative-digital-client-experience.html "Digitalisation: why using the opportunity of Fintechs can create an innovative digital client experience") at its very core. The goal should be to provide a consistent, professional, and friction-free experience regardless of location so everyone has an equal seat at the table. This means understanding each employee persona, by taking a people-first approach to preferred [working styles then equipping workers](https://www.financedigest.com/1-in-5-uk-workers-believe-there-is-a-gender-divide-with-work-uniforms.html " 1 in 5 UK workers believe there is a gender divide with work uniforms") with the right enterprise-grade headsets, desk phones, and video conferencing devices – no matter where they decide to work from.

The financial industry is composed of many different [types of businesses](https://www.financedigest.com/types-of-business-loans.html "Types of business loans") so enabling hybrid working should not be viewed as a one-size-fits-all situation. For example, [sales and contact centre agents have very different needs to client-facing deal](https://www.financedigest.com/yum-beats-sales-estimates-as-customers-flock-to-kfc-taco-bell-deals.html "Yum beats sales estimates as customers flock to KFC, Taco Bell deals") teams in M&A. Call centre agents need to be comfortable, with hands-free headsets that prioritise clear audio and enablement of a distraction-free environment while deal [teams need](https://www.financedigest.com/why-finance-teams-need-to-go-beyond-numbers-to-an-active-relationship-with-data.html "Why finance teams need to go beyond numbers to an active relationship with data ") embedded meeting room technology to track participants as they talk, in order to clearly see and hear every nuance and give equal weight to all those involved in sensitive discussions.

**Replicating in-person** [meetings with the right technology](https://www.financedigest.com/choosing-the-correct-technology-for-your-meeting-room.html "Choosing the correct technology for your meeting room")

Not only will the [adoption of pro-grade audio and video technology](https://www.financedigest.com/the-benefits-of-adopting-cloud-technology-in-the-finance-industry.html "The benefits of adopting cloud technology in the finance industry") create an equal collaboration experience among colleagues, it will also help maintain the same level of professionalism that would be expected if meeting in person.

At the same time, hybrid [working is an essential](https://www.financedigest.com/working-with-banks-essential-tips-for-fintechstartups.html "Working with banks – essential tips for fintechstartups") perk in a competitive market with a talent shortage. By enabling virtual meetings that allow participants to hear and be seen clearly from any location, [firms can attract and retain top](https://www.financedigest.com/top-north-east-financial-adviser-firm-talks-corporation-tax.html "Top North East financial adviser firm talks corporation tax") talent. Concerns around training new remote employees can also be eliminated, as the right meeting [technology makes it easier for mentors/managers to find that human connection for guidance and continue](https://www.financedigest.com/how-video-technology-continues-to-boom-in-the-education-sector.html "How video technology continues to boom in the education sector") nurturing skills when they’re off-site.

The move to hybrid [work may be daunting for financial services firms](https://www.financedigest.com/turning-a-blind-eye-wont-work-for-financial-firms-as-the-fca-tightens-its-grip.html "TURNING A BLIND EYE WON’T WORK FOR FINANCIAL FIRMS AS THE FCA TIGHTENS ITS GRIP") that are deeply entrenched in traditional business culture and face to face relationships. But the opportunities [hybrid working have to offer](https://www.financedigest.com/how-hybrid-cloud-computing-offers-the-best-of-all-worlds.html "How hybrid cloud computing offers the best of all worlds") are numerous and simple to grasp. By making the shift seamlessly, using the right technologies, [finance firms can stay competitive and relevant in the age of digital transformation](https://www.financedigest.com/5-key-takeaways-from-the-finance-sectors-digital-transformation-revolution.html "5 Key Takeaways From the Finance Sector’s Digital Transformation Revolution"), all while meeting employee expectations and keeping in step with the evolving needs of their clients.


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