# Redefining resilience: How COVID-19 is forging a work-from-home future in the Finance Sector
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-03-02
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: Financial Workforce Transformation: The Future of Work
Meta Description: Discover how the pandemic has accelerated the shift towards remote working in the financial sector. Learn about the technology and security solutions needed for
URL: https://financedigest.com/redefining-resilience-how-covid-19-is-forging-a-work-from-home-future-in-the-finance-sectorhtml

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_By **Mike Hampson,** CEO, [Bishopsgate Financial](https://www.bishopsgate-financial.com/)_

_Mike Hampson explores how the pandemic has reshaped the financial workforce structure, by accelerating the work from home model._

_The genie is out of the bottle:  Covid-19 has dramatically changed the way we live and work, and it looks like home working is here to stay._ A [KPMG Financial Services Skills Commission report](about:blank) [\[1\]](#_ftn1) confirms this, saying that one in two financial services workers want to continue to work from home for at least part of the week once the pandemic passes. This shows a profound shift in how financial services employees want to work.

The change in priorities caused by the ongoing pandemic is clearly highlighted in the [Bishopsgate Financial Change Perspective 2021 report](about:blank) [\[2\]](#_ftn2) in which banking executives predict offices will be used for meetings and gatherings in the future, with location-independent working becoming the norm. “We moved 185,000 employees to working from home in a matter of weeks,” said a US Bank [Change Manager](https://www.financedigest.com/uk-at-forefront-of-fx-management-change.html "UK at Forefront of FX Management Change") in the report. This view is supported by a recent McKinsey [\[3\]](#_ftn3) study which calculates that 20% of the global professional workforce could work remotely three to five days a week as effectively as they could if working from an office.

Now is the [time for the finance sector](https://www.financedigest.com/time-to-act-as-cybercriminals-hot-on-the-heels-of-finance-sector.html "Time to act as cybercriminals hot on the heels of finance sector") to confront a new reality. Work-from-home or hybrid (part home, part office) arrangements are here to stay, and both require robust and reliable [technology solutions](https://www.financedigest.com/grain-and-cereal-crop-market-novel-technological-solutions-will-create-lucrative-growth-opportunities.html "Grain And Cereal Crop Market : Novel Technological Solutions Will Create Lucrative Growth Opportunities") to support staffing and business needs.

**VoIP networks facilitating the work-from-home momentum**

Keeping the dialogue open between teams and clients is non-negotiable when [working remotely](https://www.financedigest.com/digital-insurance-and-the-remote-working-and-studying-boom.html "Digital insurance and the remote working and studying boom"). A recent YouGov survey [\[4\]](#_ftn4) found that 35% of UK businesses plan to improve the workstations of remote working staff in 2021. Internet [service providers](https://www.financedigest.com/high-energy-shockwave-therapy-units-market-end-user-demand-by-types-regions-top-players-service-provides-regional-outlook-and-forecast-to-2028-2.html "High Energy Shockwave Therapy Units Market End-User Demand by Types, Regions, Top Players, Service Provides, Regional Outlook and Forecast to 2028") see a surge in Voice-over-Internet Protocol (VoIP) usage driven by homeworking.

VoIP networks give staff a work number that can be used from wherever they are based.  With this in mind, it’s essential to ensure that the lines used for voice calls are adequately secure and [set up for recording](https://www.financedigest.com/home-prices-are-setting-records-while-mortgage-rates-plunge-is-it-time-to-refinance.html "Home Prices Are Setting Records While Mortgage Rates Plunge – Is It Time To Refinance?"), particularly for staff in trading or client communication roles.

**Securing the unseen worker**

More remote staff means an increased demand for access from a multitude of [devices at home](https://www.financedigest.com/smart-home-devices-market-is-expected-to-grow-at-a-healthy-cagr-of-over-18-during-the-study-forecast-period-2021-2031.html "Smart Home Devices Market is expected to grow at a healthy CAGR of over 18% during the study forecast period 2021-2031"). Cybercriminals are already exploiting the relaxed security measures brought about by the sudden need for organisations to shift to remote working, says a [Europol report](about:blank) [\[5\]](#_ftn5). This leaves IT departments under constant pressure to maintain a [secure network and uphold the standards that regulators](https://www.financedigest.com/uk-finance-regulators-should-pay-heed-to-energy-security-policy-says-sunak.html "UK finance regulators should pay heed to energy security policy, says Sunak") demand. In July 2020, IBM announced that several global banks, including BNP Paribas, one of Europe’s largest, would be joining several financial institutions adopting [IBM Cloud for Financial Services](about:blank) to ensure networks are safeguarded. Reliable local internet access, secure [cloud technology and data](https://www.financedigest.com/normalizing-advanced-cloud-data-security-with-normalyze-from-amer-deeba-and-ravi-ithal.html "Normalizing Advanced Cloud Data Security with Normalyze from Amer Deeba and Ravi Ithal") security need to be addressed as part of this new strategy.

**The efficient use of collaboration tools**

Recent research by PWC [\[6\]](#_ftn6) found that 64% of British financial service workers felt fully supported by their organisations to enable them to continue working effectively.

JPMorgan Chase currently has 180,000 of its 200,000 employees working from home. Similarly, [Deutsche Bank](https://www.financedigest.com/deutsche-banks-rollercoaster-ride-towards-more-stability.html "Deutsche Bank’s rollercoaster ride towards more stability") is considering a hybrid model for its workforce, allowing employees to work remotely for several days each week permanently. At HSBC, UK employees will continue to work in a hybrid model, as part of its cost-cutting programme, and ING bank [\[7\]](#_ftn7) is allowing its employees based in Spain to work from home for the foreseeable future.

But for workers to continue to be effective in their work, whilst working remotely, connectivity, IT infrastructure and communication tools were found to be the most important resources according to PWC [\[8\]](#_ftn8)’s recent Covid-19 Remote Working experiment.

This suggests [incredible pressure on complex IT infrastructure](about:blank) and bandwidth. A variety of technologies including reliable local internet access, secure communication, cloud, and collaboration tools across a robust IT structure is required for long-term [remote working](https://www.financedigest.com/it-departments-getting-a-bad-rap-over-remote-working.html "IT DEPARTMENTS GETTING A BAD RAP OVER REMOTE WORKING") to be effective. It’s also critical to not only communicate synchronously on Skype or Zoom but asynchronously, where you’re not face-to-face on a screen.

**Managing the realities of remote work**

The creative and social side of work should also be a consideration for banks adapting their [workplace](https://www.financedigest.com/top-5-security-technologies-that-every-finance-institution-workplace-should-consider.html "Top 5 Security Technologies That Every Finance Institution Workplace Should Consider") strategy. Financial workers can quickly become isolated when [working](https://www.financedigest.com/making-sure-you-are-compliant-when-working-in-the-finance-industry.html "Making Sure You Are Compliant When Working in the Finance Industry") from home. Even those who adapt to it well can still miss the [office energy](https://www.financedigest.com/france-to-turn-off-hot-water-in-public-offices-to-save-energy.html "France to turn off hot water in public offices to save energy") and the rewards of engaging with colleagues.

Over half of workers (55%) in another YouGov survey [\[9\]](#_ftn9) said they miss the office’s social aspect, and many find it hard to switch off and manage their work-life balance, particularly the under-35 age bracket.

Suppose financial managers don’t have the appropriate mind-sets and behaviours in place to preserve team spirit and [operational](https://www.financedigest.com/stellantis-reshuffles-european-financing-operations-through-new-jvs-with-banks.html "Stellantis reshuffles European financing operations through new JVs with banks") coherence. There is a risk of organisations tending to work increasingly in silos, with the risk of attention only going to Zoom’s ‘loudest voice.’ They must therefore work harder and smarter to create a sense of [team support](https://www.financedigest.com/allowing-yourself-time-to-grow-as-a-leader-consciously-will-enable-you-to-support-your-team-authentically.html "Allowing yourself time to grow as a leader, consciously, will enable you to support your team authentically") and participation. Ensuring regular communication across the group, with staff getting the opportunity to flag any concerns, is critical.

**Preparing for the future**

[Banks should be congratulated for rapidly deploying technology](https://www.financedigest.com/banks-deploy-ai-3-major-technological-advances.html "Banks Deploy AI – 3 Major Technological Advances            ") and demonstrating unprecedented agility and resilience in 2020. Now is the time to keep that momentum going, so [digital transformation](https://www.financedigest.com/future-of-finance-2023-digital-transformation.html "Future of Finance 2023: Digital Transformation") can continue at pace.

Even before the pandemic, Gartner had predicted that demand for remote work would increase by 30% by 2030 [\[10\]](#_ftn10). Undoubtedly, the [firms that succeed in adopting the right technologies](https://www.financedigest.com/technology-trends-heat-up-for-financial-firms.html "Technology trends heat up for financial firms") and flexible working arrangements are likely to fare much better through the crisis and beyond.

[\[1\]](#_ftnref1) [Half of UK Financial Services workforce want to work – KPMG United Kingdom (home.kpmg)](https://home.kpmg/uk/en/home/media/press-releases/2020/10/half-of-uk-financial-services-workforce-want-to-work-from-home-after-covid-19.html)

\[2\] https://www.bishopsgate-financial.com/insights/the-change-perspective/the-change-perspective-2021

[\[3\]](#_ftnref3) https://www.mckinsey.com/featured-insights/future-of-work/whats-next-for-remote-work-an-analysis-of-2000-tasks-800-jobs-and-nine-countries#

[\[4\]](#_ftnref4) [Remote-working Compliance YouGov Survey (skillcast.com)](https://www.skillcast.com/blog/remote-working-compliance-survey-key-findings)

[\[5\]](#_ftnref5) [https://www.europol.europa.eu/publications-documents/pandemic-profiteering-how-criminals-exploit-covid-19-crisis](about:blank)

[\[6\]](#_ftnref6) https://www.pwc.com/mt/en/publications/the-covid19-remote-working-experiment-final4.pdf

[\[7\]](#_ftnref7) [https://www.bloomberg.com/news/articles/2020-06-10/you-choose-ing-offers-permanent-work-from-home-option-in-spain](about:blank)

[\[8\]](#_ftnref8) https://www.pwc.com/mt/en/publications/the-covid19-remote-working-experiment-final4.pdf

[\[9\]](#_ftnref9) [Ups & Downs of Working from Home (skillcast.com)](https://www.skillcast.com/blog/working-from-home-ups-downs)

- [\[10\]](#_ftnref10) https://www.gartner.com/en/newsroom/press-releases/2020-02-05-gartner-identifies-six-trends-for-chief-human-resourc


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