Could working from home become the “new normal” for the financial services industry?
Noel McLaughlin replies:
Prior to the COVID-19 pandemic, the thought of moving the majority of financial services employees to remote working within a few weeks would have seemed impossible. However, left with no option but to adapt, that’s exactly what the industry did.
At Butterfield, exemplary customer service and relationship management are of paramount importance. We invest considerable time and energy into getting to know our clients, which allows us to build the trust and loyalty required to gain an understanding of their banking needs. The most effective way of achieving this level of care is through direct communication, often face to face.
Businesses had to adapt by using a blend of direct and virtual touchpoints to ensure they could satisfy both customer care and demand for virtual account access. They have found innovative ways to remain in close contact with clients, often utilising new technology that has been unfamiliar for many.
It is unlikely that full-time remote working will continue to be the norm. However, it is probable that the industry will become more accepting of employees working from home and therefore allow increased flexibility.
Supporting this change is Jersey’s next generation of mobile technology. The 5G network, which is currently being rolled out, promises faster download speeds, enhanced data security and increased reliability.
The industry has clearly shown it can function with a remote-working team; for many there has been a steep learning curve. Businesses will emerge from the lockdown having refined their virtual conferencing etiquette and adapted policies, procedures and HR management to be more relevant to remote working. It is highly likely that we will see the temporary technological measures and modifications to processes become permanent arrangements post Covid-19.
