The impact so far of COVID-19 on the world has been extraordinary, and the ripple effects have been felt throughout industries. Movement restrictions have been imposed across the globe to reduce and combat the spread of the virus, disrupting the ways in which organisations conduct their day-to-day business. As the number of infections continue to rise, companies have been forced to rethink their business continuity plans and strategies, if they hadn’t already done so. This has resulted in the biggest work-from-home experiment the world has ever seen.
With new experiences, come new challenges – working from home, split team and remote operations being central in the current situation. As a result, this is the time for firms to embrace technology and to rethink their digital transformation playbooks in order to fully realise the potential of their Business Continuity Plans (BCPs) and minimise operational disruptions.
The finance and banking industry faces additional challenges in the current context, including the increased use of messaging apps for work conversations that are not fully secure, over-reliance on email, difficulties in remotely accessing multiple systems and a lack of face-to-face engagement. These obstacles are particularly pronounced in the financial services sector when compared to other industries as regulatory compliance standards are very high and customer trust is absolutely essential to their business success.
In times of crisis, it is key to have a robust communication platform and connected community that enables employees to collaborate securely internally and with their business ecosystem. This is where the right technology must be used to ensure necessary standards of compliance and security while enabling business continuity. For instance, at Symphony we have seen a significant spike in the volume of messages, file transfers, and real time communications such as voice, video and screen sharing activities in the last three months. Our technology has proven to be mission critical as customers address the new world the crisis has created.
In many ways, the COVID-19 pandemic is a challenge of unprecedented proportions that all of us around the world must join forces in overcoming. How we work is evolving in real-time and banks have to keep transforming themselves in order to continue playing their key role in today’s society.
The time is now to join hands in tackling the systemic industry challenges that may arise out of this unprecedented work-from-home experiment. Flexibility and an innovative spirit will serve us well as we all adapt to seismic shifts in how we live and work. Stay tuned.
David Gurlé is the Founder and CEO of Symphony Communication Services