The two elements critical to competitiveness in the “new normal” Exploring the importance of
“Employee Experience” and
“Digital Workplace” in
driving continued success
Banking Visit our Banking page Reinventing banking business models through digital transformation

Why focus on Digital Workplace and Employee Experience?

Among bank customers, there is very low tolerance for technological glitches
or less-than-stellar customer service. They don’t care if you are dealing with
regulatory pressures like new data privacy or fraud prevention rules. And if
your ageing technology delays a transaction, it is not the customer’s concern.

You will have more to worry about than
software maintenance when that customer
takes their business to another company.
Finding the ability to handle service issues and
still provide quality customer service depends
on two factors: your Digital Workplace and your
Employee Experience.

COVID-19 with its ups and downs demonstrates
to all of us the importance of organizational
flexibility. Literally overnight, employees were
required to work from home and hardly any
Financial Services organizations were prepared.
Not just front-line employees but even the IT
teams and wider business support around
them was required to operate remotely.
Employees began using multiple collaboration
tools like Zoom, Microsoft Teams, Webex or
Circuit. IT teams were focused on increasing
network bandwidth and maintaining cyber
security. Meanwhile, the business needed to
keep revenues coming in.
For financial institutions, service availability
was crucial so that customers could
continue trading, spending or saving. Even
before COVID-19, people expected a lot
from the institutions they entrusted with
their money. It is one of the most intimate
and long-lasting relationships most people
have.

Yet there are specific characteristics
of financial institutions that make these
relationships harder to maintain:

Financial institutions
are highly dependent
on the trust placed in
them by end customers.
So smooth, fast and
secure interactions
between customers and
employees are key to
securing revenue.

Financial institutions
must provide secure
access and use of
applications and data to
employees all the time,
particularly with the
recent shift to remote
working.

Financial institutions rely
on IT to function across
front, middle and back
office operations. Smooth
transactions need these
technologies to work
together seamlessly.

Financial institutions
are large organizations
with significant numbers
of customers and
employees spread
over multiple locations.
Coordinating bank
services requires global
delivery capabilities and
consistent standards.

Financial institutions are
facing the biggest threat
in decades. All-time low
interest rates and high
operational costs are
impacting profitability.
While demographic
change, increasing
regulation and new
competition from Fin-
Techs and non-finance
market entrants is
undermining the universal
banking model.

So how can focusing on the Digital Workplace and Employee Experience
address these challenges?

Interested in more? Read our White Paper where we take a look at:

 

• What makes an ‘engaged’ employee?

• The 3 Ps of Employee Experience

• Digital Workplace in the context of your digital transformation

• 4 best practice examples of the Digital Workplace in banking

Vison for Banking – Journey 2022

Success will only come if digital dilemmas are resolved…

Read more about the issues raised when the digital and physical worlds collide. And what you can do to overcome them.

Read the blog

Why traditional banking doesn’t
matter anymore

Remain competitive in Banking by establishing digital business models…

Read more about the integration into digital platforms, a superior customer experience, the unbundling of core banking, and the provision of microservices incorporated into other Banking industries’ process chains.

Download

“Employee Experience” &
“Digital Workplace” in Banking

Organization´s success comes with engaged employees and satisfied customers…

Read more about how
a Digital Workplace enabling a great Employee Experience can help addressing the challenges in the „New Normal“ in Financial Services.

Download

Our experts

Jean-Pierre LeTreut

Global Head of Digital Workplace for Financial Services & Insurance

Carlos von Prabucki

COO Global Financial Services