Jimson Dator
November 17, 2021
•
5
min read
Hong Kong is famous for overcrowded transport and bustling shops. Friday nights usually see bar patrons spilling onto the streets. However, COVID-19 measures have made these sights rare. Customers now keep their distance to avoid the virus.
Brick-and-mortar operations are the most affected. Customers shy away from physical branches during the pandemic. The impact continues to unfold globally. This rapid spread is changing how we live and do business.
Financial Service Firms and the impact of COVID-19
The Financial Service sector is facing a "new normal." To stay afloat, entities must innovate. They need new channels to engage with customers safely.
Key strategies for financial firms:
- Drive customers to online platforms for safety.
- Enhance customer engagement through digital channels.
- Develop long-term solutions for sustainable operations.
- Ensure solutions comply with strict data privacy regulations.
The pandemic tests the sector’s ability to recover. Many large firms prepared for crisis situations previously. However, 2020 brought unique challenges to everyone.
“One immediate challenge was adapting IT systems. Teams had to support a fully remote workforce quickly. Banks switched thousands of employees to working from home. This ensured vital tasks continued to function.”
The Shift to Remote Work
Working from home is not new to every firm. Technology companies often allow remote work for technical staff. However, supporting over 90% of a workforce remotely is rare.
This transition puts tremendous pressure on IT systems for:
- Ancillary teams: HR, Finance, and IT.
- Customer-facing teams: Sales and call centre agents.
Successful Approaches to Disruption
Companies have taken several successful approaches since the pandemic started. Many moved forward with cloud-based productivity and collaboration tools.
Recent operational pivots include:
- Accelerating the use of digital conferencing solutions.
- Reducing the burden on remote access connectivity.
- Exploiting the elasticity of SaaS solutions.
- Enabling virtual collaboration across different time zones.
Another approach involves building virtual desktop infrastructure (VDI). This fits the bespoke demands of each worker and organisation.
Many firms initially deployed tactical, short-term solutions. They are now re-evaluating these for the long term. It is important to focus on:
- Evaluating the resiliency of remote working services.
- Ensuring infrastructure supports business productivity.
- Maintaining continuity during high-performance periods.
In challenging times, partnering with a reliable technology vendor is key. A strong partner assists with the design and management of remote initiatives. This helps organisations emerge from crises stronger than ever.
Read more: 5 SaaS Security Risks to Consider
CINNOX – business engagement for financial services
M800 supports the requirements of Financial Services firms. We provide the powerful CINNOX service. It operates on a highly secure and compliant global infrastructure.
What is CINNOX?
- An all-in-one, cloud-based engagement and collaboration platform.
- A solution combining telecom and digital channels.
- A tool to drive sales and boost team productivity.
Ready out-of-the-box features:
- Voice and video calls.
- Virtual phone numbers and SMS.
- Live chat and social media integration.
- QR code and web link channels.
With CINNOX, companies can collaborate with anyone, anywhere. Financial firms must plan ahead now. Adopting flexible solutions will help tackle future challenges as business models change.
See more: CINNOX and data retention
