The top financial services firms aren’t just weathering the storm. They are turning the experience to their advantage and building the capabilities they require to thrive in the new reality.
Rightfully so, the first reaction to COVID-19 was to protect employees and customers. And going forward, this must remain a central tenet of the business strategy – not only for business continuity purposes, but also as a way to shape and enhance organizational culture.
While employee well-being must remain central to any organizations strategy, my conversations with financial services executives and industry analysts around the world suggests the leading firms are also now focusing on five key priorities as they plan their path to recovery.
1. Productivity improvement and technology enablement. Financial services firms are looking for ways to rapidly accelerate their digital transformation and cloud enablement roadmaps.
2. Reconnecting with customers. Recognizing that customer expectations and needs have rapidly changed, firms are now implementing programs aimed at improving customer engagement.
3. Creating vibrant ecosystems and partnerships. With business models and market dynamics continuing to evolve, financial services firms are engaging with non-traditional partners to create new value propositions for customers.
4. Embedding social responsibility and purpose. As markets and economies look towards recovery, there are growing calls for increased focus on environmental, social and governance considerations.
5. Improving risk management and agility. The leading financial services firms are taking steps today to improve their ability to deal with sudden shocks and unexpected risks in the future.