Industry insights

The regulation within financial services and the application of lessons learned from the 2008 financial crisis appear to have assisted this industry in remaining resilient during the pandemic. This resilience is probably associated with the industry’s increased risk maturity, which enabled companies to plan for liquidity and capital management. As a result, the industry was able to respond proactively to support private and commercial customers that were dealing with the economic consequences of the pandemic. Wellbeing continues to be a significant priority for a number of reasons. Like other industries, financial services adapted quickly to remote working and maintained productivity. However, this shift has had an impact on employees. The change of dynamic from the office — or, in the case of retail banks, customer branches — has created mental-health challenges. Across the industry, employees continue to be under pressures that can lead to burnout, health issues and absences. In the worst cases, this has the potential to affect employee behavior. The employee value proposition is important to ensure balance and retain talent. Companies need to adapt to the competitive landscape through disruptive cryptocurrency and technology-based solutions.