Whitepaper | COVID-19: THE IMPACT ON DIGITAL TRANSFORMATION IN FINANCIAL SERVICES

Prepare your business and teams for the new operating environment

“During the current crisis, businesses have worked faster and better than they dreamed possible just a few months ago. Maintaining that sense of possibility will be an enduring source of competitive advantage.” (McKinsey, 2020)

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In just a few short months, the coronavirus pandemic changed everything. As financial organisations activated business continuity plans, industry leaders mobilised, in close contact with Government regulators, technology partners and the Bank of England. Task forces have come together as the engines of change fire up to perform in a new operating environment. One where no covid-19 vaccine exists or may ever exist.

We mustn’t be complacent, says Dr Hans Kluge, the World Health Organisation’s top official in Europe. He urges that we use this time for ‘preparation not celebration,’ warning that a deadly second wave may strike this winter. With 37% of financial services organisations still using paper to manage critical business processes, digital readiness for the new remote operating environment is vital.

As covid-19 becomes the co-CEO of digital change, slicker processes, rapid implementation and improved customer experience may be a surprising by-product of the crisis. The new operating environment is creating the kind of user adoption success that IT and Change Managers could only dream of a few months ago.

The following chapters explore the phases of return to the new blended operating environment and showcase the technologies that can support and enable a strong and secure recovery. Additional resources can be found on our website and on our social channels.

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