Evolution of the workplace in financial services 09 July 2015

Efma and HP are glad to present a first study on the Evolution of Workplace in Financial Services. We have decided to conduct this study, via a survey gathering answers by over 50 financial institutions from over 25 EMEA countries, to assess how the evolution of some working paradigms is transforming the workplace and, in turn, the way companies relate to their employees and customers.

Technology and more specifically, the cloud and the mobile revolution, has introduced new flexible ways of working, with anywhere and anytime access to information. On top of this, Millennials entering the workforce want to have access to the same smart technology at work as they have at home and bring their personal devices into the office for work. As a result, the line between the “private” and the “professional” world is blurring.

Mobility can be an incredible opportunity for Financial Services to diversify their offering, become more flexible and improve customer confidence, but can also become a threat if a number of issues, for example in the security area, are not taken into consideration.

In this analysis, we have been focusing on the employees, in various business and management functions, and asked them about their satisfaction of current workplace, but also its readiness to cope with the new emerging trends. The result has been interesting: most companies seem to take a “wait and see” approach, reacting in a tactical way to some inevitable innovations (e.g. giving to employee the same ability to access mobile applications as customers), but rarely driving the phenomenon as a growth opportunity, addressing it with a comprehensive set of policies. In a world that is dramatically transforming, with unconventional, aggressive players targeting their customer base with new and engaging approaches, many institutions seem cautious about transforming the workplace.

Why? There are multiple reasons, but two emerge as primary: first, the difficulty to adapt and transform not so much the technology, but the human capital; employees clearly need help in making the cultural leap to the new digital and flexible workplace. Second, amongst the aversions connected to embracing the mobile era, risk connected to security control and fraud prevention takes the top spot. Hence, a comprehensive approach to mobility, with focus on security and the human factor is recommended.

We hope that you find this study useful and look forward to continuing to monitor significant developments in workplace innovation on your behalf in the future.

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