Expect 'significant change' to fin serv post pandemic
Over half of people in the financial services industry expect to see “significant changes” to the sector as it recovers but 44% think the industry did not react well to the pandemic.
Customer experience firm Qualtrics questioned over 1,000 people in Australia and found over half of people in the financial services sector felt it had reacted well to the shift caused by the pandemic. This compared to 76% of people in the technology sector.
Employees felt these changes were likely to continue as over three-quarters of respondents expected to see increased remote working and 75% expected to see a shift to online or digital services.
Some 63% of respondents said they expected the innovations would benefit customers, in line with the technology sector, and over 70% said they expected an increased focus on new uses of technology, also in line with the views of the technology sector.
The top actions employees wanted to see from their companies in returning to work were more flexible work schedules, higher focus on personal and office hygiene, greater focus on employee mental health and ability to choose their work location.
They also wanted their employers to have improved digital communication.
Over three quarters said it was important their employer listened to feedback during the crisis but only half said their employers had done so and acted on it.
Steve Bennetts, head of employee experience for Qualtrics in APJ, said: “While there is so much talk of when things will go back to normal or how we’ll come to terms with the ‘new normal’, those conversations are fundamentally missing the point, and missing an important opportunity to come back better, stronger, and more inclusive than ever.
“We’ve witnessed how changing the way you listen to and engage employees can have a positive effect, which is why those who make lasting changes now will have a key advantage in the future – from attracting and retaining talent through to improved loyalty and productivity.”
AUTHOR
Laura Dew
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.
