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DELOITTE: 61% OF EXECUTIVES, DOUBLE PRE-COVID 19 LEVELS, FOCUSED ON TRANSFORMING WORK

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Amid unprecedented workforce disruption from the COVID-19 pandemic, organizations are enacting radically new ways of working and operating – and the C-suite is taking action to reimagine the future of work with human capital issues at the top of their agenda. Executives are shifting preparedness strategies from planning for the familiar and are instead synchronizing across the C-suite to develop human-centric strategies that allow organizations to better adapt to ongoing disruption.

Deloitte’s 2021 Global and Middle East Human Capital Trends report, “The social enterprise in a world disrupted,” examines how organizations and leaders can leverage the lessons of this pandemic to fundamentally reimagine work, shifting from a focus on surviving to the pursuit of thriving.

Completed by more than 3,600 executives in 96 countries, the report included responses from more than 1,200 C-suite executives and board members, in addition to other management functions. For the first time in the Deloitte Human Capital Trends report’s 11-year history, business respondents (56%), including 233 CEOs, outnumbered HR respondents (44%) in the survey – underscoring the growing importance of human capital in organizational decision-making.

 

Reimagining preparedness and workforce potential

The report shows that human capital issues are at the center of leaders’ thinking as they shift organizational views on preparedness. In the 2021 report, 17% of executives said that their organizations would focus on planning for unlikely, high-impact events moving forward, as opposed to just 6% before the pandemic. Nearly half (47%) of executives said that their organizations planned to focus on multiple scenarios, notably up from 23% pre-pandemic. To effectively deal with multiple possible futures and unlikely events, the importance of real-time workforce insights and data as they set new directions has become even more critical.

However, the most important factor in making that preparedness shift is unleashing worker potential through a new focus on capabilities. Almost three-quarters (72%) of executives identified “the ability of their people to adapt, reskill and assume new roles” as a priority for navigating future disruptions. However, only 17% of these same executives said that their organization was “very ready” to adapt and reskill workers to assume new roles, pointing to a substantial disconnect between leaders’ priorities and the reality of how their organizations support workforce development.

“The COVID-19 pandemic revealed the resilience of the workforce. When workers were asked to expand their roles to accomplish whatever was needed, they rose to the challenge,” said Roshik Shenoy, Consulting Partner, Deloitte Middle East. “No longer are human capital issues relegated to HR. Amid disruptions, organizations in the Middle East and across the world either sink or swim based on their workforce’s capabilities like collaboration, creativity, judgment and flexibility. It’s clear that workforce and human-centric matters are top priorities for C-suite and board leaders.”

 

Integrating humans and technology to re-architect work

The report shows that executives in the Middle East are increasingly shifting away from the optimization of automation and moving toward re-thinking how to best integrate humans and technology to complement each other and drive organizations forward. Sixty-one percent of executives say they plan to focus on reimagining work in the next one to three years, compared to only 29% before the pandemic. COVID-19 has heightened leaders’ awareness of the potential benefits of this approach, including higher productivity, increased agility, and greater innovation.

During the pandemic, organizations utilized team structures to enable greater adaptability, which allowed them to better survive an unpredictable year. Executives in this year’s survey recognized that the use of technology and people is not an “either-or” choice, but a “both-and” partnership. The top three factors for transforming work were organizational culture (45%), workforce capability (41%) and technology (35%) – factors that must all work together for an organization to assemble effective superteams.

“It’s not about replacing humans with technology. When deployed thoughtfully and effectively, technology can change work so that it makes the most of workers’ distinct capabilities and gives team members new methods to learn, create, and perform in ways that achieve new outcomes,” said Shenoy.

 

Integrating well-being into work

As the lines between work and life blurred even further during COVID-19, leaders moved from prioritizing work-life balance to designing well-being into work — and life — itself. In fact, 69% of executives reported they implemented policies during COVID-19 designed to empower workers to better integrate their personal and professional lives. Among executives, 7 in 10 said shifts to remote work had a positive impact on well-being.

Looking ahead to the next one to three years, however, executives ranked improving well-being as their second-to-last ranked priority in the context of transforming work, yet workers ranked improving well-being within their top three priorities. This points to an ongoing debate about how the focus on well-being will be sustained in a post-pandemic world.

“Organizations in the Middle East that integrate well-being into the design of work at the individual, team and organizational level will build a sustainable future where workers can feel and perform at their best,” said Shenoy. “The pandemic has shown us that human-centric work strategies are not just a nice-to-have, but a need-to-have. Moving forward, those leaders who address human capital holistically and build business decision-making around human potential will thrive.”

 

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SALESFORCE EXPANDS ITS FINANCIAL SERVICES OFFERINGS WITH NEW PRODUCTS FOR CORPORATE AND INVESTMENT BANKING

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Tailored tools integrated into Financial Services Cloud support the industry’s transition to digital-first, helping deals get done from anywhere
New technology provides bankers with stronger productivity, collaboration and compliance capabilities
AI-based research assistant allows bankers to uncover key client and prospect relationships

Salesforce (NYSE: CRM), the global leader in CRM, today announced Corporate and Investment Banking for Financial Services Cloud, new technology to help bankers and deal teams deepen their relationships with clients, manage deal interactions on one platform and compliantly collaborate and share sensitive information relevant to a deal.

As the pandemic made clear, industries need to innovate fast to stay relevant. Financial services is no exception; investment bankers need digital tools to drive efficiency, build and deepen relationships with customers, and win more deals. They also require a single view of large amounts of client data, integrated in one platform, to help avoid mismanagement.

In addition, compliance officers are working in a banking landscape wrought with regulatory complexities, including managing sensitive information like material nonpublic information and assessing potential conflicts of interest. Banks can suffer reputation damage, business disruption, regulatory fines and revenue loss if sensitive information is mismanaged, conflicts of interest are not caught in time, or compliance is not securely maintained.

“Bankers are looking for new ways to deepen relationships with clients, facilitate warm introductions, and develop new business through data-driven client insights,” said Jujhar Singh, EVP and GM of Salesforce Industries. “With Corporate and Investment Banking for Financial Services Cloud, we’re providing bankers with new ways to build and deepen relationships with customers and manage key accounts by leveraging artificial intelligence. With these new innovations from Salesforce, bankers can spend their time as trusted advisors for their clients by accelerating deal pipelines and better managing sensitive information to ensure they remain compliant through every step of the deal.”

 

Introducing Corporate and Investment Banking for Financial Services Cloud

Corporate and Investment Banking for Financial Services Cloud is designed to deliver a complete experience across the client journey, and supports new integrations with Tableau CRM and Einstein Relationship Insights (ERI) to provide bankers with purpose-built technology. This includes:

  • Maximizing banker efficiency and productivity. Investment bankers can manage the entire deal lifecycle while tracking deal activities and client interactions on one platform from anywhere. Using Salesforce low code tools, they can automate deal execution processes related to M&A, capital raising and corporate restructuring. With the power of Tableau CRM for Financial Services, bankers can use deal analytics to optimize their deal pipeline and client engagement with access to historical client data, previous pitches and meeting notes all in one place — and from the device of their choice.
  • Uncovering relationships with an AI-based research assistant. Einstein Relationship Insights (ERI) is a new relationship discovery tool integrated with Financial Services Cloud. It understands a banker’s context across Salesforce records such as accounts and contacts, and searches the web to find mentions of the relationships, often discovering unanticipated relationships between key people and companies. For example, if a banker wants an introduction to a prospective client, ERI is able to search unstructured data and text on the web, such as a new board member announcement, uncovering that the prospect sits on the same non-profit board of advisors as one of the banker’s connections, providing the opportunity for a warm introduction.
  • Ensuring compliance for client engagement. Investment banks can maintain compliance by ensuring sensitive client or deal data is only shared with relevant stakeholders. For example, if a banker is working on a sensitive M&A deal, she can ensure her colleagues trading related stocks do not have a view into the prospective M&A deal under consideration. Also, a banker can initiate the client onboarding process from Salesforce, and track the progress with partner solutions.
  • Leveraging data as a strategic advantage. Bankers often need to log into seven or eight systems to access relevant information to their deal. Now, bankers can integrate internal data on deal mandates with external market data from partners — such as S&P Global — for a full view of their clients. Bankers can access company valuation from S&P Global while viewing information such as revenue, employee salaries, and other potential risks all within Salesforce, avoiding the need to switch between multiple applications.

 

Major banking institutions are already leveraging Salesforce to engage more deeply with their clients:

  • Evercore, a leading global independent investment banking advisory firm, recognized the value a robust technology platform could bring to their business. Evercore selected the Salesforce platform to create a secure, centralized solution designed to provide bankers with access to relevant client information. As a customer, Evercore will benefit from the innovation delivered through Corporate and Investment Banking for Financial Services Cloud focusing on client relationship mapping, internal collaboration and other functionalities specifically designed to deliver a more personalized experience for investment bankers.
  • TD is one of the largest banks in North America. As part of its strategic technology roadmap, TD is building a unified banking experience including leveraging the Salesforce platform across their businesses. Within TD Securities, a comprehensive Salesforce driven CRM solution is being implemented to help bring leading products and trusted advice to their clients.
  • Moelis & Co. is a global independent investment bank that provides financial advisory services to corporations, governments, and financial sponsors. With Salesforce, Moelis & Co. is able to better streamline banker processes. The mobile-first application keeps bankers and deal teams updated on recent client activity and using passively collected data, they are creating more efficient ways to gather suggested relationships for bankers to rate. With this technology, bankers have more visibility into who has the strongest relationships and who has had the last touchpoint with the client, enabling Moelis bankers to better collaborate and maintain a well-coordinated presence with their clients.

 

Extending corporate and investment banking through the Salesforce Partner Ecosystem

Salesforce has an extensive partner ecosystem that provides unique expertise and solutions for financial institutions globally. ISV partners such as S&P Global Market Intelligence and Fenergo extend and complement the value of Financial Services Cloud. Additionally, consulting partners Silverline and VASS are experts in corporate and investment banking and are equipped to implement financial services solutions tailored for individual customers.

 

Comments on the News

  • “We work in a highly competitive and dynamic industry, requiring that our bankers have relevant information at their fingertips,” said Tim LaLonde, Chief Operating Officer at Investment Banking, Evercore. “We are designing and implementing our Salesforce CRM to function as a central nervous system for our advisory business, enabling us to provide critical and timely advice to our clients.”

“Investment bankers today spend an inordinate amount of time trying to gather information to prepare pitch decks, capture call reports, manage deal lifecycles, and track compliance processes,” said Spencer Mindlin, Capital Markets Industry Analyst, Aite Group. “To address this, banks must employ automation and AI to improve processes associated with prospect management, information collection, deal management, and legal operations. These innovations free up bankers to spend more time with clients and are key to staying competitive.”

 

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CROWN AGENTS BANK ACCELERATES INNOVATION AND GROWTH PLANS WITH THE APPOINTMENT OF HEAD OF FINTECH AND CHIEF COMMERCIAL OFFICER

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  • Industry leaders David Mountain and Joe Hurley appointed to Crown Agents Bank’s Executive Committee
  • The new hires will drive forward further innovation in the bank’s technology      portfolio to support payments and foreign exchange (FX) in emerging and frontier markets
  • Bank has seen a transformational period with 65% YoY growth

 

Crown Agents Bank has today announced two significant hires to its Executive Committee. David Mountain joins as Executive Vice President (EVP) and, in a newly created role, Head of Fintech. The leadership team is further strengthened by Joe Hurley joining as Chief Commercial Officer (CCO). The appointments come following a transformational 18-month period for the bank, with the launch of new digital financial services and a continued 65% year on year growth in the business.

David Mountain will be responsible for M&A and strategy, as well as the use of strategic technology. David brings over two decades of experience to the role, having been a successful entrepreneur building Accucard, an online credit card business that was sold to Lloyds TSB and, most recently, as a board member of US-based fintech ProducePay, which was voted the top start-up in Los Angeles in 2020.

Joe Hurley joins Crown Agents Bank as CCO, building the bank’s strategic client coverage and business development. Joe was previously Senior Vice President and member of the Management Committee at Discover Financial Services, working on innovative M&As such as the acquisition of the Pulse Debit business, Diners Club International and investment in fintech companies, including Marqeta. Joe also spearheaded putting together Discover Financial’s Net to Net partnerships, which included ELO, RuPay, JCB and UnionPay.

 

CEO of Crown Agents Bank, Bhairav Trivedi, comments on the new hires: “My vision for the bank very much involves being a first-mover on developing and offering our clients cutting edge technologies that give them an advantage over their competitors. David’s and Joe’s expertise in the finance sector and their impressive network, built up over years of being at the forefront of the fintech scene, place them in the perfect roles for driving forward Crown Agents Bank’s technology-first strategy.  Particularly in emerging and frontier markets, digital services are a priority, and through David’s and Joe’s leadership, we will continue to achieve – and accelerate – our growth in delivering tech-driven, market-relevant solutions to these often-underserved regions.”

 

On his role at Crown Agents Bank, David Mountain, EVP and Head of Fintech, comments: “Crown Agents Bank has a phenomenal global network in markets where it is traditionally difficult to build strong relationships. This, coupled with the bank’s technology capabilities, places it in a unique position to best serve these hard-to-reach markets. My job now is to continue to build on these solid foundations. I’m excited by the innovation in financial services that have emerged over the last 12-18 months and look forward to working with the Crown Agents Bank product teams to develop and add even more new services to our portfolio.”

 

Joe Hurley, EVP and Chief Commercial Officer, added, “I am driven by being part of the dynamic growth at Crown Agents Bank. It’s hugely exciting to be joining at a time when Crown Agents Bank is looking at how new innovations can be applied to deliver traditional banking services more efficiently, as well as expand its technology services to offer completely new services that meet the needs of those who have struggled to access financial services. Our team will be laser-focused, with a clear product roadmap to target the best-of-breed partners, and I look forward to leading the charge on continuing to drive this forward.”

As well as the appointment of David Mountain and Joe Hurley, Steven Marshall moves from Chief Commercial Officer to undertake a newly created strategic role of Chief Product and Network Officer. Steven and his team will be focused on creating and building new products to support market growth as part of Crown Agents Bank’s global expansion plans.

 

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