Digital banking may be the norm, but the people that are in charge of carrying out online transactions and making sure that consumers have seamless digital banking experiences have remained in their respective financial firms’ premises — until now. Banking Journal notes that since the pandemic struck, banks had no choice but to adopt a setup that they’re not used to and adjust to a new reality, a shift that they’re not prepared to make. But given that banking is crucial and part of our everyday lives, financial institutions must get to grips with remote working rather quickly so they can carry on with their business and transact with their clients.
Banks can readily embrace remote working if they follow the blueprint that some seasoned telecommuters have long observed. So, here are some tips that can make the transition a lot less daunting:
Ramp up security and protect against threats
One of the most crucial factors that banks have to consider when transitioning to a remote setup is security. Financial institutions handle millions — or even billions — of dollars on a regular basis, so it’s vital that they find a way to maintain security measures even when working from home. A previous Finance Derivative post highlighted how there should be an increased focus on protecting against threats across infrastructure, products, and people in order to mitigate cyberattacks. Banks should pull all the stops in instituting stronger access privileges in apps, data, and network stacks, patching hardware and software with the latest security updates, and building cloud-based products that have more stringent security controls. It is also beneficial to digitise documentation but in a way that ensures they remain legally viable and client-centric.
Streamline communication
Any remote working guide will tell you that the number one thing you should be prioritising is communication. Of course, even if all these bits of advice about proper communication sound repetitive, they exist for a good reason. ‘Why Business Continuity Plans Should Include Telecommuting’ on HP documents how communication applications made specifically for companies simulate being able to pop in and out of an office cubicle. This allows for business continuity, which means that if something unforeseen happens, these communication tools allow team members to collaborate in real-time and work together to come up with an immediate solution. The best part is it doesn’t matter where a team member is — these apps are easily accessible via mobile devices, so they can still be within reach even if they’re not in their workspace.
Invest in reliable infrastructure
Unlike other industries, the nature of the banking and finance sector requires a more intricate setup. A post on Business Insider points out that some banks went out of their way to secure the right equipment for their employees such as screens, cables, and laptops in an effort to scale their remote access capabilities. Some even shipped these things directly from the office to make things easier for the staff. They are also advised to use Ethernet instead of relying on Wi-Fi to ensure that they have a stable connection. To banks that are thinking of following suit, they should ensure that every employee has access to reliable equipment so they can be as productive as possible.
