Connect with us
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Business

Two-thirds of finance professionals are now more efficient due to the Covid-19 crisis

Two-thirds of finance professionals are now more efficient due to the Covid-19 crisis 1

The Covid-19 crisis is making a big impact on the efficiency of the UK’s finance departments, with 66% of financial professionals reporting that they are working more efficiently since the onset of the pandemic in March of this year. The results from a recent survey into the impact of the pandemic on the sector by fintech company Onguard revealed that this increased efficiency is primarily due to the obligation to work from home and rapid digitisation during this period.

Changing attitudes to digital transformation

71% of financial professionals agree that their department was able to rapidly adjust to home working within just a few days, with 21% reporting that their organisation has invested in specialist software in order to do so. This has resulted in just under three quarters of those surveyed believing that they are able to perform their work well from home, with only 35% still in need of specialist software to collaborative effectively.

Alongside the implementation of new technology, changing attitudes to digital transformation have played a role in the successful move to remote working. Research conducted earlier this year prior to the Covid-19 outbreak in the UK highlighted employees’ resistance to digital transformation as a major challenge, however now only 11% of organisations view employee attitudes as a barrier to change.

Working from home is the new norm

Looking ahead, 61% of financial professionals would like the flexibility to keep working from home permanently, thanks to the benefits provided by new technology.

Marieke Saeij, CEO of Onguard: “It is certainly admirable how English businesses have adapted during the Covid-19 pandemic. Pre-pandemic, digital transformation initiatives within many organisations was a multi-year plan, but the events of this year meant that businesses could not wait to implement further strategies. Almost exclusively, colleagues now update each other digitally. Because of this, its crucial that organisations have the right software in place to keep everything running effectively.

Due to the challenge of finance professionals communicating via digital tools, it is important that data is kept up-to-date and contains real-time insights so professionals can make the correct remote decisions in an efficient and collaborative way. With the help of the right software, the finance professional can be sure they always have the correct data to do their job and assist both the organisation and customer moving forward.”

Global Banking and Finance Review Awards Nominations 2022
2023 Awards now open. Click Here to Nominate

Advertisement

Newsletters with Secrets & Analysis. Subscribe Now