We are still in the ?response? stage when it comes to Covid-19. However,  there remains plenty to be done as we build the right foundation going forward.

Remote working

Many banks have successfully moved to remote working. However, it is one thing to have the technology in place, and another to understand the impact this has on colleagues and their ability to work successfully with it. In our experience there are some key principles.

• Encourage staff to set up a daily routine. Because you?ll experience more screen time, it is important to make sure you have breaks. Try and finish around the same time each day - and stay offline.
• If you?re sharing workspace, work out how you can each handle meetings, especially video calls.
• Encourage video calls within small teams - they?re just friendlier - and set up ?coffee? and 'social? sessions.
• For leaders, ensure you communicate regularly and consistently. Managing remotely is a new skill. It's a good time to build up your teams.

If you need to move rapidly to remote working we have developed a guide that may be of assistance. If you?re thinking more broadly about the workplace, we have developed an approach for banks.

Security

Remote working has led to a greater focus on security. Here are some tips.

• Provide refresher training. Keep it short, entertaining and maintain a constant rhythm of communications as scams will be on the increase.
• Use multi-factor authentication as much as possible across the business, along with smartphone apps (such as Microsoft Authenticator).
• Be flexible about the different groups you are talking to (e.g. those handling sensitive data, BYOD workers etc) and their different roles.
• Watch out for compliance gaps.

Banks need to maintain the balance between managing risk and improving employee productivity. Our CISO, Bob Bruns, recently talked about this in a Forbes article.

Automation

Job losses, and the inability to service debts, have meant that banks are deluged with customers wanting to talk to them.

• While scaling up automation is a good plan, ensure that wherever possible you can provide a real human being at the end of a phone or online message. Barclays has offered video chats to Millennials for the last 18 months.
• Get your traditional customers online. Lloyds has recently offered customers over 70 free tablet devices and set up a dedicated phone line to provide training to help them access online banking.

• Chatbots are common in banks now but conversational AI requires skill and patience.
• Digitise processes to speed up outcomes and lower cost, especially around government business loans. Assess whether you can quickly use e-signatures or digital ID or move transactions to platforms such as Alexa.

While augmenting employees with machines is vital to maintain service, customer relationships are critical for reassurance. Your people remain your greatest asset right now.

Requirements will evolve as banks move through the response stage and transition to recovery. Those banks that focus on the customer will build a strong foundation as they emerge from this crisis. Those that fail to do so will find that customers have long memories.

Stay safe.

This topic is discussed in our latest 'Future of Finance' podcast episode - Technology Transformation. In this episode with Avanade and Microsoft we explore how technology is transforming the workplace and the workforce.

View all episodes and find out more at ukfinance.org.uk/podcasts