Like many industries the FS&I Industry had to pivot to remote working very quickly. I think that a lot of organisations, not just in FS&I, surprised themselves with how quickly they were able to pivot and adapt to that new way of working in short order. This abrupt pivot has put IT on the map with a lot of business stakeholders.
So often IT's seen as a disabler rather than an enabler. The fact that they were able to provide these productivity tools and everything that was needed to adapt to the new way of working has really helped to highlight what IT can deliver in terms of tangible value. Also though, what I think it's done conversely, is shine a real spotlight on where there are challenges within organisations. A good example of this is operational processes, things that would happen in an office or things that would happen in front of a client and that perhaps didn't transition as well to the virtual world. It's really highlighted where some of those inefficiencies are, and I think what that's created is this renewed focus on some cost savings.
As we all know, there's a lot of legacy in financial services and tradition in the way that things work in the City of London. Covid has been a catalyst to find a new way of working and prove out those methods and practices. A good example of this is if we think about the Underwriting Room in Lloyd's of London. Everyone would congregate in there, and Covid resulted in the first closure of physical trading in the insurance market in over 300 years. The traders were able to pivot to using video calls and electronic trading platforms since that closure, but with the opening of the Underwriting Room it’s going to look and feel very different to how it was.
Please comment below and tell us about any examples you have come across in the FS&I industry or wider market where Covid has become a catalyst for positive change. Or contact us at firstname.lastname@example.org to discuss further.