Financial service providers: advantages, challenges and opportunities of hybrid work

Aternity found that nearly half (42%) of all IT decision-makers (ITDMs) and 38% of business decision-makers (BDMs) in the financial services sector believe more than 50% of their workforce will remain hybrid post-pandemic.

Additionally, the vast majority of BDMs in the financial services sector (96%) believe that hybrid work environments make it easier to recruit top talent and help them remain competitive in the future. Still, 87% of BDMs are concerned that there could be disparities in network and application performance between hybrid/remote workers and in-office workers when workers return to the office. These are three of the results of the Riverbed | Aternity Hybrid Work Global Survey, which provides insight into the current state of hybrid work and highlights key investment areas and technologies required for high-performing hybrid workspaces.

Hybrid work environments are now a requirement for new hires. However, in the financial services sector, surprisingly, 59% say they are not fully technologically prepared to support hybrid working in the long-term. To solve this problem, ITDMs (90%) and BDMs (88%) plan to invest in technology to support hybrid workplaces over the next 12 to 18 months.

“The financial services sector has felt the impact of COVID-19 and the dramatic shift towards remote and hybrid working,” said Jörg Knippschild, Director Solutions Engineering Germany and Austria at Riverbed | aternity “As the world returns to a new normal, banks and financial services firms are sourcing talent and struggling with a shortage that is impacting businesses worldwide. Hybrid working is important for banks to attract new talent and maintain a competitive advantage. To seamlessly Delivering the experience that employees have come to demand, BDMs and ITDMs must work together to meet those expectations, which means investing in end-to-end visibility, network performance and acceleration solutions, future-proofing their networks, and delivering exceptional end-user experience. and digital experience, thereby creating an environment that inspires innovation, increases productivity, fosters growth and attracts the next generation of talent.”

Obstacles on the way to success

The report shows that retaining talent and creating sustainable and high-performing hybrid workplaces depends on companies tackling both human and technology-related challenges. According to ITDMs in the financial services sector, the top five obstacles to a hybrid working model are:

    1. Lack of the right technology and equipment to set up at home (31%)
    1. Poor home/long distance network performance (29%)
    1. Increased security risks (27%)
    1. Lack of visibility of the entire network (26%)
    1. Lack of the right technology and equipment in the traditional office (26%)

BDMs in the financial services sector agree that increasing security risks (37%) is also one of the biggest barriers to adopting hybrid working in their organization. Two in five (42%) cite employee motivation and well-being as the main reason.

To quickly identify and fix issues and ensure banks and financial institutions can optimize the digital user experience, financial service providers need better visibility into their network. ITDMs name the top five challenges with current visibility/monitoring solutions:

    1. Multiple tools providing conflicting data, delaying root cause analysis and problem resolution (42%)
    1. Lack of visibility into cloud resource availability, performance, and usage (41%)
    1. Too much data and not enough context or actionable insights (36%)
    1. Lack of a unified view of the entire technological infrastructure (35%)
    1. Data is not accessible or usable to everyone who needs it (33%)

Investing in visibility and a hybrid workforce

BDMs want to invest in new technologies and working methods to attract new employees and future-proof their company. By adopting new technologies and creating a hybrid work environment, banks and financial services providers will increase productivity, improve customer and employee experiences, and ultimately increase revenue. The key areas for technology investment over the next 12-18 months are:

    • Visibility into network and application performance (51%)
    • Investments in cybersecurity technologies and software (47%)
    • Increased use of cloud services and software-as-a-service applications (40%)
    • Investments in end user experience and digital experience monitoring solutions (40%)
    • Investing in application or network acceleration solutions (37%)

“In 2022, the financial services sector needs to step forward and leverage new technologies, deep visibility and unified monitoring capabilities to fuel its digital and hybrid strategies,” said Knippschild. “If they do, they will be in the Being able to create a seamless experience that attracts new talent and opportunity and reveals the true benefits of a hybrid world.”

Further information:

Download the full Riverbed | Aternity Hybrid Work Global Survey report here.

Methodology:

The Riverbed | Aternity Hybrid Work Global Survey 2021 was conducted by Sapio Research in September 2021. Nearly 1,500 executives responded, including 750 business decision makers (BDMs) and 738 IT decision makers (ITDMs) from companies with annual revenues over $500 million in the US, UK, France, Germany, Australia, Switzerland, the United Arab Emirates and the Netherlands. Industries included Oil & Gas, Financial/Insurance, Public Sector/Government, Healthcare/Pharmaceutical, Manufacturing, Retail and Professional Services.