How the Financial Sector has Been Impacted by Covid
What does the Financial Sector Consist of?
The financial services sector is a large part of the economy because it includes all of the companies that provide financial services to consumers, businesses, and governments.
Above all, it is a major industry in the global economy and an important pillar of any economy. In other words, the financial sector has come to be recognised as vital for economic growth and development.
For instance, the financial services industry has been growing tremendously over the years due to its importance in today's economy.
Therefore, it plays an important role in ensuring the free flow of liquidity and capital flows within the economy. For example, if the financial services sector fails, there is a great likelihood of recession that leads to a slowdown in economic activities.
How the Financial Sector is Coping
The human and business impact of the COVID-19 pandemic continues to unfold globally. For instance, the rapid pace at which the pandemic is spreading and the global actions taken to curtail it are having an immense impact on the way we live and do business, for example.
However, it is too early to fully understand the long-term effect of these events. Instead, financial institutions across the banking and capital markets, insurance and asset management sectors must prepare for the impact of the 'new normal'.
The Problem
According to ITR, nearly all financial services companies' employees have been working remotely from home since lockdowns began. For example, this has included individuals working outside their country of employment.
However, as lockdowns are being eased at different speeds globally, and international travel is resuming, a question remains regarding what this means for businesses.
In addition, it has been questioned whether a home office may constitute as a permanent establishment of an enterprise. So, when travel restrictions are lifted, do staff continue to work from home voluntarily?
The Solution
Digital Transformation Creates an Easier Workflow
Businesses are now finding their current business workflows are not efficient enough to maintain streamlined document management because more and more documents being produced each day.
For example, we understand the need for automation to reduce costs, save time and create an easier workflow. In addition, with so many businesses now based online and employees working from home, the need for online-based technology is not only preferred, but essential.
Above all, the introduction of digital transformation to your business will save you time, costs and energy because it will create an easier workflow. Therefore, we recommend the products listed below so that you can focus on more important tasks.
Recommended Resources
dita Documents
Automates the renewal and review dates for each of your documents and sends notification to the document owner
dita Learning
You all-in-one system for training, inductions, professional development, competencies, surveys and compliance
The key to document management is automation. Once a document is captured, it should work for you. It should be there when you need it and it should be accessible to those who need it when they need it.
Benefits of dita Documents
Automate the process of renewal, storage and distribution throughout your business or organisation
Increase document security with permission controls and audit trails for each document
Improve your business’s legislative compliance in one easy step by streamlining the creation of your important business documents
Benefits of dita Learning
One system for all training, inductions, professional development, competencies, surveys and compliance tracking
Create ease for your everyday workflow by assigning tasks to employees, individuals or groups of staff
Increase staff opportunities and incentives by expanding their skill-set through learning pathways
Find out how dita Learning can Improve your Business
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