By JOanna Bubilek, Assistant Director, Employer and Alumni Relations
In the past months, the whole world has had to pause and adapt to the new circumstances caused by the COVID-19 pandemic.
No country, industry, or person was left uneffected, and now more than ever, the word “resilience” matters.
“Banks in the United States entered the COVID-19 crisis with the strength of ample capital and liquidity and have moved rapidly to protect their employees and customers.”
While the majority of US institutions were able to offer their employees remote work solutions, many leaders are now re-thinking the new normal with one concept in mind: there is room for innovation!
Three Trends that will Help Us Rebuild
The financial services industry, and banks, in particular, are not only a commercial component of our market, but also serve a crucial role in the economic re-growth.
According to market forecasting analysis, three trends will help rebuild and sustain a rapid and safe come-back:
1) Digitalization — Online banking is here to stay. When traditional customer-centered operations disappeared due to the lockdown, companies had to guarantee a similar level of support and services while shifting to digital tools.
Studies have shown that there was an increase in mobile and online banking use, while more traditional customers demanded phone or video-call support.
Now more than ever investments in remote and digital sales capabilities will increase, especially when it comes to commercial banks.
2) Agile workforce — We most probably won’t see the old model of crowded open-spaces offices again.
The first post-lock-down survey results showed that productivity increased or remained stable when the entire team works remotely.
There are distinct challenges when it comes to managing the teams, and new skills are in demand. Relationship managers are learning to engage with clients in a video-call, and trading experts are now managing deal flows virtually.
3) Flexible approach to innovation — There are still institutions betting on the strategy of staying still and waiting to go back to the pre-COVID world.
This steadfast fidelity to traditional business practices comes at the risk of missing an opportunity for business transformation, on everything from reimaging infrastructure and the staff organization model to re-thinking products and service offerings.
New digital solutions offer a safer approach to innovation and guarantee readiness for an uncertain future.
What Does this Mean for Recruitment?
The future of recruitment is digital.
While our campus partners are confirming their recruitment plans for the 2020-2021 academic year, many of them are planning to rely on virtual engagements over the Summer and Fall 2020.
When it comes to big organizations, there are not many changes in the recruitment plan — applications will begin to open in July-August, as in the past years. However, smaller firms might struggle, since not all are prepared to screen and interview candidates digitally.
So, Where Do I Start?
If you’re wondering who to start with for your employer outreach, then check out our diverse selection of finance employers who have partnered with CCE below.
BlackRock — the world’s largest asset and global investment manager.
Bank of America — one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.
Goldman Sachs — an American multinational investment bank and financial services company offering securities, asset management, prime brokerage, and securities underwriting.
PwC — a global network of firms delivering world-class assurance, tax, and consulting services for your business.
MTS Health Partners — a leading boutique investment bank that provides strategic and financial advice to the healthcare industry.