A study of 600 IT leaders by the Xerox Future of Work study has shown the impact of the pandemic on the finance sector's technological abilities. According to the data, around 11% of finance companies intend to permanently change their approach when it comes to working in the office. Going forward, when some sense of normality resumes, the firms say their employees will be allowed to spend more time working from home.
However, the data, which was the result of surveys of IT leaders across five countries, reveal that there is a big need for technological advancement following the COVID-19 pandemic. 76% of IT leaders say they are not technologically ready for the shift to remote working and further on from that 36% say that technology was the biggest issue they face while they are working from home.
As a result it does appear then that finance firms are the most likely to make investments in technology. 57% of the IT leaders surveyed say they are allocating more budget to improving technology to support their employees at home and ease the technological barriers that employees can come up against when remote working.
However, although the leaders all state that there will be more remote working in the future, Steve Bandrowczak, Xerox President and Chief Operations Officer, says: "While there is no doubt the COVID-19 pandemic has changed the way we work, our research found that over time many companies plan to have most employees back in an office environment.
This could be for a variety of reasons, including communication, speed of decision-making and talent development. At the same time, the sudden shutdown and ongoing hybrid work environment has exposed technology gaps that require new or additional investment in the coming months.”