Collaborating through Covid-19

Sophie Mason Operations, Perspectives, Technology

Covid-19 has changed things in a way we never saw coming. Even a couple of weeks ago, it seemed likely to be a non-event, nothing more than a slight disruption.

Fast-forward to today, and everywhere in the world is impacted. Borders are closing at an unprecedented rate, supermarkets are stripped bare of essentials from panic buying, shops and restaurants are closed, and entire workforces are being instructed to work from home where possible.

The emotional impact that this is having on people’s wellbeing is significant, with individuals gripped by uncertainty on many fronts. How long this will last, whether their job or their partner’s job is secure, how their loved ones might be impacted by the virus.

The situation poses significant challenges for financial organisations. Turmoil in the markets has created huge volatility and related surges in transaction volumes. Risk functions are scrambling to ensure their organisations stay safe and compliant. Governments are challenging banks to support the economy in creative ways.

On top of this, financial companies have suddenly moved to remote working, stressing infrastructure and individuals. How do you support and manage a newly remote workforce and keep them motivated through the uncertainty? Although there is no magic formula, our experience over the past few years with Taskize’s permanent remote workers has taught us that deliberate over-communication combined with virtual replacements for informal interactions is key. Get staff used to leaving their camera on, even if no one is talking. It all helps re-create camaraderie.

Addressing support and motivation is perhaps the primary challenge, but how do you then maintain efficient operations, and how do you know you are efficient – particularly if such efficiency has predominantly relied on your operations teams’ physical proximity to each other?

Financial organisations have a pressing need for innovative solutions which can help their operations teams effectively collaborate, manage and resolve high-volume issues from separate locations. Email and video chat alone won’t cut it for a high-throughput environment.

Taskize’s intercompany workflow allows financial operations teams to effectively manage, track and resolve intercompany issues between counterparties. By enabling a company to raise a ticket in their firm and have it solved in another, Taskize cuts through the noise, and makes it easy to track progress and provide management with oversight to ensure nothing falls through the cracks.

Intuitive and cost-effective, Taskize is also cloud-based and simple to deploy. Users can be up and running very quickly, allowing results to be felt almost immediately. The service is also fully compliant with the security needs of the most demanding banks.

Covid-19 will not last forever, and things will hopefully return to normal.

Making small meaningful changes now can mitigate immediate stresses and generate ongoing benefits for years to come. 

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