Most industries across the Globe are grappling with the wave of change due to COVID-19 pandemic and are figuring out new and more resilient methods to adapt to the scenario. The Banking and Fintech industry is not far behind in devising methods, processes, and realigning functions to overcome the ongoing challenges.
According to KPMG, one of the Big Four accounting organisations, the pandemic has spurred the adoption of contactless digital payments. Hence, it has become very crucial to make decisions as well as adopt methods to retain the right Employees and onboard fresh talent.
Recently, a DigitalHR webinar was organised on ‘HR Strategy & Innovations in Banking and Fintech Industry in the New Normal and Beyond’. The online event was attended by various eminent professionals from the Banking and Fintech industry and shared their opinions, suggestions, and insights of the industry during the New Normal.
The webinar was commenced by Madhavi Lall, Managing Director, Head-HR at Deutsche Bank who opined that after Covid-19 the workplace scenario will change and that social distancing should become a workplace norm. She also added that the time has come for organisations to review their learning methods that are provided to the Employees. Madhavi also suggested that the Employees must be offered blended learning opportunities. She had also shared her thoughts on the ample availability of talent pool in remote working and urged organisations to utilise it well.
The following speaker was Dr. Anjan Bhowmick, Executive Director of Reinsurance Group of America Inc, who shared that the reinsurance has gained momentum and huge predominance throughout the industry. During the webinar, he pointed out that there has been an upsurge in small firms, in the Fintech industry, that are creating prototypes and rapidly growing. Anjan also stated that many Fintech companies are influencing business models in other sectors which is enabling them to build sturdy process and develop resilient methods to cope with the current challenges
The webinar proceeded with Chandrasekhar Mukherjee, Chief Human Resources Officer of Magic Bus India Foundation, who stated that the technology has become a language in today’s digital times and he encouraged people to learn and utilise it to their advantage. He also suggested that HR should adapt themselves to using tools and technology in order to better connect and reach out to the Employees. During the webinar, Chandrasekhar shared that currently, HR, around the World, are facing challenges to create experiences and keep the Employees engaged via Online Platforms.
Irani Srivastava Roy, SVP & Head, Distribution HR at Max Life Insurance Company Limited, said that it is important to enable the Employees in terms of Reach, Connectivity, and the basic essentials that they need to work efficiently and adapt to the ongoing challenges. She also emphasised on the importance of empowering Employees with the right skills to cope with the new normal. Irani also stated that base is more important than the strategies, without which the results will be unsuccessful.
CHRO of BankBazaar.co, Sriram V, shared a set of questions that he asks himself and strongly urged HR of other organisations to ask themselves too. He strongly suggested HR and Employers to become innovative and connect with their Employees. He encouraged them to take their innovation a notch up. Sriram also talked on the topic of Mental Health which has become a big challenge all around the world and that Employers must pay attention to their Employees’ Mental Health.
Amidst the panelists, there was also eminent academician, Dr. Sandip Sane, Director, IBMR, ASMR Group of Institutes, who shared that students and faculty members are assigned to live projects that are directly taken up from organisations in the industry and they are worked and researched upon it to procure data. He stated that it is a great way to gain insights of the industry. Dr. Sane also highlighted that It helps students to understand the requirements of the industry, the issues, challenges and how they can be resolved.
On a concluding note, it can be observed that the COVID-19 scenario has significantly accelerated the need for shift to digital and redefine the overall business landscape fundamentally. Digitising will enable Employers to maintain the essential connect as well as innovate in order to create the right strategies, methods, processes, and functions to maintain the equilibrium.