: The Pandemic Was a Wake-Up Call. Banks Must Embrace Hybrid Working #WorldNEWS Hybrid or flexible working has been happening for years across many sectors. That said, prior to 2020, a large financial

The Pandemic Was a Wake-Up Call. Banks Must Embrace Hybrid Working #WorldNEWS
Hybrid or flexible working has been happening for years across many sectors. That said, prior to 2020, a large financial institution going majority hybrid seemed as unlikely as having to show a vaccination card to fly within Europe. Sometimes though, change comes quickly and all at once.
In addition to being highly regulated, financial institutions have historically had a reputation for being slow or even resistant to change. But that simply wasn’t an option in the last year. Overnight, restrictions forced every financial firm to transition to a drastically different way of working, which they probably would never have done voluntarily. And this was a necessary wake-up call for the industry.
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At UBS, our employees experienced new ways of working during the pandemic. For more than a year, many largely worked from home. This was possible thanks to the historic investment we’ve made in technology as well as years of developing remote leadership skills and a supportive company culture. We stayed very close to our clients and supported them in navigating this difficult environment, with virtual client meetings increasing from 30% to 80%. We welcomed new colleagues and clients, and drove innovation across the business. We arranged virtual trainings for early-stage founders, launched an app that provides a seamless interaction for our wealth management clients and built strategic partnerships globally. We progressed key strategic initiatives, including a 154% increase in impact investing and sustainability-focused invested assets. In short, the business adapted rapidly and grew in tandem with change.
A few unexpected things also happened: i) internal surveys revealed that many employees were just as, if not more, productive while working from home (also in line with the findings of other financial institutions—annualized growth in output per hour has risen since the crisis began); ii) employees liked the flexibility that a hybrid model offered, and iii) mindsets about digital were transformed as normal life was disrupted. Clients were demanding more seamless digital service and, because employees were facing similar needs in their own working environments, they started to think even more about how to improve client experience.
For financial institutions like UBS, with a large global footprint operating in a highly regulated environment, there will never be a one-size-fits-all approach. There also won’t be a static one.
To succeed, we need to operate with agility and care. Our firm-wide analysis, taking into consideration factors like regulation, risk, and productivity, found that two thirds of employees can work from home highly effectively.