With 79% of UK bosses intending to adopt remote working for the long term, the importance of hybrid models meeting employee preferences and improving overall satisfaction are imperative. As leaders settle in to the “new norm” in the finance sector, Joe O’Flynn discusses what more needs to be done when addressing the differing working models for remote and office workers.
Hybrid models can create divisions and improve teamwork between remote and in-office workers, depending on how they are managed. On one hand, hybrid work offers flexibility, letting employees choose where they work best, boosting satisfaction and productivity. However, if not handled well, hybrid work can cause divisions. In-office employees might have more visibility and access to informal networking opportunities, while remote workers may feel isolated or left out of important conversations, leading to “proximity bias.”
To improve collaboration, companies need to focus on inclusivity and communication. This means making sure remote employees have equal access to meetings, decision-making, and career growth opportunities. Tools like video conferencing, collaborative platforms, and virtual social events can help bridge the gap between remote and in-office teams. Additionally, clear hybrid work policies, regular check-ins, and fair performance evaluations are crucial for preventing divisions.
For teamwork and culture-building, leaders should create a sense of belonging by organising team-building activities and offering transparent communication. Hybrid workforces benefit from a culture of trust, where results are prioritised over physical presence. A balanced approach can improve collaboration, engagement, and cohesion across different working preferences.
There needs to be a balance, not all roles should be done out of an office
Some jobs in finance work better in an office because of the tasks, rules, and security needs.
Trading and brokerage jobs, for example, do well in offices where fast communication and teamwork are important. Traders use secure, high-speed systems that need quick connections and special equipment. The fast-paced trading floors, where quick decisions and real-time teamwork are key, make remote work less practical.
Compliance and regulatory jobs also do better in offices with strong security. Handling sensitive financial data and following rules like GDPR or PCI DSS is easier in secure, central offices, reducing the risk of data breaches.
Jobs in risk management and internal auditing often need access to secure systems and real-time data, which is easier to control in an office and ensures accurate monitoring and reporting.
Even though technology has made remote work possible, these jobs often need controlled environments, secure networks, and immediate access to special resources, making office work more beneficial or even necessary.
Innovation and creativity are potentially at risk
The shift to working from home has had mixed effects on innovation and creativity in financial services and FinTech. On one hand, remote work has boosted innovation by promoting flexibility and work-life balance, which can lead to more productivity and fresh ideas. Working from different places and on different schedules has allowed employees to try new tools and solutions, often leading to more creative ideas. Also, collaboration tools like Slack, Zoom, and cloud-based platforms have helped teams connect globally..
However, the lack of in-person interaction has also created challenges for spontaneous idea generation. In-office environments often promote informal brainstorming sessions and chance encounters that can spark creative solutions. Remote work, despite its benefits, can make these organic interactions harder to replicate, leading to potential silos and communication gaps. Moreover, some employees may find it difficult to innovate in isolated home offices, where collaboration is less fluid.
To counterbalance these challenges, companies in financial services and FinTech are investing in virtual collaboration tools, creating digital innovation hubs, and organising regular brainstorming sessions to keep the creative momentum going, even in a hybrid or remote setting.
Addressing the issues of diversity and inclusion
Hybrid working has the potential to support inclusion and fairness by opening the labour market to employees who cannot work in traditional office-based roles in financial services and FinTech by offering more flexibility and accessibility. By letting employees work from home or the office, hybrid models meet the needs of different people, like those with disabilities, caregivers, and parents. For example, working parents, especially women who often take care of children, can balance their work and home lives better. Also, remote work allows companies to hire people from different places and backgrounds, not just those who live in expensive cities.
Hybrid work also creates a more inclusive culture by focusing on results instead of just being seen in the office. This can help reduce biases that favour in-office workers and make sure that people from underrepresented groups have equal chances to grow in their careers.
However, challenges remain. Companies must create inclusive remote work policies, give equal access to technology, and make sure remote workers are visible in meetings and decision-making processes.
Competitive edge over tradition
Hybrid work has given FinTech companies an edge in attracting talent compared to traditional financial services firms in a competitive job market. The flexibility of hybrid work is appealing to job seekers, who value work-life balance and remote work options. FinTech companies, known for their innovative cultures and tech-driven environments, are more likely to embrace hybrid work, making them attractive to people looking for modern work setups.
Traditional financial services firms may be slower to adopt flexible work models because of their old practices and rules. This can make it harder for them to attract top talent, especially from groups that value flexibility and adaptability. FinTech companies can use their hybrid work policies as part of their branding to show they have an inclusive and agile work environment.
Also, being able to hire from a wider area allows FinTech firms to find diverse talent, bringing in new ideas and perspectives. This not only helps them attract talent but also drives innovation within the company.
The Customer’s influence on the products
Customer habits are also changing the products and services in financial services and FinTech. More people working from home or in hybrid setups has increased the need for mobile platforms, remote onboarding, and digital identity checks.
With more customers at home, Banks can best use their data to make financial products more engaging, to better serve their customers, for example, making mobile apps that are easy to use. These apps help customers manage their money, make transactions, and get support from anywhere.
Remote onboarding is also very important now. Companies want to make it easy for new customers to set up accounts. They use digital identity tools with biometric data and AI to make this process safe and simple, without needing to visit a branch.
As customers get used to digital interactions, there is more focus on personalised services. Companies use data to offer custom financial products and advice, making customers happier.
The customer’s trust without a physical bank branch
As technology changes and customers have easy access to their accounts digitally, closing bank branches has changed how banks work. Now, they give more advice online. With fewer branches, banks need to offer more digital services. This means more virtual meetings and online help. It helps banks reach more people, giving advice without needing to visit a branch.
But closing branches can make customers worry. Some people might think online help is not as good as in-person help. Banks need to make sure their online services are safe and clear to keep customers’ trust.
Also, bank workers can now work from different places. Working from home can make them happier and bring in more diverse workers. This change makes banks think about new ways to keep customers happy and stay competitive.
The conclusion, is that it is something that must be considered on a role-to-role basis, and there will never be a “one-size-fits” all. Financial and FinTech firms need to strike the balance between collaboration and innovation, whilst still attracting and retaining the top talent that it needs to drive the growth of the future.
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