DVFA, the Association of Investment Professionals, asked its members about the effects of the corona pandemic on their personal work situation and their assessment of the changes in the financial sector. The mood is rather relaxed, which may also have been shaped by the experiences from the last financial crisis.
Home office continues to be in trend – personal contact is missing
The number of home office jobs has also increased in the financial sector, some of which have been completely relocated to the home, some of which work in alternate teams in the company. 36% of investment professionals have been working in the home office since the beginning of the Corona crisis, 49% had previously used this option. Only 15% do not use this form. Almost half (46%) consider working in the home office to be as productive as working on site, 30% see no difference in productivity. 24% rate their work in the home office as less productive, also due to the insufficient technical requirements and poor connection quality.
The vast majority of respondents lack personal contact with colleagues and customers, so 36% answered yes, 40% rather yes. As a sole form of work, the home office is only conceivable for just under a third (yes with 12%, more likely with 20%). 38% cannot imagine that, 30% not at all. Saving time and reducing environmental pollution from trips and journeys are documented in the comments as positive effects.
Well positioned for the future
90% of investment professionals hardly worry about their own job due to the pandemic effects – 51% answered no and 39% answered rather no. The respondents also see themselves well positioned for the future in the financial sector: 32% consider themselves well equipped, 56% rather well equipped. Only 11% do not feel well equipped.
In addition to advancing digitization, further changes in the financial sector
When it comes to the open question about future changes in the industry, the investment professionals see in particular the acceleration of digitization in all areas. This would lead to less office space and would also be reflected in the requirements for management, for example, since different management would be required. The individual employees would have to come up with more flexibility and more affinity for IT, since the profiles and working methods change significantly. Personal meetings will be further restricted through the use of the various online variants for communication, but the value of personal contact will also increase and be appreciated.
A more radical change in payments and further closings of branches would follow. The subject of house bank will be dealt with more or less by different providers according to the different questions of customers. Cost pressures and the need for new business models as well as higher risk management will increase. Investment professionals are critical of the role of regulation, which is lagging behind the technical age, especially with regard to digitalization. Sustainability in general and sustainable products in particular are mainly seen as essential for the future.
“It was important to me to ask our members about their well-being, because we lack personal contact with them and the exchange in our events and discussions. Your assessment of the future of the industry and changes in working conditions and job profiles are important indicators of the association’s work. The DVFA board has just been confirmed in the 2020 elections, and we will look at the detailed results of the survey and implement them in the offers for our members and the work, ”says Stefan Bielmeier, chairman of the DVFA.
The DVFA monthly question is addressed to the 1,400 members of the association and is dedicated to topics that are being discussed in the financial sector. The results of the survey are published regularly every second Tuesday of the month.
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