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Thanks to Sir Tim Berners-Lee we have the ability to talk face-to-face with vulnerable members of our families, without being near them. We have the ability to work with our colleagues, without being in the same room as them. And digital businesses have the ability to carry on working to keep the economy going through this temporary crisis. Thanks to Sir Tim Berners-Lee and the internet.
Financial services have been thrown into particular focus as employees begin to work remotely from the City of London and elsewhere. Digital financial services will keep the economy turning, businesses open and consumers spending. But many traditional banks and financial sector firms, have hesitated in grasping that digital nettle, the so-called "digital transformation". To them we say, never before has your online business been so important, don't put it off any longer, give it the attention it deserves.
Use this time to move your business forward
There is much that can be done now, even while your teams are working remotely, because firms like Madiston have business models where the whole technology implementation process can be done using available technology for face-to-face meetings, without being near each other. We know because we have implemented software projects on the other side of the world without leaving our desks (in our home offices, of course!).
Even better, the resulting business transformation will enable the operations of the business to be managed completely remotely too, if necessary, possibly obviating the necessity for an expensive office base.
These extraordinary times, therefore, allow one to grasp the digital nettle! This will ensure that your business is one that supports your employees as they adjust to their new working environment. Please don't overlook the opportunity to make remote working successful and drive your business forward, fit and ready for when the world has the Coronavirus under control.
But then, will you go back to how it was before?
Will you maintain your expensive office space and herd your employees back onto public transport for several hours each week, all at huge cost? Or will you have learnt so much over recent weeks that the trend towards remote working becomes an instant and ongoing reality?
Will we develop a new way of working when this is all over? Will we have developed such an efficient cross border workforce that we no longer need to live in the same town, or even country, as the company we work for and all the customers we serve? Will this enable us to expand our pool of talent so that we can import and export skills without moving from our home-based desks? And will all of that enable our new digital financial services firms and challenger banks, to achieve profitability that much quicker?
Well, we don't know what the world will look like tomorrow, let alone in the next six months, but there is much we can do, learn and implement to improve our lives and our businesses, if we look above the parapet.
The financial sector has to step up because we can in this environment. There are so many industries with so many challenges right now, even with the help of Sir Tim Berners-Lee's amazing invention. The financial sector can and must support the economy. FinTech and IT vendors must also do their bit to ensure digital financial services have the highly automated systems and processes to work profitably and across borders.
Madiston can do its bit for digital lending firms. If you are looking to move your lending and borrowing online, then get in touch. You may find our Global Lending Software Platform can deliver your lending via platform-as-a-service, market-as-a-service or as your own tailored software solution.
Get in touch via our Contact page.