It is not a new normal for `business’ to be cautious before execution, nor is it a new normal to prioritize and protect liquidity. Reinforced by emerging Ad campaigns (scaffolded with buzzwords) the new normal is a place of empathy, staying at home, and virtual realities. Hearing ‘going forward remain cautious’ and `in the new normal’ is irritatingly nothing more than a high score for buzzword bingo. The ‘new normal’ seems to be a backdrop of constraints brought about by a global pandemic that translates for business, like so many, in having to adapt to a different way of working and the unlikely-to-be-reversed, increasing move to digital.
Transactions in business, with remote working being a part of the ‘new normal’, require additional considerations in these early stages of a new state of working. Is remotely referencing sensitive data met better by digital technology or human intervention? What happens with queries and further questions? Are call centres or chatbots equal in their ability? When the computer says ‘No’, would a ‘someone’ be better equipped to respond? What, or who, places additional checks? Who decided a hill, or a traffic light as a test over a pond or a stop sign? What are the limitations for consumers?
A lot of necessary processing is applied to Banking and Mortgage/Loan lending because from opening a bank account through front-end Mortgage/Loan applications and back-office processing, emerges increasing risk to data security. Customer Due Diligence needs attention along with anti-money laundering and fraud precautions. Being no different to any business the finance industry is always looking to its’ lowest-cost production, therefore, with the progression of ‘new normal’ will some in the finance industry need (or want) to overhaul their entire systems, or is human intervention a necessary partner for their system? Does processing become faster with technology? Does smarter only come with technology? Does quick-click technology mean limited reversion? Should smarter mean a better experience for the consumer?
A zero score in buzzword bingo, the markets are volatile, people are under pressure and transition is everywhere. For those of us fortunate enough to have an established model of remote working, adaptation is easier. For those of us seasoned in business finance, stressed responses from both consumers and lenders are (unfortunately) not unfamiliar.
To progress, progressive choices are a requirement.