From the leaders' desk
"For enterprises to build resilience and thrive despite pandemic-sized disruptions, it's crucial to be agile and make quick strategic decisions. The key lies in digitization and developing a sound data architecture that supports data-driven decision-making in real-time."
Senior Vice President and Head, Financial Services-Europe, HCLTech
“As Covid-19 is accelerating the digital transformation to an unprecedented speed, every company in the professional services domain should get its act together in terms of the completeness of their digital vision and corresponding ability to execute it. Learning from what others do is inevitable in keeping up with the pace.”
Prof. Dr. Emile Aarts
JADS, Tilburg University and XtraAdvice
Tackling uncertainties and staying resilient to global disruptions
COVID-19 brought about five years' worth of digital transformation in as many months globally, and quickened the digital journey as a whole. Enterprises that had already invested in data science, data analytics, and digital initiatives were able to digitize fully, and as a result, ensure continuity of business operations despite global lockdowns. As Europe recovers from the crippling effects of the pandemic and recovers from the fallout, the financial services landscape must operate in the face of several uncertainties with the help of new-age technologies such as data analytics and other digital services.
Financial services institutions were equipped to support remote work and digital services to some extent, but they are unsure of the implications of this digital transformation on employee wellbeing. Similarly, since the pandemic crippled some sectors like aviation more than others, financial services institutions must adapt their credit risk models for individuals and sectors, using data analytics, digital services, and other means.
In this white paper, HCLTech collaborates with JADS (Jheronimus Academy of Data Science), a premier research institute for data science in the Netherlands, to explore how COVID-19 has reshaped European financial services institutions by surveying the financial landscape in Europe and interviewing top leadership.
Accelerating data and analytics transformation to get granular perspectives on an unfolding crisis
Backed by the HCLTech-JADS collaboration, the whitepaper covers the perspectives of eminent industry leaders, subject matter experts, and senior executives who are witnessing the uncertainties due to COVID-19 in their organizations and the ecosystem around them. Here are some of the key highlights of their views on 4 major areas where the impact of COVID-19 was evident:
54% believe that the level of planning undertaken by their organizations to address the impact of the pandemic on the overall business wasn't strategic but operational
67% feel that the level of planning involved in meeting the impact of productivity was mostly operational, which suggests that their organizations already had specific measures in place in the event of a large-scale disruption to business operations
65% believe there's an urgency to address impending social changes as well as shifts in the labor market to find digital-savvy talent and 63% felt it’s highly urgent to develop mechanisms that predict employee wellbeing
91% believe there's an urgency to establish measures to mitigate the risk of cyber incidents due to remote work
Topic of Discussion
Charting a future course of action to minimize the impact of COVID-19 on business resiliency
The HCLTech-JADS survey discovered that 70% of those polled noticed an acceleration in the adoption of data and analytics within their organizations. Most organizations surveyed had a near-term strategy to ensure business continuity and a mid-to-long-term strategy to turbocharge their digital journeys:
“The pandemic is impacting the entire financial services and business ecosystem. It will require true leadership to gradually find a “new normal” that will be beneficial for all involved.”
Partner, Stanton Chase and XtraAdvice