In brief

In brief

  • In financial services, the employee experience is key to attracting and retaining digital skills and enhancing productivity and customer experience.
  • Better work and better workspaces are beneficial for employees. But recent research shows they’re also great for the organization.
  • Employees today want and expect their work experience to mirror their consumer experiences, with technology easing the way.
  • HR departments are starting to play a large role in shaping the employee experience, and are assisted by a variety of potent, intelligent tools.

The new digital workplace in financial services

It wasn’t long ago that an effort to improve the employee experience in financial services would have been derided as an indulgence motivated by generosity rather than the expectation of any measurable returns. But a growing body of research confirms that a supportive employee experience contributes powerfully to financial performance.

As financial services companies become more enlightened on talent and organizational issues, many are beginning to acknowledge that committed, motivated employees deliver higher levels of productivity and support innovation and change.

Most importantly of all, they contribute significantly to superior customer experiences. And a great customer experience results in satisfied, loyal customers who are happy to endorse their providers and entrust them with a bigger share of their wallet.

Almost nine out of 10 financial services high performers regard rewiring their culture, organizational structure and workplace tools as “highly important” to business success.

Drilling down into the traits of these industry leaders, it becomes apparent that most are using emerging digital technologies to help them develop better employee experiences faster and more effectively. This is giving them a competitive edge at a time when even the healthiest of companies in the industry could sorely use it.

Analysis by Glassdoor shows that companies that provide a great employee experience outperform the S&P 500 by 122%.

Creating a digital playbook for success

A growing number of financial services employees today want and expect their work experience to mirror their consumer experiences, with technology easing the way. Digital technologies—applied responsibly to foster trust—drive personalization at scale to help shape a positive employee experience.

The introduction of intelligent technologies in the corporate environment has just begun, and its impact on the workforce is only starting to become apparent. However, employee enthusiasm for new technologies will help smooth the road to their introduction. Augmenting humans with automation and intelligent technologies will also have a profound impact on the employee experience.

Financial services companies would be well advised to take advantage of—and to vindicate—their employees’ welcoming attitude as they roll out these technologies. This includes reskilling and upskilling workers as automation takes over more of their rote tasks and frees them to do what they do best: strategize, innovate, and deal with more nuanced customer challenges.

It also means utilizing the technologies to create hyper-personalized work experiences, to help employees reinvent their work and their jobs, and to find and realize untapped talent within the workforce.

With every company making major investments in technology, those organizations that master the workforce engagement component have a distinct advantage: they bring to life the promise of both their people and their digital investments.

About the Authors

Andy Young

Managing Director – Financial Services, Talent & Organization Lead

Nicole Knott

Managing Director – Financial Services Talent & Organization, Workforce Experience & HR Lead

Jamil Jetha

Senior Manager – Talent & Organization for Financial Services

Elliot Choo

Consultant – Digital Strategy, Applied Intelligence

Katrin Marinova

Consultant – Talent & Organization for Financial Services​​​​

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