Deloitte’s Banking Report Forecasts the Future of Social DistancingNovember 24, 2020
Deloitte published version 4 of its “Digital Banking Maturity” (DBM) report, which offers a detailed “mystery shopping” evaluation of the digital platforms of banks and insights into future innovations.
Covering 318 banks from 39 countries, DBM evaluates digital retail banking in three channels: digital functions, customer needs survey, and UX review.
The main aspects of the survey are as follows: 60% of banks have closed their branches or changed their operating hours. However, many of them have fully turned some of their current services into digital processes.
For instance, account opening (34%), remote identification and verification (23%), and contactless payments (18%) have been recorded heavily. 41 percent of banks have increased their contactless payment limits. While 18 percent proposed new methods of contactless payment, 23 percent developed digital identification and authentication approaches.
Next-generation banks (challenger banks) are more likely to adopt emerging trends and developments than conventional banks.
For instance, although 27 percent of new generation banks implement bill splitting alternatives, the rate is about 2 percent in conventional banks.
Similarly, while new generation banks use chatbots with 15% advanced utilization instances, the average in conventional banks is about 4%.
So how has the remote life affected your business life from the human capital perspective?
How did Deloitte Human Capital Trends predict 2020?
As shown by Deloitte’s human capital trends, compensation is the main portion of the overall labor costs of the organization, accounting for up to 70% of the total wage costs of the company.
Yet several companies remain somewhat confused about how to handle this important field of investment. In the 2020 Global Human Capital Trends report, the majority of respondents said that their companies were either in the process of redesigning compensation or had adjusted their compensation policy over the last three years.
Besides, 64 percent of respondents anticipated their companies to overhaul their compensation and benefits system either this year or in the next three years.
While the definition of field sales-oriented works has changed, and even the definition of selling has changed, of course, the goals set at the beginning of 2020 became meaningless under extraordinary pandemic conditions, the targets could not be achieved and there were cases where there were not many metrics to evaluate performance.
That’s why, while companies with established digital systems working with CRM can easily change their target structures and assign new tasks, performance management goals for old school companies could not go beyond verbal promises or subjective evaluations.
We can say that the pandemic reminded us that the performance system should be objective, transparent, fair, and collective enough to adapt to any situation.
Automation and integration
As data collection and usage becomes an increasingly important element of the performance of any company, more and more organizations are investing in comprehensive payroll services that are fully integrated into their ERP solution or as well as their existing accounting applications.
This not only makes for better data gathering and interpretation but also eliminates manual payroll operations.
Firms are eliminating Excel spreadsheets, manual data entry, and paper-based payroll in favor of digital systems that are simpler, more reliable, and enable for a seamless flow of payroll system and employee data through the company.
Artificial Intelligence Service
Artificial intelligence is getting more efficient and more popular as an incorporated function in payroll solutions. AI functionality enhances accountability and makes it much easier to oversee payrolls without the possibility of error.
For instance, payroll software for Microsoft Dynamics 365 Business Central incorporates payroll data into corporate analytics, Cortana machine learning, artificial intelligence, business intelligence, and more.
The future of the work after Covid-19 will be shaped by adopting these technologies without waiting for others to do it.
Value-Added Programs (Benefits and compensation, Financial Wellbeing, etc.)
More employers offer employees additional incentives such as financial wellbeing services and flexible holiday and leave opportunities to increase employee satisfaction, engagement, and retention.
Innovative payroll and HR systems help you to manage anything from a single integrated platform.
As Covid-19 changes the financial world, of course, not only the financial departments of companies but also the resources, tools, and methods that manage human capital are changing.
And as remote working, part-time work, and the gig economy are increasingly accepted, digitalization in finance is spreading and will spread to every field of corporate life.
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