PWCresearch report

2021 carry on the past and open up the future From Ways to improve productivity

The following is the 2021 carry on the past and open up the future From Ways to improve productivity recommended by And this article belongs to the classification: PWC, research report.

COVID-19 has a huge impact on the financial industry, ending the ten year credit expansion cycle, and enabling the world to re-enter the era of ultra-low interest rates in the foreseeable future. In addition, the epidemic has also magnified the existing productivity challenge: the cost income ratio of many financial institutions has risen to an unsustainable level, and if no measures are taken, their survival will be threatened.

However, the epidemic is also an opportunity to improve productivity. Some outlets and offices are closed for health reasons, and customers turn to digital channels. The remote work mode has achieved results in many fields.

The first productivity research report issued by PwC in 2019 puts forward six suggestions to improve productivity. In this report, one of the suggestions on improving employees’ digital IQ is added to the other five suggestions, because it is closely related to each other.

Every pillar of productivity is closely related to skill improvement. For example, in-depth understanding of employees needs to use new measurement and analysis tools; Embracing platform economy, making full use of odd jobs and crowdsourcing innovation means that new ways of organization and employee management, product development and promotion are needed. Financial institutions enable their employees to have the new skills needed in the new era, fully enjoy the benefits brought by productivity improvement, and steadily move towards world-class enterprises.

As digitization becomes more and more important, technology solutions increasingly involve collaboration with third parties, and enterprises need to acquire new capabilities. Most financial institutions have been digitized to a certain extent and their productivity has been improved, but there is still a lot of room for progress. Employees not only need to enhance their scientific and technological capabilities, but also need to receive training in new “soft skills” (such as agile methods and advanced collaboration capabilities).

The results of this survey show that many financial institutions are implementing such soft skills training, and are equipped with resources and technical infrastructure for productivity improvement. This report will analyze the current situation of the market, analyze the successful cases, and put forward the way to promote productivity.

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