With ‘Work from Home’ becoming the new work ethic, financial institutions too have started to slowly but steadily blend into it.
Work from Anywhere: SBI
In an attempt to adjust to the many problems caused due to the Covid-19 pandemic, SBI has decided to make the jobs of their employees a bit easier.
The lender has realised that more than stressing on working from offices, it would be better to WFA, as this would result in saving commute time and instead could be utilized for providing better services to customers, plus better work-life balance.
In order to adapt to Work from Anywhere policies, the state lender is on works of upgrading its existing WFH policy.
It mentioned in a report that the productivity tools and technology are in already place to perform administrative work remotely.
WFA Rolled out in 19 Foreign Offices
While the facility has been set to application in 19 foreign offices, it will soon find its roll out in the domestic stations too.
This could essentially lower the bank’s operational cost, besides ensuring better motivation and productivity for staff members.
The bank is strongly focussing on revisiting risk assessment and business procedures, along with mainly adopting digital technology.
The report provided also emphasized on the fact that rapid adoption of digital technology in such pandemic times, is the salient requirement.
However, the fiscal stimulus package released recently will decide how banks will respond in the post-COVID scenario.
SBI’s Business Continuity Plan
The state lender informed that until now, only 21.8% of its customers have availed the moratorium. However, the bank was able to achieve 98% of its operability, while 91% alternate channel operability during the period of lockdown.
However, speaking of the Business Continuity Plan or BCP, the bank is yet to take legit actions on it, to manage disruptions.
BCP sites have already been identified to support essential backend services, where as Business Continuity Hub branches have been identified to cater to customers in case of emergency.