Skip to main content

Innovation delivered - Under the pressure of the Covid-crisis creativity excels



Due to the Covid-crisis and the resulting confinements, many of us have been forced to work from home. As such collaborating with colleagues has become virtual, but also all other types of professional practices have radically changed, like team events, conferences, trainings…​

As a result a whole new ecosystem of tools and companies has emerged to fill the resulting gap. Everything in this ecosystem aspires 1 common goal, i.e. work safely together in the physical world and even more importantly collaborate and network efficiently in the virtual world. This is truly exciting to have a look at, as never in the history was there such a radical adoption of new habits as in the last year. It shows that in times of crisis, agility and creativity is present in all of us (even in large, often bureaucratic, corporations).

But let’s have a look at a few evolutions:

  • The most obvious one is naturally the exponential rise of the video conferencing and chat tools (cfr. my blog "Video conferencing vendors - Get us out of trouble" - https://bankloch.blogspot.com/2020/09/video-conferencing-vendors-get-us-out.html), like Slack, Teams, Skype, Zoom, MatterMost, WebEx, Google Chat…​ Most importantly these tools provide an alternative to physical meetings, but people use them as well to stay personally connected with friends, family and colleagues (e.g. via virtual coffee breaks, virtual aperitifs, virtual pub-evenings, virtual beer or wine tastings…​). Often more specific tools have also risen to cover specific use cases, like Discord (heavily used in the gaming industry to create communities), Whereby (allowing calls without any login or download), Smartschool Live (used at schools), Houseparty (allowing to play games together)…​

  • In parallel almost every sector has created a digital/virtual alternative to their existing physical practices. E.g. digital dj-sets (techno parties via live-stream), digital therapy sessions, online holidays (virtual city visits) or museum visits, online fitness sessions, movie evening with friends (via Teleparty, formerly Netflix Party)…​ Some bars in China have even continued to offer happy hours through online orders and delivery.
    In the professional sector this is no different, with training sessions being given online, but also online conferences (with online presentations and debates, but also different break-out rooms to discuss one-to-one or in smaller groups during the breaks) and online team events (like online quizzes, online escape rooms, virtual beer/wine tastings…​).

  • These virtualizations of every aspect of networking and collaboration have also given rise to a number of new tools and services, like

    • Delivery services like coffee services equipping employees with good coffee at home, lunch and apero boxes to give a common experience in food and drinks during trainings, conferences or team events (e.g. JustBite), gift boxes for Saint Nicholas or Easter replacing presents placed on employee’s desks…​

    • Tools to organize group gifts digitally, see my blog "Group Gift - A precious tradition being digitized" - https://bankloch.blogspot.com/2020/12/group-gift-precious-tradition-being.html

    • Television studios, allowing to professionalize digital conferences, company events and company announcements. E.g. the Digital Finance Summit conference in Belgium used the television studios of LN24 to provide a professional broadcasting of all speaker sessions. Some companies have even started installing their own small TV studio office booths to broadcast in a professional way today, but also after the Covid-19 crisis.
      Others (e.g. universities) have invested in specific hardware to allow the presenter to be filmed in an almost 180° (or even 360°) camera perspective (e.g. Meeting Owl, Jabra PanaCast…​)

    • Radio broadcasting, replacing the traditional physical New Year’s parties to create employee bonding, i.e. a lot of larger companies (e.g. Fluvius or KBC in Belgium) have organized their own internal radio station during a few days, during which employees and teams were put in the spotlights and employees could request songs to be played.

    • Digital tools to facilitate virtual brainstorming. This can be online whiteboard tools like Miro, Candor, FunRetro, Mural, Stormboard…​ or mind mapping tools like Lucidchart, MindMeister, Ayoa, but could also be as simple as a Google Docs or a Microsoft Excel file shared via sharepoint/OneDrive.

    • Digital tools to support virtual events, like quizzes (Kahoot!), conferences (like Bizzavbo, Thola, InEvent, Splash, Eventbrite…​), online classes and webinars (like Demio, GetResponse, GoToWebinar, WebEx, ClickMeeting, LiveStream…​) or online surveys and polls (like Survey Monkey, PollEverywhere, MentiMeter, Fast Poll, Vevox…​)

    • Digital tools to support someone remotely via remote desktop software like TeamViewer, Microsoft Remote Desktop (RDC) or Apple Remote Desktop (ARD)

    • Tools to supervise an audience, e.g. universities have deployed software for eye-tracking students during exams, avoiding any fraud (like help of a 3rd person) during exams.

    • …​

  • At the same time, the radical shift to home working and other effect of the health crisis, has accelerated (exponentially) some evolutions, which were already initiated pre-Covid-crisis. Examples are:

    • The use of cloud computing of cloud providers like Microsoft (Azure), Google (GCP) and Amazon (AWS)

    • The policies with regards to homework. Already dozens of companies have announced they will continue to support homework, even after the Covid-crisis has passed (e.g. Facebook announced in May of 2020, that they will permanently embrace remote work). Consequently this results also in more flexible working hours and a supervision of employees, which is more based on outcome and deliverables, rather than hours spent. This increased flexibility means also that it becomes more difficult to plan meetings, as not everyone might be working at the same moment (which is even worse for remote teams located in different time zones). As a result, more and more companies are embracing asynchronous communication.

    • VoIP (Voice over Internet Protocol) technology, allowing call centres to work also remotely by receiving calls over the internet.

    • The obvious boost in eCommerce and digital-first businesses, which radically changes many business processes. E.g. in the banking industry, many banks have already announced an increased pace at which physical branches will be closed.

    • The disappearance of cash, being replaced by card payments (with an exponential rise in the use of NFC) and mobile payments like QR codes (e.g. Payconiq by Bancontact in Belgium), Google/Apple/Samsung Pay…​ This has obviously given rise to new players on the payments market, which accelerates the already started disruption of this landscape.

    • …​

  • With so many people working from home, a whole new eco-system of providers of equipment for making your home look more like an office has risen, like:

    • Vendors and platforms for employers to buy or give home-working equipment to employees like laptops, tablets, mobile phones, computer monitors, laptop stands, headphones, office chairs, specific software (like the tools described above…​)…​

    • New types of desks specifically focused for home, like standing desks specifically designed for work at home or dining tables which can be converted into desks (cfr. www.thuiswerktafel.nl)

    • Garden offices, which are prefab fully equipped office buildings that can be placed in your garden.

    • …​

  • With some people still needing to go to the physical offices, it is important to manage this in the safest possible way, but the low(er) occupation rates of offices (which will likely stay also after the crisis) gives also possibilities for new tools to reduce office costs. Some examples:

    • Share a part of your unused office space (e.g. ShareDesk, LiquidSpace, Breather…​)

    • Share your parking spots (e.g. ParkOffice)

    • Inform upfront and/or register your presence in the office (or in co-working place) to ensure that sufficient distance can be guaranteed (i.e. not exceeding maximum capacity of the office space), but also to share with colleagues to know where (which office, but also which place, in case of Flex Desk seating) you are working a certain day.

    • New tools and services for cleaning and hygiene, like special door handles which allow to open doors without using your hands, dispensers of alcohol gel (from automatic dispensers to dispensers with foot pedal all the way to special dispensers which clean your chariot in the supermarket), plexi glass screens, distance watches warning you when approaching a colleague too close (like the SafeDistance watch of Lopos or the Radius watch of Rombit)

    • …​

  • The rise of remote work has also exponentially increased the digital security risks, like the risk for identity fraud, social engineering, hacking attacks…​ Obviously organizations will have to react to this, by improving their security policies, procedures and tooling, such as employee trainings on security topics, improving pro-active fraud and security breach detection, risk-based authentication mechanisms, installing security tools on all devices, like disk encryption, online backups, password managers (like 1Password), virtual private networks, virus scanners…​

Obviously all those evolutions were forced upon all of us in a very rapid pace. As such, we have only seen the tip of the iceberg, as this rapid transformation to remote collaboration will be even more supported by new state-of-the-art services and tools (e.g. AR and VAR can likely still provide a tremendous progress in this domain), as enormous investments will be done in this domain in the coming years. Clearly everyone is still exploring what works and what doesn’t. These lessons learned will be incorporated in out-of-the-box tools and services, which allow to make the shift to remote-working even more quickly but also more efficiently.
It’s clear however that the shift made now is here to stay also long after Covid. It will be up to each of us to see which tools and practices suit us (and our organization) the best to collaborate in this new virtual world in the most efficient way possible.

Comments

Popular posts from this blog

Transforming the insurance sector to an Open API Ecosystem

1. Introduction "Open" has recently become a new buzzword in the financial services industry, i.e.   open data, open APIs, Open Banking, Open Insurance …​, but what does this new buzzword really mean? "Open" refers to the capability of companies to expose their services to the outside world, so that   external partners or even competitors   can use these services to bring added value to their customers. This trend is made possible by the technological evolution of   open APIs (Application Programming Interfaces), which are the   digital ports making this communication possible. Together companies, interconnected through open APIs, form a true   API ecosystem , offering best-of-breed customer experience, by combining the digital services offered by multiple companies. In the   technology sector   this evolution has been ongoing for multiple years (think about the travelling sector, allowing you to book any hotel online). An excelle...

Are product silos in a bank inevitable?

Silo thinking   is often frowned upon in the industry. It is often a synonym for bureaucratic processes and politics and in almost every article describing the threats of new innovative Fintech players on the banking industry, the strong bank product silos are put forward as one of the main blockages why incumbent banks are not able to (quickly) react to the changing customer expectations. Customers want solutions to their problems   and do not want to be bothered about the internal organisation of their bank. Most banks are however organized by product domain (daily banking, investments and lending) and by customer segmentation (retail banking, private banking, SMEs and corporates). This division is reflected both at business and IT side and almost automatically leads to the creation of silos. It is however difficult to reorganize a bank without creating new silos or introducing other types of issues and inefficiencies. An organization is never ideal and needs to take a numbe...

RPA - The miracle solution for incumbent banks to bridge the automation gap with neo-banks?

Hypes and marketing buzz words are strongly present in the IT landscape. Often these are existing concepts, which have evolved technologically and are then renamed to a new term, as if it were a brand new technology or concept. If you want to understand and assess these new trends, it is important to   reduce the concepts to their essence and compare them with existing technologies , e.g. Integration (middleware) software   ensures that 2 separate applications or components can be integrated in an easy way. Of course, there is a huge evolution in the protocols, volumes of exchanged data, scalability, performance…​, but in essence the problem remains the same. Nonetheless, there have been multiple terms for integration software such as ETL, ESB, EAI, SOA, Service Mesh…​ Data storage software   ensures that data is stored in such a way that data is not lost and that there is some kind guaranteed consistency, maximum availability and scalability, easy retrieval...

IoT - Revolution or Evolution in the Financial Services Industry

1. The IoT hype We have all heard about the   "Internet of Things" (IoT)   as this revolutionary new technology, which will radically change our lives. But is it really such a revolution and will it really have an impact on the Financial Services Industry? To refresh our memory, the Internet of Things (IoT) refers to any   object , which is able to   collect data and communicate and share this information (like condition, geolocation…​)   over the internet . This communication will often occur between 2 objects (i.e. not involving any human), which is often referred to as Machine-to-Machine (M2M) communication. Well known examples are home thermostats, home security systems, fitness and health monitors, wearables…​ This all seems futuristic, but   smartphones, tablets and smartwatches   can also be considered as IoT devices. More importantly, beside these futuristic visions of IoT, the smartphone will most likely continue to be the cent...

PSD3: The Next Phase in Europe’s Payment Services Regulation

With the successful rollout of PSD2, the European Union (EU) continues to advance innovation in the payments domain through the anticipated introduction of the   Payment Services Directive 3 (PSD3) . On June 28, 2023, the European Commission published a draft proposal for PSD3 and the   Payment Services Regulation (PSR) . The finalized versions of this directive and associated regulation are expected to be available by late 2024, although some predictions suggest a more likely timeline of Q2 or Q3 2025. Given that member states are typically granted an 18-month transition period, PSD3 is expected to come into effect sometime in 2026. Notably, the Commission has introduced a regulation (PSR) alongside the PSD3 directive, ensuring more harmonization across member states as regulations are immediately effective and do not require national implementation, unlike directives. PSD3 shares the same objectives as PSD2, i.e.   increasing competition in the payments landscape and en...

Trade-offs Are Inevitable in Software Delivery - Remember the CAP Theorem

In the world of financial services, the integrity of data systems is fundamentally reliant on   non-functional requirements (NFRs)   such as reliability and security. Despite their importance, NFRs often receive secondary consideration during project scoping, typically being reduced to a generic checklist aimed more at compliance than at genuine functionality. Regrettably, these initial NFRs are seldom met after delivery, which does not usually prevent deployment to production due to the vague and unrealistic nature of the original specifications. This common scenario results in significant end-user frustration as the system does not perform as expected, often being less stable or slower than anticipated. This situation underscores the need for   better education on how to articulate and define NFRs , i.e. demanding only what is truly necessary and feasible within the given budget. Early and transparent discussions can lead to system architecture being tailored more close...

Low- and No-code platforms - Will IT developers soon be out of a job?

“ The future of coding is no coding at all ” - Chris Wanstrath (CEO at GitHub). Mid May I posted a blog on RPA (Robotic Process Automation -   https://bankloch.blogspot.com/2020/05/rpa-miracle-solution-for-incumbent.html ) on how this technology, promises the world to companies. A very similar story is found with low- and no-code platforms, which also promise that business people, with limited to no knowledge of IT, can create complex business applications. These   platforms originate , just as RPA tools,   from the growing demand for IT developments , while IT cannot keep up with the available capacity. As a result, an enormous gap between IT teams and business demands is created, which is often filled by shadow-IT departments, which extend the IT workforce and create business tools in Excel, Access, WordPress…​ Unfortunately these tools built in shadow-IT departments arrive very soon at their limits, as they don’t support the required non-functional requirements (like h...

An overview of 1-year blogging

Last week I published my   60th post   on my blog called   Bankloch   (a reference to "Banking" and my family name). The past year, I have published a blog on a weekly basis, providing my humble personal vision on the topics of Fintech, IT software delivery and mobility. This blogging has mainly been a   personal enrichment , as it forced me to dive deep into a number of different topics, not only in researching for content, but also in trying to identify trends, innovations and patterns into these topics. Furthermore it allowed me to have several very interesting conversations and discussions with passionate colleagues in the financial industry and to get more insights into the wonderful world of blogging and more general of digital marketing, exploring subjects and tools like: Search Engine Optimization (SEO) LinkedIn post optimization Google Search Console Google AdWorks Google Blogger Thinker360 Finextra …​ Clearly it is   not easy to get the necessary ...

The UPI Phenomenon: From Zero to 10 Billion

If there is one Indian innovation that has grabbed   global headlines , it is undoubtedly the instant payment system   UPI (Unified Payments Interface) . In August 2023, monthly UPI transactions exceeded an astounding 10 billion, marking a remarkable milestone for India’s payments ecosystem. No wonder that UPI has not only revolutionized transactions in India but has also gained international recognition for its remarkable growth. Launched in 2016 by the   National Payments Corporation of India (NPCI)   in collaboration with 21 member banks, UPI quickly became popular among consumers and businesses. In just a few years, it achieved   remarkable milestones : By August 2023, UPI recorded an unprecedented   10.58 billion transactions , with an impressive 50% year-on-year growth. This volume represented approximately   190 billion euros . In July 2023, the UPI network connected   473 different banks . UPI is projected to achieve a staggering   1 ...

AI in Financial Services - A buzzword that is here to stay!

In a few of my most recent blogs I tried to   demystify some of the buzzwords   (like blockchain, Low- and No-Code platforms, RPA…​), which are commonly used in the financial services industry. These buzzwords often entail interesting innovations, but contrary to their promise, they are not silver bullets solving any problem. Another such buzzword is   AI   (or also referred to as Machine Learning, Deep Learning, Enforced Learning…​ - the difference between those terms put aside). Again this term is also seriously hyped, creating unrealistic expectations, but contrary to many other buzzwords, this is something I truly believe will have a much larger impact on the financial services industry than many other buzzwords. This opinion is backed by a study of McKinsey and PWC indicating that 72% of company leaders consider that AI will be the most competitive advantage of the future and that this technology will be the most disruptive force in the decades to come. Deep Lea...