The asset servicing industry has coped well with the challenges presented by COVID 19, as clients are overall happy and appreciative of the support given, according to an R&M survey on how the asset servicing industry is managing during the COVID-19 pandemic.
The survey, which was conducted in the first two weeks of May, received 38 responses from locations varying between New Zealand, Papua New Guinea, Singapore, India, Denmark, Sweden, Luxembourg, Ireland, USA, Canada and the UK.
It found that the most challenging aspect for most people is working remotely with issues over poor connectivity, the lack of face-to-face meetings and market volatility.
Respondents suggested that the cost of project work being deferred or delayed because of the new working arrangements would be the most challenging aspects of work in the next three to six months.
One concern is that providers have had to divert resources and that delivering on projects will be delayed as a result.
Another concern the survey highlighted was employees returning to the office environment – will staff want to return, how safe will it be for them to travel, what needs to be done to ensure their personal protection in the office.
It noted that some firms see the long-term working from home strategy while others believe that a balance will need to be struck between working from home and in the office.
In response to the survey, firms suggested that the best way for providers to assist clients is to continue to support key strategic projects and continue with business as usual.
Respondents explained that generally, communication from providers has been good with contingency plans working well.
Other observations made by respondents showed that people expect changes to arise as a result of the change in working practices – more technology, more working from home. However, it was pointed out that it does not suit everyone, especially those living in small properties.
Equally, the survey results noted there are concerns about the ability to manage staff effectively when they are working remotely.
Although a return to pre-COVID-19 practices is a long way off, survey participants explained that it may never fully occur as the adapted working environment has shown new ways to handle business.
Respondents explained that the main focus will be on adjusting to the crisis and the next steps will be to plan for the next year or two and what changes need to be made to ensure business continues.
