Business and Finance Post-COVID19 (We'll Get There Soon)

From early December until today, we have seen the continual evolution of the coronavirus outbreak (You can read this article for a more comprehensive breakdown of the evolving timeline). While severity of the pandemic is felt differently depending upon where one is located in the world, there is one thing that is certain. For the first time in human history everyone is focused on the same problem, the healthcare of those currently ill and the curb of any further spread of the coronavirus. With over 350,000 cases worldwide (as of when this was written) and rising, it is a global problem that we are all facing together.

While the current problem is something that we must all focus on, it’s also increasingly critical to prepare and potentially anticipate the world that will emerge from this.  One thing is most certain, it will never be the same.  From our cultural norms of meeting one another in person to expectations of healthcare and medicine, we are in the midst of a seismic shift and seismic shifts are usually not voluntary. 

An epidemiological issue has presented itself in exacerbating a financial issue that many have said was already in the works.  However, in the midst of all this there are elements that will inevitably change in business and financial services that we will have to embrace to emerge from the current crisis. 

• Remote working is here to stay

For many companies both small and large, remote working has become a trend that has helped employees maintain more flexibility over their schedule over the importance of facetime.  However, with the recent requirements of social distancing around the planet, remote working has no longer become a perk or luxury, but an absolute necessity to prevent the further spreading of COVID-19.  

• Virtual meetings will become as important as in-person meetings 

We are all accustomed to using digital tools to have conference calls and virtual meetings, however, the current situation has accelerated that to a different scale.  With meetings going entirely virtual and social interactions occurring on tools like Zoom, this is a shift of norms that will be difficult to come back from.  However, this isn’t necessarily a bad thing as many cross-border or regional business meetings required travel in order to be effective.  This will require adjustments on all fronts as we shift to making digital meetings as effective as in person meeting replacements. 

•  Digital Platforms and Connectivity Tools will Accelerate in Use

There are many industries in the world that are renowned for being a bit old-fashioned and late in the adoption of technology, most notably financial and investment services.  When physical and social distancing have taken grip of our economy as a whole, digital platforms that allow for connectivity between seller and buyer or firm and investor will become even more critical to the fabric of future industry. 

Would love to hear your thoughts on what you think might change in the future. We'll get through this together.