The Future of Banking: How Space Analytics is Changing Employee Experiences
Introduction
The financial services industry as a whole was one of the first adopters of analytics – Today, banking workplace analytics use large sets of data to develop strategies across all branches of banks around the world, allowing banks to mitigate risks, improve operational efficiency, and deliver exceptional banking experiences.
Up until this point, banking analytics has entailed data analytics for conducting business. COVID shifted corporate needs as organizations globally shifted their approach to the workplace. The move to hybrid work models, a combination of in-person and remote work, has altered how companies utilize their in-office spaces.
Analytics remain at the core of such changes; more specifically, it is a new form of analytics, Space Analytics, that has emerged as a key player. Space Analytics provides internal insights for effective, data-driven decisions. By harnessing their power, banks around the world can equip themself for the future.
The Hybrid Workplace Model and BankingÂ
The hybrid workplace model has presented countless challenges for banks globally, as the traditional banking model relies on in-house employees. According to Bloomberg, a survey of more than 300 financial services institutions found that 18% were either fully remote or let employees choose when or if they came to work in-person. Banks have proven to be one of the slowest industries when it comes to allowing employees to work where they see fit. This has resulted in bank’s facing overall lower employee engagement and productivity. A survey by the Future Forum, a research consortium backed by Slack, believes well-paid workers in major banks are craving flexibility and are willing to look around to find it – backed by unemployment at a 53-year low.
Interestingly enough, however, analysis of bank experiences during COVID, when remote work was non-negotiable, have indicated many successes. For example, UBS found their business adapt rapidly and grew in tandem with change. Internal surveys revealed that many employees were equally, if not more, productive when working from home, that employees enjoyed the flexibility such models granted them, and that employees were able to better accommodate increasing client demands for digital services; employees were in the same positions as their clients, and could better understand their needs.
Following the pandemic, finding an approach to workplace arrangements has proved to be a challenge, especially for institutions with as large of a global footprint as UBS. This is where Space Analytics is able to come into play – by providing insights into organizational needs, banks, such as UBS, are able to make better informed decisions about their workplaces and structure hybrid arrangements around the needs of their employees.
Space Analytics for a Hybrid Banking Workplace
Space Analytics provides a revolutionary approach to leveraging data-driven insights from space management software to optimize workplace utilization, improve employee productivity and engagement, and ultimately reduce expenses. Organizations are then able to use this knowledge to make informed decisions about office design, resource allocation, and real estate management.
As the new paradigm of hybrid working takes over workplaces all over the world, the banking sector is exploring innovative ways to optimize workspace utilization and employee productivity. Through Space Analytics, banks are able to optimize office layouts, facilitate collaboration and productivity, and improve overall employee engagement and well-being. With a dynamic workforce operating between remote and in-office work, it is crucial for banking companies to ensure that physical office spaces are effectively utilized.
Employee Engagement and Productivity
Banks globally are struggling to maintain employee engagement and productivity levels. As other industries shift to more modern models within the workplace, changes within the banking industry’s structure remain stagnant. This, however, is not a bad thing. Certain industries, such as IT and Tech or Journalism and Media, were able to make the transition more easily due to the nature of their work. Banks, however, are grounded in more traditional workplace structures because they require greater employee in-person involvement and collaboration. It is discovered that the impact of in-person interactions should not be underestimated and should continue to be at the forefront of relationships – both internally and externally.
By creating a balance between in-person and remote work, banks can use digital interactions to encourage innovative thinking and provide employees and clients with more flexibility.
Space Analytics supports the effective implementation of such measures and, as a result, contributes to greater employee engagement and productivity. For example, Smarten Spaces’ Jumpree for Microsoft Teams comes with a comprehensive Space Analytics dashboard which provides insights into which spaces are being most utilized and how. Analytics into the meeting rooms, desk spaces, and resources that employees need most enables the banks to restructure spaces for the most efficient employee experience.
This allows employees to make the most of their time in-office and develop a hybrid workplace arrangement that boosts productivity and overall company success. Ultimately, a greater satisfaction with the workplace experience, through effective space management, will increase employee engagement with their work and increase their desire to contribute to the bank’s efforts.
Cost-Cutting Measures
With a dynamic workforce operating between remote and in-office work, it is crucial for banking companies to ensure that physical office spaces are effectively utilized. Banks work on an international scale, with offices across continents, countries, and cities. This means that there they have large quantities of retail space that requires management and development. With employees working remotely, office spaces are not being utilized to the same level that they were beforehand.
For example, Time reveals that virtual client meetings have continued, even with employees moving back into the office. It is, thus, imperative that banks both align the amount of retail they hold with the level of employee in-office engagement and utilize the remaining space in alignment with employee needs.
Space Analytics enables the monitoring of desk occupancy rates, meeting room usage, and common area utilization, allowing organizations to make data-driven decisions regarding space allocation and configuration. By allocating resources based on actual utilization patterns, banks can optimize office space management, reduce real estate costs, and create a more flexible work environment for their employees.
Evolving Corporate Concerns
The banking industry’s corporate priorities are evolving in more ways than one. As the banking industry’s approach to workplace arrangements is changing, so too is the industry’s approach to environmental and security efforts. Banks are increasingly viewing climate risk as a top priority. 73% of US banks surveyed by Forbes indicated that effectively managing climate risk and promoting a transition to a green economy will help their bank attract talent and customers. Space Analytics is able to further these efforts and contribute to such priorities by providing insights into employee usage patterns and workplace needs. Data on how many employees are coming into the office, energy usage, and more as well as insights into the spaces that are underutilized can provide banks with the data to shift workplaces to better align with environmentally-friendly policy.
Finally, security remains at the forefront of bank priorities. Banks hold large amounts of personal and financial information about their customers. The growth of financial technology has meant that banks must develop security and new technology to accommodate the implementation of digital banking services.
With Smarten Spaces’ Jumpree for Microsoft Teams, Space Analytics remain secure. As the product is embedded within Microsoft, banks can remain confident that all risks are accounted for and threats have been mitigated. Moreover, such efforts are continuously monitored, ensuring that banks remain in a secure position as they move into the future.
Conclusion
The need for Space Analytics is evident as the banking sector works to catch up with industries at the forefront of adopting the hybrid workplace model. Specifically, if banks want to continue providing workplaces that support the needs of their employees and promote engagement, productivity, and efficiency, the employment of Space Analytics will prove beneficial in all manners.
With Smarten Spaces’ digital workplace platform – Jumpree for Microsoft Teams, many banking corporations around the world are gaining access to the tools they need to transform their workplaces. From features that control meeting room and desk spaces, to insights on different departments and offices, to statistics on employee engagement with the workplace, to booking software for all aspects of the workplace, the office space utilization analytics from Jumpree for Microsoft Teams offers banks the support they need!
FAQ’s
1. How does space analytics impact employee experiences?
Space analytics plays an important role in employee experiences. Using such data insights, banks are able to align office workspaces with employee needs and priorities. For example, data into the most commonly requested resources and amenities or statistics on the rooms that employees reserve most indicate the booking and request trends. By ensuring these amenities are available to employees at all times, banks are able to support their employees, boosting productivity, engagement, and client experiences.
2.How is space analytics used to optimize workspace design?
Space analytics are able to optimize workspace design by providing insights into employee trends, preferences, and needs. For example, data into the most commonly requested resources and amenities or statistics on the rooms that employees reserve most indicate the booking and request trends. By ensuring these amenities are available to employees at all times, banks are able to support their employees. All in all, this creates an optimized workspace design that boosts productivity, engagement, and, in turn, client experiences.