Vidyard Study Finds 87% of Financial Services Professionals Say Their Technology at Work is in “The Dark Ages”

89% think sending video messages would be more impactful than text when working remote, but only 35% are currently equipped with the tools to do that

According to the second part of a future of work study released today by Vidyard and Atomik Research, 87% of financial services professionals said that their technology at work is in “the dark ages.” Respondents also said that the company they work for could be more tech savvy if it were not for compliance department red tape. The findings were included in the report titled “The Future of Work in Financial Services: Remote or In-Office? The first part of the study was released in January 2022.

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While a common complaint, the findings come even as companies continue to adopt indefinite remote work policies and accelerate digital transformations in response to the pandemic and changing workplace tastes. In fact, professionals across industries are seeing that customers are comfortable with virtual meetings and video messages.

Indeed, 89% of financial services professionals surveyed said that video messages would be more impactful than traditional text emails when working remotely. And 40% of respondents report that most of their customers have transitioned to a remote work model. 40 percent also find in-person meetings to be misaligned with how they normally do business. But, with IT stuck in “the dark ages,” only 35% of financial services professionals are currently equipped with the tools they need to do video messaging.

To better understand the evolving preferences of financial services professionals in today’s remote-first business world, Vidyard and independent market research firm Atomik Research conducted the study with more than 500 financial services professionals, between Nov. 22-26, 2021. Respondents were asked about changing relationships with customers, how technology is impacting their businesses, and the impact of video on their work.

“Amid the ongoing pandemic, customers are finding that virtual communications are effective and enhancing relationships,” said Tyler Lessard, vice president of marketing at Vidyard. “Our study found that financial services professionals overwhelmingly feel that when empowered with video tools, they can create better connections than they ever could in the old in-person meeting world. The past 18 months have taught us that, when given the right technology, financial services pros can advise their clients and drive engagement remotely just as much as they have in-person.”

Change in Business Culture

Overall, financial services professionals said that they feel more confident working from home versus working in the office, while also being able to build better client relationships. The survey found:

• 66% of respondents said they have gotten to know clients or customers, vendors and partners (50%), and leadership (42%) better by interacting through video more often.
• 57% of financial services professionals working remotely during the pandemic said working from home makes them feel more confident compared to working in the office.
• More than half (54%) said working from home makes them feel more independent.
• 38% said they sometimes feel ignored when they participate in meetings remotely.

Technology Options Determine the Work from Home Experience

The use of collaboration tools and video technology has been a game-changer that’s made working from home feel seamless. However, many financial services professionals think that their workplaces still offer outdated technologies. The study found:

• 80% of respondents indicated their organization saved money by transitioning to a business model that relies on virtual meetings rather than in-person meetings.
• 1 in 2 respondents said incentives tied to the adoption of new business technologies, such as providing employees with decent training on new business technologies, would lead to more widespread adoption of new technologies within their organization.
• 81% of respondents indicate that access to technology for virtual selling is the #1 must-have for their work in the year ahead.

More Information:

For more insights and to dive deeper into the data, please download the second report, The Future of Work in Financial Services: Remote or In-Office?

Methodology:

Vidyard commissioned Atomik Research to conduct an online survey of 503 financial services professionals with sales, marketing, human resources, or client services related job functions throughout North America (Canada and the United States.) Financial services professionals in the sample are defined as adults who work full-time within the financial services, insurance, banking, investing, and wealth management industries.

The margin of error for the overall sample is +/- 4 percentage points with a confidence interval of 95 percent. Fieldwork took place between Nov. 22- 26, 2021. Atomik Research is an independent market research agency.

About Vidyard:

Vidyard is the leading video platform for businesses. More than 200,000 unique businesses use its video messaging and video hosting tools to engage their customers and prospects more effectively. Vidyard enables enterprises across high tech, SaaS, financial services, professional services, and other industries to use asynchronous video to transform their approach to remote sales, marketing, and customer service. Business professionals can use Vidyard everywhere they work, on any digital platform, to create and share custom videos to deliver their message in a more personal and impactful way through its free and pro tools. Sign up for Vidyard for free: https://www.vidyard.com/free.

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