Workplace technology could be the key to lowering stress levels that are contributing to many employees leaving their jobs.

Financial services companies have an opportunity to manage what Microsoft calls the “Great Reshuffle” through automation and technology, Bill Borden, corporate vice president of Worldwide Financial Services for the tech giant, told Bank Automation News.

Microsoft this week will release its Work Trend Index Frontline Worker edition survey, which queried 9,600 frontline employees and managers — including approximately 1,200 financial services frontline employees and managers — in 15-minute interviews about their workplace experiences.

The bad news

Last year’s study found that more than 40% of the global workforce were considering leaving their employers this year – a figure that’s played out, with 4.5 million Americans in November 2021 alone, said Microsoft Corporate Vice President of Modern Work Jared Spataro.

“You can’t disintermediate what you’re doing to serve your customers versus what you’re doing [for] your employees,” Borden told BAN ahead of the report’s release.

Microsoft’s survey was designed to take the pulse of employees in the wake of COVID-19 and gain insight into why so many are leaving their jobs.

The good news

The good news for the banking and financial services industry is that employees are more satisfied with their employers than frontline employees in other industries, Borden said. They’re also optimistic about technology and what it brings to their jobs, with two-thirds of those surveyed saying they’re excited about workplace technology.

Technology ranks third on the list of factors that employees say can reduce workplace stress, behind better pay and more vacation time, Borden noted.

Seventy-eight percent of financial services frontline employees and managers also said they have been equipped with the right tools to do their jobs effectively.

“I really give high marks to the financial services industry on this right,” Borden told BAN. “If you had said to me in January of 2020, that 90-plus percent of the financial services industry would be working remotely, yet banks would still be operating, capital markets will still be operating, insurance would still be operating as functional industries and capabilities around the world globally, without really a hitch? It’s been rather amazing.”

Some banks are making the best of the remote work experience, Borden said, citing the nearly $452.2 billion Amsterdam bank ABN AMRO, which offered Microsoft Teams video services to help its advisers improve customer satisfaction. Despite the pandemic lockdown, 59% of the bank’s customers felt they could bank anytime, anywhere, Borden said.

The challenge for the financial services industry is that almost 60% of employees say they expect to struggle with new technology at work.

Automation is key

The key is to adopt “solutions that boost productivity with automation, enabled by [artificial intelligence] AI and machine learning,” Borden wrote in a blog post provided to BAN ahead of publication. “Automating mundane tasks gives workers time back for high-touch, qualitative responsibilities that can improve job satisfaction — and for getting more familiar with new technology.”

Not surprisingly, Borden pointed to ways the tech giant enables automation through its Microsoft Cloud for Financial Services and other programs, which he noted “speeds up and streamlines time-consuming processes like loan applications and insurance claims, answering common customer queries, scheduling appointments, logging customer interactions, and analyzing transactions and customer history.”

Along with the survey, Microsoft also unveiled new product offerings and enhancements, including more support for scheduling and partnerships with learning providers like EdCast and OpenSesame to support a content library to help train frontline workers.

When asked how financial services can attract and retain the tech talent required to support technology and automation, Borden said that’s a conversation his team frequently has with its financial services customers. It’s important to support open development and its required collaboration, he noted.

In these times of high turnover, the best way to retain not just frontline employees, but tech talent, is to provide tools, collaboration and connectivity, Borden said.

Bank Automation Summit, taking place March 1-2 in Charlotte, N.C., is the first and only event to focus solely on automation in banking. The event will feature the brightest minds from across financial services on intelligent automation strategies and deployment. Learn more and register for Bank Automation Summit 2022.