The current pandemic spreading across the globe, brings to mind the ability of the human race to adapt. Some among us have experienced and survived SARS, MERS, and of course the financial crisis of 2008. One common theme which has resulted from these cataclysmic events is the ability of everyone who has survived to adapt to the ‘new norm’ of every aspect of their lives.
The financial crisis of 2008 and beyond impacted every individual to some extent, even in the far-reaching corners of the globe, with financial restructuring impacting their lives. Low and even negative interest rates are now the norm, whereas previous to that, interest rates for any type of borrowing were, in many cases, prohibitive.
The current coronavirus pandemic, which is still evolving as we write this, is still developing and the full impact has yet to be seen. Governments are committing vast sums to ensure that life as we know it, continues in some manner, to ensure that essential services continue to be provided to everybody. We do not know how successful this will be, and tragically many people will not survive.
The main difference between this pandemic and any previous world events is that it is impacting everybody in every corner of the globe, with isolation from normal day-to-day events, from work to shopping etc. The fundamental difference is that social interaction from work, meetings, but more importantly, social interaction as we know it today, is no longer ‘the norm.’ While ordering food, drinks and shopping online have been in existence for several years now, going to a bar or restaurant, gym or beach is no longer an option. Government officials and Health experts are closing borders, and advising everybody to avoid crowds and maintain ‘social distancing.’
As with every previous crisis, the human race shows incredible ability to adapt to the current situation and will adopt the ‘new norm’ with considerable impact on social life. From a business perspective, and especially a financial perspective, this will require institutions to not only adopt but to also embrace new methods not only to survive, but to potentially thrive in the ‘new norm.’
Embracing digital technology will be part of this ‘new norm’ and requires a fundamental mindset change for some. Tradesocio is well on this journey, and we invite those institutions who are ambitious and wish to explore their potential in the ‘new norm’ era to join us in providing digital solutions that deliver customer investment opportunities, to the benefit of all.
Chief Business Development Officer at Tradesocio