Ever since the pandemic happened, the rapid growing technology in this modernized world can be seen everywhere. Many changes were made in so many terms, including the way we live which affects our working style. Due to the changes to avoid the spreading of the virus, the government has implemented work from home or WFH. Although there were quite a number who seem to have no issue with it, some people have completely different working methods and this includes brokers. In order for their business to be successful, they would have to meet with the clients or customers. If you are interested in the topic of brokers and traders, you may visit quotex corretora.
Before The Pandemic Hits
Let’s go back to three to four years ago when COVID-19 was not a thing yet. Back then, we had a normal lifestyle and working style, when we were still able to meet our family members, friends and co-workers. Those days were the final moments when we had the chance to work at the office and meet with the others. Many jobs and careers would require us to meet with a lot of people in order to make everything clearer and understandable. Jobs such as teachers, counsellors and brokers are among them. During those days, digital ways of meetings existed but were not popularized yet. Platforms such as Zoom, Google Meet, Skype and Webex are among the most popular ones, but during those days, people would usually use them casually and not for work purposes. Well, these were the days before the pandemic happened. After the pandemic hits, all hell breaks loose and that was the point where we fully utilize the digital platforms.
Working Life During the Pandemic
Let’s talk about this one job which is a broker. A broker is someone who acts as the medium between two parties. Brokers’ main jobs are to buy and sell things on behalf of other people.
Therefore, meeting people is very necessary because there would be numerous processes that need to be explained. Let’s say if you want to invest in a stock or trade something, you would need a broker. This is because stock exchanges obligated trade executors to be licensed. So, why is their work interrupted due to the pandemic?
The COVID-19 virus was discovered in late 2019 and most of the sectors were either shut down or slowed down. Businesses, schools and educational institutions were among the industries that were affected. Not to mention, the private sectors too have to bear the consequences. Work from home was implemented and was received positively by most people. But, for those who have job scopes like brokers, they had a difficult time to adapt with the sudden changes. Many new rules were implemented and most of them are obstacles to their jobs. Work from home is not for everyone, especially for those who do not have a fixed income. These people have many jobs at once and they have to survive during the pandemic.
Work From Home Implementation
As mentioned before, working from home is not suitable for everyone. There are jobs that require the workers to travel inside and outside the country. For brokers, it was not an easy journey trying to adapt to their new lifestyle. This is where we started to utilise the virtual meeting platforms such as Google Meet, Zoom and Microsoft Team since we are not allowed to work at the office. Many people accepted the new working style wholeheartedly, but again, those who have more obligations than sitting in front of their computers are quite burdened by this.
Brokers should be meeting with the person they are dealing with face-to-face in order for both parties to reach an agreement. Due to the pandemic, it is inevitable for them to break the laws just to meet with their clients or customers. Even if they want to, they cannot do so because legal actions will be taken against them. So, they are left with only one option, which is to do business online. Everyone had their first time in something and so do the brokers. They probably found it quite difficult to get familiar with the new working environment and style, but they managed to succeed in the end.
These days, we have been normalized with meeting people virtually than having to meet them in real life. The pandemic is entering its third year and there have been numerous changes in the country. Let’s take an example from our daily life. Restaurants these days have introduced more cashless payment methods than before the pandemic. Before, we had the QR code payment method, but now, we can see that there are several restaurants that provided customers with another system such as online banking. All you have to do is to scan the digital QR menu at the counter or at the table and to make the payment, you can just transfer the designated amount of money to the restaurant. As simple as that. This is one of the positive effects to prevent the spreading of the virus.
Now, let’s take a look at the brokers. The traditional method of conducting business which is to have a meeting with the clients is outdated. Now, we have the term digital broker to fit in with the modernised world. People would avoid interactions at all costs, hence the position of a digital broker was created. Other than making life easier and safer, it is more time-consuming and saves more money. A brokerage firm can have its staff become digital brokers to fit in the world these days. There is no need to have an in-person meeting anymore, everything is at one’s fingertips.
To be precise, digital brokers have existed even before the pandemic happens, but gained popularity during the pandemic. Due to the inaccessibility, people would always opt for something that is a lot easier and not risky. Hence why digital brokerage became more popular lately. For digital brokers, this is the opportunity for them to cover the losses before.