Remote work may outlast the pandemic for banks, credit unions

Working remotely during the pandemic was initially supposed to be a short-term solution to a temporary problem, however, some banks and credit unions have no intention of bringing back the same number of office and branch workers that they had pre-pandemic, according to a Financial Brand report.

Canvas Credit Union has nearly $3 billion in assets and 31 locations across Colorado. In the early days of the pandemic, it shifted more than 300 employees to remote work. Although restrictions have loosened in the state, most of the 300 continue to work remotely, according to the report.

While the decision to bring employees back to the office depends on a number of several factors many banks and credit unions are indicating remote work will play a bigger role in how they operate in the future, according to the report.

Wells Fargo will not commit to when it will return to a more “traditional operating model,” and Truist will let more than half its employees work remotely until Jan. 2021, according to the report.

A recentPwC reportfound 80% of workers want to work from home at least one day per week, and 32% would like to work from home five days per week.