top of page

Are you ready for the digital revolution?

Writer's picture: Giles  RefoyGiles Refoy

2020 will surely be remembered as the year of the Covid-19 pandemic.

We sat and watched as it unfolded, spreading slowly around the globe, killing the most vulnerable in society first before working its way to celebrities, sports stars, famous actors and politicians. Nowhere was safe from the virus and whilst the PPE industry skyrocketed, the rest of the world came to a grinding halt.


The response to the pandemic and the need to adapt our lifestyles to the new social distancing measureswhich included wearing masks, standing 2 meters apart in public and the shutdown of the global economywere the distinctive features of 2020. A year that ended with the images of the first doses of vaccines given to medical staff.


So, it’s 2021 and we are coming up to our 3rd week in, and we are still seeing the measures of last year gain even more traction whilst being enforced more rigorously. The desire of getting back to a normal life stands out, whilst appearing to drift further and further out of reach as the media and government report the ever-increasing numbers of victims struck down by the virus no matter how long we are locked down for. Unless you are New Zealand who has managed to keep the virus at bay so far.


Global leaders stand together with the shared vision to lay the ground for a ‘sustainable, inclusive and transformative economic recovery.’ The question is, how will that vision change our daily working lives?


The Action Plan put in place by the G20 has been designed and adapted for the need to develop long-term strategies to underpin a transformative recovery geared towards more sustainable and inclusive societies. This means taking an approach country by country to fit their specific needs, not a ‘one cap fits all approach’ as we have seen in the past but more an approach that takes into account the specifics of a country's individual needs in order to bring unity.


Does this mean that countries will approach economic recovery differently or that countries will develop their own individual approach? The answer in the G20 framework doesn’t stipulate so. The framework proposes a common way of working that takes into consideration individual nation’s needs, whilst ultimately working towards the same united goal of global financial recovery.


What does this mean? For the G20, recovery means promoting measures designed specifically to kick startproductivity increases and digital transformation, which should, among other things, contribute to bridging the gap with the most vulnerable parts of the society. In short, connecting the world more consciously to the adoption of a digital future which has already begun to transform the way we do business.


According to the the G20 Italian Presidency, ‘the agenda is structured around three pillars: People, Planet and Prosperity. A transformative global growth must cater for the preservation of the balance between people and planet and should start from the opportunities provided by new technologies and digital rollout. Pre-pandemic trends on the development and use of digital technologies were already showing a steady shift towards digital economy in many productive sectors. Somewhere slower than others, in particular economic sectors characterised by a large number of small and medium enterprises. Nonetheless, lifestyle and consumption patterns changes foisted by the pandemic restrictive measures have led to an unprecedented acceleration of the use of new technologies, which many observers tend to define as a 'digital revolution’. (G20.org)


A drive towards working towards a ‘digital revolution’ that focuses one 3rd on ‘The Planet’ will be to promote a greener future. This can be achieved in part by greener technologies, green energy, and a major reduction in travel. When we examine how we travel to work in congested cities, we take cheap flights for holidays and business we are polluting the air that we breath. The current system is far from efficient and no amount of congestion charging is going to improve air quality, however a reduction in burning fossil fuels to get to work will.

Is the digital revolution one that will promote home working as the new normal? Will it mean that we don’t need to travel to offices or meeting rooms or to meet clients? If the answer is yes, then how will that affect the way in which we procure new clients or build relationships with existing ones. And what will happen if we are simply restricted from travelling anywhere that is deemed ‘non-essential’ for the foreseeable future?

If you are an IFA, financial advisor, wealth manager or someone who has traditionally relied on meeting potential clients face to face, then the above questions I imagine are one’s that you are beginning to ask yourself as ultimately they will have a lasting effect on how you will do business now and in the future.

At the beginning of last year, I published an article that asked the same questions, and today it would appear that those questions and the questions above are now becoming a reality. We are witnessing the beginning of a huge shift in which the ‘old traditional’ is becoming the ‘new traditional’ way to do business. Digital services that provide online conferencing and connectivity services have seen a sharp increase in usage. From holding board meetings, to meeting clients to training. The shift away from face to face meetings to online connectivity is not only cost efficient, but it’s also environmentally friendly.

Change happens whether it's planned or emergent, with the outcome being that there are those who will be early adopters and will run with it from day one and in many cases be ahead of the curve, so the transition is not a difficult one to make. Then those who are resistors but will ultimately make the change in order to survive and not everyone will. And finally, there will be those who won’t change and will leave the industry or business they are in.

The question that remains is: Are you ready for the digital revolution?


1 view0 comments

Recent Posts

See All

Comments


© 2025 Developed by Accruvis 

Accruvis EOOD

LEGAL DISCLAIMER: 

This website is strictly for the use of professional wealth management intermediaries such as Family Offices, Fund of Funds, Financial Advisors and Wealth Managers. All material on this website has been prepared for informational purposes only and is NOT INTENDED TO AND SHALL NOT IN ANY WAY CONSTITUTE AN INVITATION, OFFER OR SOLICITATION to invest in any investment-related products. The information contained in this website DOES NOT CONSTITUTE INVESTMENT ADVICE. Potential investors should note that investments can involve significant risks and your initial capital is at risk. No assurance can be given that the investment objective of any investment products will be achieved. Any reference to any specific company, financial product or asset class in whatever way does not constitute a recommendation on the suitability of that  investment for any individual or entity.

This website is not directed to any person in any jurisdiction that prohibits the publication or availability of this website or where such publication or availability would subject Accruvis Capital Partners  to any registration requirement within such jurisdiction. It is your responsibility to be aware of and to observe all the applicable laws and regulations of your jurisdiction. You should consult your professional adviser(s) as to whether you require any governmental or other consents or need to observe any formalities to enable you to access the information. Please do not view the remaining pages of this website if the publication or availability of this website is in any way prohibited in your jurisdiction. If you are in any doubt, please seek further advice before viewing this site. By proceeding to view the contents of this website, we assume you are representing and warranting that the applicable laws and regulations of your jurisdiction allow you to access the information.

While all the reasonable steps have been taken in preparing the material on this website, no warranty whatsoever is given and no responsibility or liability is accepted for any loss arising directly or indirectly in connection with or as a result of any person acting on any information, opinion or statement expressed in the same. The information is not guaranteed as to the accuracy, nor is it a complete statement of the financial products or markets referred to. Opinions expressed are subject to change without notice.

The website may contain links that lead to other websites. These links are provided solely for your convenience and do not constitute any endorsement, sponsorship or approval of the material in such sites or any such related information on those websites that is beyond our control.

Any potential investors to any investments mentioned referred to or linked to, on this website, should read the relevant offering documents carefully for further details including the risk factors before any investment decision is made. Prospective investors should consult their own professional advisers, stockbrokers, lawyers, accountants, tax consultants, bank managers or any other professional advisers they consider necessary before making an investment.

Any use of this website and reliance on the information herein are entirely at your own risks. In no event shall Accruvis Capital Partners  or any of its subsidiaries or affiliates, and their respective officers, directors, employees, representatives, agents, information providers, service providers, suppliers, licensors and licensees, and all other related, associated, or connected persons be liable for any loss, damage or injury to any data, income, goodwill, property or third parties, whether it be direct, indirect, special, punitive, exemplary, consequential or incidental, caused by or arising out of or in relation to (i) the use of access of this website and the information therein or (ii) any failure of performance, error, omission, interruption, deletion, defect, transmission blackout, incorrect data transmission, delay in operation, computer virus or other destructive items.

You hereby acknowledge that you have read the Terms of Access for the this website and to fully consent to the ‘Terms of Access’ as well as the terms and conditions of use of the website by also confirming your professional status with the pop up box that presents itself when entering this website.

bottom of page