Goldman Sachs (NYSE: GS), a worldwide banking company offered in the United States and the United Kingdom, has recently decided to use drones for their banking deals. Drones equipped with video cameras can give business meeting an in-person view while bankers remain separated due to the coroanvirsu pandemic.
Stephan Feldgoise, one of the key bidders of Goldman Sachs, informs consumers that they will be exposed to similar experiences, just on a virtual level, but promises consumers that they will nevertheless be provided with tours of the places to bid in question. Some of these places include shipping ports, railroads, chemical factories, warehouses, and big-box retail locations.
Feldgoise expresses the understanding that a lifelike depiction of these places would likely be in demand from the consumers, especially given that the coronavirus has brought about so many unexpected changes with regards to what they are able to see and physically experience. Since the onset of the coronavirus, the expectations for Goldman Sachs and many other investment banks have drastically changed. The commercial drones cost around $1,000 and up, and Goldman Sachs is considered to be one of the top selling investment banks, even with the implementation of the new technology.
According to Bill Gates, Microsoft (NASDAQ: MSFT) co-founder, the utilization of drones and other video conferencing applications will cause a good portion of business travel to not return. After the pandemic passes, relationships with clients will still likely exist, but they will not be the same as they once were before the coronavirus hit. The sudden shift to video conferencing will have its pros and cons. A benefit would be that it enhances the level of productivity conducted throughout meetings. A demerit would be that it decreases the level of authenticity that comes with face-to-face interactions.
But all in all, the business landscape for Wall Street will prove to never be the same as it once was prior to the pandemic, in both positive and negative ways.