Making connections

Ultimately, the pandemic has shown that whether it is work, health, education, or just chatting to friends, connectivity is king in the “new normal.” Telcos only have to ask themselves: who isn’t connected? The steep rise in people moving out of areas such as London and Silicon Valley to rural, less expensive areas since the lockdown shows connectivity must be bolstered. For example, UK property sales have recently hit record highs, with remote areas such as Devon and Cornwall experiencing unprecedented demand and rent prices in London down by 8 percent in lockdown.

This is an opportunity for telcos to stretch the limits of connectivity. In order to achieve this goal, however, 5G and fiber rollouts will need to be delivered in the fastest possible time frame. This is no easy task, and the future of telcos lies in the willingness to think radically and to diversify by entering a burgeoning tech industry which is rich in M&A potential.

Telco businesses have already played a crucial role in helping their customers weather the pandemic by adopting a customer-centric approach. Firms will need to take action to maintain this improved credibility, however, and continue to enhance, expand, and diversify their services.