There are myriad reasons given as to why the banking industry lags behind in tech innovation and can’t seem to hire top tech workers. Some say it’s because they lack a “start-up culture.” Regulatory constraints are also frequently cited, as well as the general risk-averse nature of banks.
Another of the most frequently cited concerns is that banks simply can’t attract the level of tech talent that other industries can. The common thinking goes that millennial tech workers want to work for fast-moving, hip start-ups, get in early, make fast money, and get out. Or perhaps work for a tech giant where they can work on new and challenging projects. Banking is currently seen as a slow, stodgy field with comparatively low pay.
However, some banks are turning to new methods to lure tech pros to come work for them. These include pouring money into application development teams, offering more opportunities to work with burgeoning tech like AI, and building urban campuses featuring “open floor plans and collaborative workspaces.”
Banks will always face an uphill battle trying to recruit tech workers away from Silicon Valley, but any little measures they can take in the meantime will only help.