The news: TD Bank unveiled a series of major technology updates this week that range from a new hiring initiative to patent milestones.
More on this: The North American banking giant’s tech announcements include three categories.
Data focus speeds up:
The big takeaway: TD’s attempts to make the case for would-be workers to join are part of the heated battle for tech talent. Through its press releases, TD is arguing that it’s a place where tech is innovative, not merely operational.
The tech employment scramble is so intense that even JPMorgan Chase, with a $12 billion tech budget, has encountered it as a pain point. Banks are taking steps like significantly cutting hiring-process times and instituting large-scale employee retraining for non-tech staff.
Banks face tough competition from tech companies, which typically offer higher pay and prestige. For example, the job site eFinancialCareers suggests that attrition among banks would be worse if tech companies didn’t employ onerous live-coding tests that people working for banks struggle to balance with their current bank jobs.
Banks such as TD may be able to lessen the severity of these recruitment and retention challenges by emphasizing the exciting tech and projects that tech workers will be exposed to, making clear that banks stand for something and are purpose-driven, and empowering workers to grow professionally.
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