Why and how to woo top tech talent from challenger banks
Even with disruptors less of a threat, credit unions need their people’s ideas. Hire them.
A lot can happen in 12 months.
Interest rates are rising. Recession worries are mounting. But there is one concern that’s on the decline from executives at financial institutions across the country—challenger banks.
According to the new What’s Going On in Banking study from Cornerstone Advisors, only 21% of executives said challenger banks are significant threats, a notable decline from 33% last year.
For these small retail banks set up to “challenge” (or disrupt) bigger, more established institutions, a reckoning is here. Regulators have been scrutinizing how neobanks operate. Fintech funding is returning to pre-pandemic levels. And neobanks’ profitability model is elusive. Even when they have millions of customers, neobanks are challenged to make enough money from interchange fees.
continue reading »
