Regional banks, defined by the Federal Reserve as institutions with total assets between $10 billion and $100 billion, have seen remarkable growth over the last two decades, expanding by 50%. However, as 2023 unfolds, these institutions face unprecedented challenges in the form of staffing, despite the current market conditions. In response to these challenges, many regional banks are resorting to “opportunistic hiring,” seizing the chance to strengthen their workforce.
In an article recently published by The Finance Files Sean Ryan, FactSet’s VP and associate director of banking and specialty finance sectors, noted, ‘While these terms could be used in a positive or negative context, our research indicates that mentions are much more positive,'” Sean also added, “‘A minority of regional banks are talking about hiring freezes or staff cuts, and a clear majority are focused on opportunistic hiring amid industry dislocations—particularly in client-facing roles—and secondarily, more of a continued staffing increase in areas like tech.”
Despite the aftermath of the banking crisis, downgrades from ratings agencies, and calls for stricter regulations, regional banks remain resilient and forward-thinking. The term “hiring” has surfaced 34 times in earnings calls for 100 regional banks since the Silicon Valley Bank’s collapse in March, signaling their determination to address staffing needs.
Unlocking efficiency through self-service banking:
However, addressing these staffing gaps doesn’t solely rely on traditional hiring practices. Regional banks are presented with an alternative solution: self-service automation. This approach not only streamlines operations but also bridges the personnel and resource gaps that banks often encounter. Self-service automation in banking offers a range of benefits, such as:
“Convergint recognizes both the industry’s hiring challenges and the growing need to optimize the bottom line without sacrificing the retail experience. We have been very successful implementing industry leading self-service technology for our customers, helping them increase efficiency and enhance the user experience across their branch network.”
~Reece Tarwater, Sales Director, Convergint Financial
In light of the staffing challenges faced by regional banks and credit unions, self-service automation emerges as a practical and strategic solution. Convergint, with its expertise in automation capabilities, can play a pivotal role in helping these financial institutions achieve better operational efficiencies.
