In banks and credit unions, managing tech teams involves some common issues like dealing with team members who aren’t doing well and keeping everyone motivated. But, in the banking world, there are also special challenges that you don’t see everywhere else.

What Makes Banks Different?

Tech teams in banks really want to see how their work makes a difference. But unlike other places, banks need to make sure that any new tech project makes sense for the business. This means that even if a new technology is exciting, like AI that can create its own content, it needs to clearly benefit the bank to be considered.

Sometimes, tech employees might feel too stressed or even bored because of how fast technology changes or if their skills aren’t being used right. Plus, if they have skills that are in high demand, they might not like being told to work from the office or might use their skills to ask for more from their jobs.

Why It’s Important

Technology is a big deal for banks. It’s not just about keeping the lights on; it’s about finding new ways to make money and grow. Some banks have started hiring a lot of tech people to create their own software, which helps with automation and making things run smoother. This includes automating customer service with chatbots, simplifying customer onboarding, improving accuracy and compliance, and enhancing the overall customer experience.

The Challenges and Solutions

Making Work Meaningful

Tech leaders in banks have noticed how important it is for their teams to feel like their projects really matter. If a project doesn’t end up being used, it can make the team feel like their hard work was for nothing. That’s why it’s crucial to make sure that every project has a clear reason for being done, even if that means stopping something exciting because it doesn’t fit the bank’s goals.

Skills and Flexibility

Tech people with highly sought-after skills might not like strict rules about where they have to work. Banks might need to think about how flexible they can be, to keep these valuable employees happy and productive.

Looking Ahead

Seeing technology as an investment, not just a cost, is a big shift for many in the banking industry. It’s not just about saving money but about using technology to find new ways to grow and make more money.

Look at the banks who are ahead of the curve:

• Bank of America has around 7,000 patents, 600 of which are in AI, and has “invested heavily” into its data tech stack according to the CFO.

• Citi has invested $3 billion in tech last quarter, “largely driven by investments in product development, platform enhancements, and improving the client experience.”

This means thinking carefully about which tech projects are chosen and how they can help the bank and its customers.

Conclusion

For banks, managing tech teams is about balancing the excitement of new technology with the real needs of the business. By focusing on meaningful work, managing change wisely, and being flexible with skilled employees, banks can use their tech teams to really make a difference and stay ahead in the fast-moving world of finance.

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