FinTechs vs. traditional financial institutions: the talent war

In recent years, traditional financial institutions have been on the losing end of a trend that has seen talent move towards FinTechs. This has largely been driven by a “robots will eventually replace staff anyway” apathy on the part of traditional financial institutions and FinTechs offering attractive work environments, especially as compared to traditional financial institutions. But traditional financial institutions are starting to understand the error of their ways and fight back by poaching talent back. Whether or not they will ultimately be successful in this remains unclear. At the same time, it is important that this so-called “talent war” between traditional financial institutions and FinTechs is somewhat of a misnomer as every industry has competition in attracting and retaining the best talent.