How M&T Bank Is Driving Digital and Bridging the Skills Gap
Digital transformation has been rocking the world of banking for some time now as customers carry out more and more of their financial interactions online.
The COVID-19 crisis has clearly accelerated this process, and we are seeing record numbers of physical bank branches close and far more digital services being made available through apps or web browsers. While many customers still like to use brick-and-mortar locations for certain more important banking activities, there is no doubt that a severe paradigm shift is underway in the industry.
However, such rapid change does not come without challenges, and it's important that banking institutions have the right technology and the right people in place to effectively facilitate digital transformation. This is something Buffalo-based M&T Bank understands and is on a mission to bring the best tech and the brightest minds into its fold.
M&T Bank
Innovation at M&T Bank begins in a 330,000 square foot tech hub located at the iconic and newly renovated Seneca One building in downtown Buffalo. M&T Bank has invested $59 million into the tech hub, with a mission to drive the city's rapidly expanding tech ecosystem and be a force for progress in the communities it serves.
It's estimated the Buffalo tech hub will create over 1,000 new roles, accelerate startup growth, and attract the hottest young talent to the area - something which will be sorely required in the face of rapid digital transformation.
"The Tech Hub will be a catalyst for our emerging tech ecosystem," said M&T Bank Chairman and CEO, Rene Jones. "This investment will help us attract talent - not only to M&T Bank, but to all companies - and to make our region a magnet for people who want to solve problems and develop solutions that make a difference in people's lives. It will unleash talent to create positive change that emphasizes opportunities for all, spark entrepreneurial activity that lifts our economy, and grow an inclusive ecosystem that extends into our community and region."
Moving towards its goal of employing 1,000 new technology professionals, M&T Bank has certainly hit the ground running. The forward-thinking company has already offered positions to over 400 experienced tech pros and more than 120 recent college graduates fresh from studying science, technology, engineering, and math (STEM) related subjects. These bright young things will develop the next generation of exciting financial technology solutions which will help banking brands the world over better serve their customers in the digital space.
M&T Bank has also established recruitment partnerships with several universities in the region. Supporting this are the bank's own talent development programs such as the Technology Development Program and Z Development Program Mainframe Apprenticeship, which are designed to attract recent graduates and other qualified members of the community and give them the support they need to kick-start their careers in fintech.
"In today's economy, the success of a city hinges on its talent," said President of the University at Buffalo, Satish K. Tripathi. "Working with companies like M&T Bank, our partners in the public sector and our peers in education, we continue to develop a talented workforce with the knowledge, skills, and innovative spirit to compete successfully in our global economy. Beyond traditional university settings, our collective work focuses on building community-based talent pipelines for local students to study tech and start careers in Buffalo."
Bridging the Gap
One of the biggest challenges the financial sector has revolves around the need to attract the best and most diverse tech talent and nurture those skills in the community at large. We can clearly see M&T Bank is working hard to find those people and bring them into the fold, but what about further development once they're there?
The Buffalo tech hub will also work with its people and offer robust ongoing training programs to make sure they stay at the top of their game and can continue competing in the workforce for their entire careers.
Apprenticeships, boot camps, college courses, and internships will all help develop the skills necessary to facilitate digital transformation at M&T Bank - and in the industry at large - and ensure a bright future for banking as we move out of the COVID-19 crisis and towards a brighter tomorrow.
"The tech hub expands the resources available to local startups and creates added momentum for our city's tech ecosystem," said startup accelerator, 43North President, Colleen Heidinger. "The co-location of startups and technology firms at the tech hub brings visionaries, innovators, and change agents together in shared spaces, creating a density that leads to collisions of talented people who are ready to collaborate in ways that lift our community."
Final Thoughts
Tech hubs such as the one being established by M&T Bank are the future of the industry. Without nurturing a large and diverse pool of young tech talent, digital transformation will be forever stuck in the past. However, with institutions such as the M&T Bank tech hub, we can be confident that the industry will have the people in place to make it happen.
You can hear M&T Bank Chief Customer Experience Officer Aarthi Murali speak at Future Digital Finance 2022, taking place in March at the Hyatt Regency Miami, FL.
Download the agenda today for more information and insights.