Staffing Woes in the Financial Industry and How to Combat Them

Four out of Five FI’s are worried about staffing

In 2021, nearly four million people quit their jobs, which, according to the U.S. Bureau of Labor Statistics, the number of job openings jumped to 10.1 million because of it. This is greatly impacting financial institutions as well, especially the lower level employee range. In a recent article from The Financial Brand, Bruce Paul, Managing Director of Banking Research at Rivel Banking, stated four out of five financial institutions are worried about staffing.

“Never in my 40 plus years in banking have I seen labor shortages at the level they’re at now.”

–Steve Steinour, Huntington Bancshares CEO

As society gradually gets back to normal, it would be pertinent for financial institutions to consider what employees need and want in their environment and in their arsenal. These include:

  • Quick and effective training
  • Modern and efficient tools
  • Easy and productive customer conversations

To accomplish this, banks and credit unions need the right tech. Digital conversations, powered by artificial intelligence and backed by actionable data and analytics, elevate customer engagement and boosts employee satisfaction and efficiency.

Ignite Sales will be diving deeper into the factors effecting staffing, training and attrition in the financial industry. Follow us to be the first to know.

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