Creating differentiation through technology continues to play a larger role in the banking industry as numerous banks transition their strategies to include tech-forward services and partnerships such as banking-as-a-service, payments and cryptocurrency.

As banks’ strategies evolve to support their tech-forward ambitions, care should be taken to ensure pay practices are competitive in the broadened labor market they are participating in. Compensation committees of tech-forward banks are reevaluating their compensation strategies to ensure they remain competitive with their evolving talent pool.

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