Case Study: How a leading financial institution solved 3 critical issuesSeptember 30th, 2022 — Revature
Supporting customers globally as they manage personal credit cards, mortgages, loans, and payment accounts in an increasingly digital world requires a long-term talent strategy. When the consumer banking division of a $1.67 trillion financial institution needed a partner to help navigate challenges in their talent management program, they turned to Revature.
The financial institution’s leadership was accustomed to partnering with organizations to supplement their HR and IT teams. But this time, the organization needed much more than a staffing agency. They needed a strategic talent enablement partner to help solve three critical issues. Keeping reading this Case Study to learn how exactly they did it.
Challenge 1: Managing a complex tech stack
The bank required a partner that could deliver emerging tech talent within the scope of the business’s requirements. This means that emerging tech talent needed to be trained on a complex curriculum that aligned to their exact tech stack and that the partner must be set up to work within the bank’s business requirements. Revature delivered on both fronts.
Solution: Revature’s Program
With trainers ready to lead cohorts through courses on 55+ tracks and 350+ skills, assembling a training program that met the bank’s exact needs was seamless. Additionally, Revature’s model allowed the client to change their training program over time, ensuring Revature software engineers will always meet the client’s needs.
As a large, global organization, finding a partner that can work within the bank’s specific requirements from a “doing business” point of view was critical to leadership. Past partners had skirted the agreed upon rules of the road. Through a deep understanding of the client’s business and a shared commitment to their success, Revature operates within the bank’s requirements and terms.
With these guardrails in places, Revature software engineers work on some of the bank’s most critical projects. To date, they have worked on tech that millions of users engage with, including new digital tools for assessing loan risk, automating reconciliation reports, compliance testing, data analysis and management and bug fixes inside tools that both internal and external audiences use. Software engineers for this client have been trained on .NET, big data, DevOps SRE, Java, Java with automation and testing, L2 production/application support, mobile development, PMO analyst, Pega, as well as other platforms.
Challenge 2: Delivering on Diversity
For this bank, a commitment to diversity shapes their business practices in every department. As many institutions do, they found themselves unsure how to tap into a more diverse workforce, despite a strong belief that diversity leads to a more equitable world and better business outcomes.
Solution: Revature’s Approach to Hiring
Revature’s hiring and training model creates opportunities for anyone with the aptitude and attitude for success. This approach leads to diverse, high performing culture and talent because it democratizes opportunity. Of the 122 Revature software engineers placed at this particular bank in the first two years of engagement, 61% identify as minorities. This is twice as diverse as the USA’s national average for diversity in tech talent.
Revature’s model for hiring looks far beyond traditional places for tech talent, recruiting from over 700 colleges and universities in the United States. We embrace the belief that talent is distributed equally, but opportunity is not. By finding talent with non-traditional backgrounds, we’re able to open the door to people who aspire to have a tech career, but are unsure how to get their foot in the door. Our rigorous training program prepares them thoroughly for long term success with our clients. In this case study, diversity is not just a consideration. It is core to our business and a fundamental component of how we deliver on our mission.
Challenge 3: Building a Reliable Pipeline
As the bank navigated the start of “War on Talent,” they explored new models for hiring and retaining talent. Specifically, their middle and senior level talent have been leaving the business, putting increased stress on more junior employees charged with navigating management positions ahead of schedule.
Solution: Revature’s Exceptional Retention Rates
At this bank, dozens of Revature associates have been brought on full time before their Revature contract ends, showcasing the impact they are already having on the business. In this move, the bank’s most junior level employees are already moving in house and taking on more responsibilities. And, the talent is sticking around to have a lasting impact on the bank’s talent pipeline – 93% of Revature associates are still employed by this client years later.
The Revature Impact
The numbers speak for themselves in this case study. Hundreds of emerging tech professionals are contributing to key projects at this bank. This new workforce is more than twice as diverse as the national average in technology and prepared to perform from day one. They are advancing quickly and the outlook for their ongoing success is strong.
So, what’s next? The client is already looking to expand their partnership with Revature in new regions, including the United Kingdom and India.