Case Study: Hiring a Chief Technology Officer for a rapidly expanding financial institution

ByHanover Team
Posting date: 01 December 2022

Our client is a rapidly expanding financial institution with decades of experience in the financial services industry. Over their long tenure, they've successfully navigated challenges and changes in the market by opening new branches of their business, growing their team as well as growing geographically, and offering online banking services.

Most recently, they faced a new challenge in their industry. They recognised that if they wanted to stay ahead of the competition and keep up with today’s changing technology, they had to transform from a traditional credit union to a more digital savvy institution.  

The Challenge

Our client understood that if they wanted to build a truly best-in-class technology team, they needed to start by hiring the right leadership talent. Not only did they need a Chief Technology Officer with the right proficiencies and skills, but they also needed a candidate with experience hiring a team of technology experts with innovative ideas and perspectives. This meant they would need to expand their search to include a more diverse pool of candidates with varying backgrounds and experiences. As experts in the financial services industry and in developing effective diversity and inclusion strategies, our client retained Hanover to develop a pipeline of top executive leadership talent to fill their CTO role. 

The Solution

Once Hanover was engaged for the assignment, we used our proven methodology to find only the most qualified pipeline of talent for our client. We made sure to look outside their industry and competitors, ensuring our talent pool was diverse and included candidates they had never seen before. Right now, the candidate market for CTOs is competitive and there is a high demand for top technology leaders. In addition to our sourcing and outreach efforts, we were able to leverage the relationships we’ve built with a network of CTOs, all of whom have driven technical transformation over a multitude of sectors and bring a range of experience. Hanover used its executive research model to firstly identify over one hundred candidates with the skills and experience to be successful in the role, we then engaged and interviewed more than 30 candidates before ultimately narrowing it down to eight key candidates that were shortlisted and presented to our client. 

The Outcome

Throughout the process, Hanover was able to provide strategic consultation to our client – from candidate assessments to market intelligence to diversity and inclusion strategies. Our team of industry expert Partners conducted thorough interviews, screened candidates to fully understand their experience and future success in the role and assessed whether they fit the company’s culture and requirements. By the end of the search, our client was confident in the selection of candidates they interviewed and ultimately appointed a truly innovative and transformative Chief Technology Officer to lead them toward their vision of a Fintech future. 

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