Financial Services technology is currently in the midst of a profound transformation, as CIOs and their teams prepare to embrace the next major phase of digital transformation.
Based on our extensive work with CEOs and top executives at large companies, three concepts define today’s most effective IT functions: a new role that calls for collaboration with the business on strategy and operations an updated resource model offering the talent, methods, and tools to accelerate innovation and a futureproof technology foundation of flexible, scalable systems that speed releases of IT products.
Alignment between IT and the business
Rebalancing technology investments and tracking their business value
Reimagine the role of technology in the organization
Dramatically upgrade the technology group’s talent, practices, and counseling ability.
Many IT functions have trouble matching their priorities with those of the business. The problem often starts at the top: CIOs aren’t included in strategic discussions, where they can shape other executives’ thinking on how the business can best use technology. CEOs are ideally positioned to correct this. At the successful companies we know, CEOs have defined a strategic role for the technology function.
In pursuit of cost savings, traditional IT functions outsource much of their development and engineering work and focus on vendor and project management. Modern IT functions, by contrast, value innovation more highly than cost savings, and so they assemble top-notch workers and equip them with sophisticated methods and tools, along with specialized vendor support.
Many longstanding companies have a core of aging enterprise-wide applications running on their own on-premises infrastructure. Adding features is cumbersome, and the legacy systems cost a lot to maintain. Successful companies run on flexible, scalable software foundations that let IT teams bring out products quickly and efficiently a valuable practice for any business.
The new strategic vision helped the CEO and the management team to recognize that the company would need to transform its technology function. The CEO and CIO turned their attention to developing a plan for redirecting most of the IT function’s efforts to delivering digital and digitally-enabled products and services, as well as technology solutions, that would help the business to greatly lower its operating costs.
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