In light of the pressures that new regulations and evolving business models bring about, how are financial services industry CIOs leveraging their IT organizations to reap benefits and stay competitive?
As financial institutions emerge from the financial crisis, new regulatory pressures and evolving business models are putting pressure on IT to both increase efficiency and support rapidly evolving business strategies. In our review of IT organizations across the financial services industry and in discussions with CIOs leading the transformation, we have found that firms are reaping significant benefits when their IT organizations (1) act as innovators and (2) are closely aligned with their business groups.
At leading firms, IT organizations are not relegated to a tactical role. Rather, they are strategic business advisors that deliver IT solutions that enhance products and channels to better serve customers, while reducing risks. Leading IT organizations support today’s agile financial institutions by: