The next in our #ConnectedWorld blog series, I love this article by Jean-Luc Martino, CIO of Raiffeisen Bank in Luxembourg in CIO. It truly captures how – perhaps paradoxically – 'going digital' actually allows banks to shift their focus away from technology and onto the business instead.
With the launch of new technology, the CIO finds himself in a new role that embodies the collaborative spirit of the #ConnectedWorld in its most true sense; a role that 'takes the CIO out of the "IT dark side" and onto the main stage'. The role of the CIO shifts from inward facing IT firefighter, to strategic leader – diplomat, even - required to drive new relationships across the business.
The following is an excerpt from the article 'How a digital revolution is helping banking CIOs' in the publication, CIO.
European banking CIO Jean-Luc Martino writes how technology and business knowledge puts CIO at the heart of the digital agenda
For a Chief Information Officer in a financial institution, going digital is a big break. It's not just that the bank will have new technology, the CIO will also have a new role - inspiring the digital agenda and nurturing new relationships right across the business.
A successful digital project has to be a partnership between the IT department and the business. Sure, digital is about technology - the cloud, Big Data, cyber security, User Experience Platforms, e-document management - but it is also about business processes and overall IT architecture. It needs someone who will be an advocate within the bank, a director able to partner with business and take everyone along with them, and a decision-maker to manage technological risk. To my mind, the CIO is well placed to do this.
This new role for banking CIOs calls for strong involvement within the IT department and with the business to convince all stakeholders, and to support project implementation. This is necessitated due to the change management induced by digital projects with changes in back-office, commercial process and IT operations.
Before going digital, the CIO needs to know that they have a "clean house". The old legacy systems must go, as without a good IT system it's impossible to go digital. To run it you need a strong IT team, with talented operational skills. But this is not sufficient to go digital. You need additional talents to be able to cope with new technology and build the bridge with the business to deliver the right solution.
Jean-Luc Martino is CIO of Raiffeisen Bank in Luxembourg and was named the 2015 European CIO of the Year