‘Connect your jeans with your suits’: How technology is changing bank leadership

Banks are starting to look less like finance companies that get technology and more like tech companies that happen to be in finance.

That shift has led to the need for a new type of exec that’s responsible not for digitizing finance, but for managing finance in an increasingly digital company. Most of the time, that new role is falling to existing COOs or CIOs who are finding their responsibilities have morphed.

“There’s a lot of governance that has to be in place to innovate efficiently. And you want it to be like governance but you have to have transparency on it,” said Roger Park, the innovation and strategy lead for EY’s financial services organization.

Traditionally, the chief operating officer covered day-to-day, in-the-weeds operational needs in an organization and reported to the CEO, who looks at high-level strategic priorities and market dynamics. Where technology is concerned, the chief technology officer concentrates on day-to-day operational things and reports up to the chief information officer, who works on broader back-end technologies and focuses on how to move the organization, according to Stephen Greer, a banking analyst at Celent.

“Those roles are getting more ambiguous especially as you have the CIOs looking at more innovation organization-wide,” he said. “Organizations are starting to think of the CIO more as chief innovation officer than the chief information officer. And CTO is almost chief ‘transformation’ officer as opposed to ‘technology.’

Read the full story on tearsheet.co

https://staging.digiday.com/?p=257255

More in Marketing

What TikTok’s e-commerce launch could mean for marketers and content creators

TikTok has officially launched its new e-commerce platform, TikTok Shop, earlier this month on August 1. Using the new e-commerce platform, brands and creators can sell products directly on the platform, potentially creating new revenue streams, and tap into the short-form video platform’s growing popularity.

‘The influencer industry can be really vile’: Confessions of an influencer marketer on the industry’s unfair hiring practices

While the influencer industry might sound exciting and like it’s full of opportunities, one marketer can vouch for the horrific scenarios that still take place behind the scenes.

Digiday+ Research: Marketers said revenue grew in the last year, with more growth expected ahead

After a tumultuous 12 months, marketers are getting a clear picture of how they really did during a time of true uncertainty. And, as it turns out, it wasn’t all that bad.