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Financial services technology is currently experiencing a profound transformation, as CIOs and their teams prepare to embrace the next major phase of digital transformation. The challenge they face is significant: in a competitive environment with rising cost pressures, where rapid action and response are imperative, financial institutions must modernize their technology function to support an increased digitization of both front- and back- business operations.
Moreover, the COVID-19 crisis has put immense pressure on technology capabilities e.g., remote working, new cyber-security threats and necessitates that CIOs anticipate and prepare for a future normal e.g., an accelerated shift to digital channels.
Most major financial institutions are well aware of this imperative for action and have embarked on the necessary transformation. However, it's early days-based on our experience, many organizations remn at the beginning of their journey. And in addition to the pressures mentioned above, they are also facing challenges related to funding, complexity, and talent avlability.
This collection of articles is designed as a roadmap for executives tasked with ramping up technology innovation, increasing tech productivity, and modernizing platforms within financial services institutions. These resources gather recent McKinsey publications on the theme of financial services technology transformation.
Somesh Khanna is a senior partner and Xavier Lhuer is a partner in McKinsey’s New York office. Vik Sohoni is a senior partner in the Chicago office.
REIMAGINE THE ROLE OF TECHNOLOGY TO BE A BUSINESS AND INNOVATION PARTNER
Article: The CEO's new technology aga
November 20, 2019 - Technology performance has become critical to business success. outlines how CEOs can focus their technology function on strategic priorities that align with their company’s objectives.
Article: The CIO challenge: Modern business needs a new kind of tech leader
January 27, 2020 - As technology becomes increasingly central to organizational success, an organization's performance deps on whether the Chief Information Officer CIO can evolve from being a functional to a strategic business partner.
Article: The platform play: How to operate like a tech company
February 28, 2019 - F to be a driver of innovation and growth, IT must reorganize itself around flexible and indepent platforms that foster agility and responsiveness.
Blog Post: How US mid-cap banks can solve the conundrum of scale in technology
November 13, 2019 - Almost everyone agrees that scale is essential for banking technology. explores ways smaller banks can compete by effectively addressing this challenge.
Interview: Transforming a bank by becoming digital to the core
April 27, 2018 - This interview with the CIO of DBS Bank highlights the key breakthroughs needed for an organization to act like a tech company.
Article: After the first wave: How CIOs can weather the coronavirus crisis
April 9, 2020 - In this piece, Chief Information Officers CIOs must navigate a pragmatic approach to managing IT through the pandemic period.
REINVENT TECHNOLOGY DELIVERY TO DRIVE A STEP CHANGE IN PRODUCTIVITY AND SPEED
Blog Post: Transforming banks' IT productivity
November 6, 2019 - Banks need efficient IT deliverythat can cope with digital disruption while controlling costs.
Article: The art of innovation – how to turn ideas into action
October 3, 2018 - on how organizations can successfully translate innovative ideas into practical business outcomes.
Article: Designing a data transformation that delivers value right from the start
October 18, 2018 - While most companies recognize the importance of analytics, fewer than 20 have maximized potential and scaled implementation effectively.
Article: Cybersecurity tactics for the coronavirus pandemic
March 27, 2020 - As the pandemic has made it harder to mntn security and business continuity, new cybersecurity strategies can help organizations protect themselves.
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Financial Services Technology Transformation Strategies CIO Role in Business Innovation Partnership Platform Operations for Tech Company Dynamics Scale Solutions for Mid Cap Bank IT Challenges Agile IT Delivery Models for Enhanced Productivity Data Transformation Techniques for Value Creation