Insight from BankOnIT.
Bank chief executive officers have more than enough on their plates. From managing strategic and operational performance to keeping shareholders happy, CEOs must have the skills, knowledge and people around them to implement a long-term vision to take their organization into the future.
With a rapidly changing technology environment creating competitive challenges and more risks every day, one key individual CEOs are looking to is the chief information officer.
In a recent BankOnIT focus group, we found the narrative for many of our longtime clients has evolved to include the chief information/technology officer as a key member of the executive team.
As we heard, the most successful CIOs have three key attributes:
- An understanding of the institution’s strategic goals;
- Knowledge of how technology can help the institution reach those goals; and
- The ability to focus on the achieving the goals rather than getting trapped in the day-to-day operations of keeping everything running.
“We had outsourced parts of IT for a long time,” mentioned one banker who has both CFO and information-security responsibilities. “In the previous IT outsourcing environment, our IT director did not have time to focus on strategic issues that would generate revenue because they were always in the rut of managing all the different IT vendors and dealing with the daily IT issues.”
But things changed when his bank brought in BankOnIT.
“With BankOnIT,” he said, “we eliminated multiple outside vendors and improved our systems, all of which makes IT easier to manage and provides the bank better results. It also gives our CIO more time to focus on strategic goals of value to the bank.”
Visit with us about ways we can improve IT in your bank to deliver better results and provide more time to devote to growing a successful bank.
BankOnIT is a managed service provider with private-cloud technology and security designed exclusively for the financial services industry. They serve more than 200 banks across the nation.