Gartner Research

Digital Disrupters and Customer Demand Force Bank CIOs to Find New Sources of Innovation

Published: 24 March 2015

ID: G00274087

Analyst(s): Stessa Cohen

Summary

A series of high-profile acquisitions highlights the critical need of banks to support digital banking functionality. Bank CIOs should develop an ecosystem of partnerships and in-house services to offer these capabilities to customers and other financial institutions.

Table Of Contents
  • Impacts

Analysis

  • Customer Demand and Competitive Disrupters Drive Financial Technology Acquisitions and Digital Innovation at Banks

Impacts and Recommendations

  • The urgent need to improve customer experience is driving bank CIOs to acquire or partner for design and customer experience development
  • Rapidly changing technology and customer environments are forcing bank CIOs to be more agile and constantly create new digital banking capabilities
  • The increasing commoditization of existing products, as well as disruption from banks and nonbanks, are leading bank CEOs and CIOs to create new sources of innovation and revenue

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