Digital transformation represents a fundamental social, cultural and technological shift for historically conservative banks. This set of management changes remains poorly understood by CIOs and business leaders, which threatens the success of transformation initiatives.
Impacts and Recommendations
- The failure to address fundamental social, cultural and demographic shifts — which requires synergies between executive leadership and CIO execution — threatens the success of many digital transformation efforts of bank CIOs
- Bank CIOs' professional backgrounds, skill sets and day-to-day operational management demands mean they are usually not best-suited to strategic leadership of digital transformation initiatives
- Bank CIOs' digital transformation initiatives face severe challenges from a critical shortage of technical as well as nontechnical skills, measurement frameworks and sufficient customer knowledge
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