Suk-Wah Kwok

Chief Information Officer, International Finance Corporation – World Bank Group

While the BFSI industry has always been a late adopter when it comes to technology when compared to other industries, it has now taken a 360-degree turn to transform itself with new and disruptive technologies. However, trying to integrate the legacy systems with new and emerging technologies can be a CIOs worst nightmare, whose role now is not limited to IT and staying in the server room.

CIOs today are now critical partners to business leaders for driving growth in their banks or financial institution. CIOs need to have a technical background and at the same time can identify what the business wants them to do. They must understand the business requirements and then produce the technology which meets these requirements. CIOs should drive continuous technology awareness discussions with the business to effectively implement and drive the right digital tools. CIOs of today need to be proactive and create sustainable ways in which they can help their business partners achieve results that the business didn’t even know is possible.

Banks are replacing their existing CIOs with somebody who is a lot more innovative and disruptive in nature.

The CIO of tomorrow will succeed through 3 distinct skills:

• #1 Technology Mindset

A CIO needs to have the technical background and understanding to make decisions to steer the organization in the correct direction. Technical competence is required, not on the hands-on level, but in terms of making technical decisions that lead the company in a certain direction.

• #2 Stakeholder management

CIOs work with different types of people including CEOs and business leaders. Apart from these top-level executives, they also have to work with auditors, regulatory bodies, compliance officers and their staff. This creates an inherent responsibility for the CIO to manage stakeholders
most effectively. A BFSI CIO needs to emulate skills of advocacy and inquiry when communicating with different stakeholders.

• #3 Leadership

How can you lead the business onto a transformational, digital, and disruptive journey? Businesses today demand the CIO take the lead in their disruptive journey. Lead and influence your team to deliver impactful outcomes.

How can you lead the business onto a transformational, digital, and disruptive journey? Businesses today demand the CIO take the lead in their disruptive journey. There is also a need to drive the cultural change that helps adopt technological advancements in the organisation. A business’ willingness to transform the process and the behaviour will help it make better use of technology.

The BFSI industry has been experiencing tremendous shifts and changes driven by technology. To stay ahead of the competition, financial institutions are looking for leaders who can guide them towards the future; CIOs have the responsibility to make this happen with their new and evolving roles which have the potential of increasing business value and creating a strategic impact on the operational efficacy of the business.