As legacy financial institutions strive to provide more digital functionality, the role of the CIO has become more important than ever. CIOs must build internal collaboration, foster a start-up culture, acquire new skills and assume new responsibilities.
A survey of 50 banking CIOs by Cognizant sought to identify best practices for digital banking CIOs — in particular, how they partner with other department heads while integrating digital business capabilities into their organizations. The research also explored the challenges facing CIOs in their efforts to transform their organizations.
Among the key findings uncovered by their research:
- A large percentage of CIOs (45%) say they are leading the digital transformation charge, followed by the CEO (38%) and CMO (8%)
- 70% of CIOs identified organizational culture as the primary obstacle to digital business success, with 66% citing a lack of commitment from the board and/or CEO
- 55% of the CIOs feel their digital efforts have been successful, while 26% believe they have been moderately successful
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