September 22, 2008

The basic issue facing bank CIOs is cost of IT. Our existing portfolios of business information systems are based on design concepts developed in the 1960s and 1970s -- when change was viewed as a short period of transition between two much longer periods of relative stability and technology was an expensive alternative to labor and time in all but a few applications. Our approaches to application development were developed to conserve expensive technology resources at the expense of less-costly labor and time. Today change is the norm and stability an aberration. We need systems designed to use technology to save labor and time.

Today's bank CIOs must have exceptional leadership skills and vision (business and IT), understand strategic thinking and the economics of IT (few do), possess peer communication skills, understand the changing dynamics of the financial services business, and possess hiring skills.

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