President, ProfitStars (Dallas):
It is almost guaranteed that 2012 will be marked by more regulatory change. CIOs have always had a regulatory responsibility, but now they must rise to the challenge of accurately anticipating shifts and positioning their banks strategically. They need to have a finger on the pulse of the industry to understand the regulatory impact specific to their institutions.
CIOs also must demand a strong ROI from new technology and prioritize the solutions that will increase income and drive new business. To do this, they must first analyze both customers and technology. In aligning available technologies with consumer behaviors, CIOs can better decipher what turns a truly tangible ROI.
Many of today's CIOs were baptized by fire during the economic downturn; they developed talents, knowledge and foresight that were non-existent 10 years ago, and they should be commended for bringing us through the recent years' crisis. Still, banks and CIOs must commit to continued development of these skills to confront ever-evolving challenges.
SVP, Technology Strategy, Bank Solutions, Fiserv (Brookfield, Wis.):
Bank CIOs are challenged by the social media, self-service and technology capabilities that consumers now expect. Combine this with changing regulatory demands and an increasing need for security and risk mitigation, and CIOs need a technology model that supports the business strategy while keeping operating costs efficient.
IT infrastructure and strategy must adapt to the business' shifting demands and provide the tools that allow the enterprise to succeed today and in the future. Data and analytics are essential to predicting the products and services customers want. A strong partnership between the CIO and the bank's technology provider also is important -- share your strategies and goals to get the most from the relationship.
These talents must be developed within banks. They are unlike traditional IT capabilities and will require CIOs to look in non-traditional places for talent. CIOs may consider individuals with these talents to have more of a marketing background -- a creative thinker who can utilize technology in ways that the next generation of consumers will desire. This is not a question about how to build and deliver technology, but rather how to harness the value of technologies embraced by the consumer.