The major challenge for tech executives in 2007 will be how to balance the demand for business growth while improving and streamlining operational performance and managing an ever-morphing risk environment.
Innovation and differentiation will be required for U.S. financial institutions to compete with new entrants, non-traditional providers and global competitors. To compete on the same level, sophisticated marketing analytics and business intelligence tools; an intimate and comprehensive knowledge of their customer base; and the ability to bring new, innovative products to market quickly are a necessity. Banks will need to define their strategies for growth and leverage technology to transform their businesses.
At the same time, technology executives must ensure operational resilience, protect customer privacy and meet the growing challenges of enterprise security -- while reducing overall costs. The challenge in 2007 is balancing all these factors and maximizing the return on IT investments to the business and stockholders.