Instead of tweaking trivial workflows and IT systems for transitory gains, lasting initiatives call for a resolute state of mind and active sponsorship by the bank leadership team to steer the enterprise into new business models. An empowered cadre of business process owners and project champions is also instrumental in driving change throughout the bank.
These leaders select a strategy with a clear understanding of what the chosen methodologies and technology solutions will do to the business and how these solutions will work for the business sponsors by leveraging cross-functional transformation teams. An effective scheme for transforming business and technology enables them to map and track the financial results to the analysis and reward systems in each business unit.
Guillermo Kopp is vice-president and Virginia Garcia is research director of financial services strategies and IT investments at TowerGroup.
E-mail: gkopp@towergroup.com or vgarcia@towergroup.com
