Cost of Replacing Outdated Systems Key for CIOs

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.

Industry Insiders Assess the Challenges Facing Today's Banking CIOs

CIOs Must Have Cross-Discipline Knowledge

Customer Centricity Important Focus for CIOs

Identity Management, Greening Among New CIO Challenges

Banks' Reputation, Security and Strategy Rest in CIOs' Hands

CIOs Add Product Development and Project Management to Responsibilities