Technologically-Competent Leadership
CEOs and top managers often advance to their positions from their respective divisions within the company. In banking, it is logical to assume that it is often accountants, actuaries, and others who are experts in the financial aspects of the banking industry to be the top leaders. However, as I discovered in an article from "The Financial Times," some experts believe that there needs to be a greater emphasis placed on having technologically-savvy managers and leaders due to the high-tech nature of the banking industry. As the industry has shifted to become heavily dependent on technology in the day to day operations of banks, so too has the ideal leader shifted from being a purely financial expert to one who also has the technological skills to integrate their financial expertise with the realities of the modern-day bank. As the article indicates, the Chief Information Officer is not sufficient for a bank. There needs to be other leaders who are passionate about technology and can translate that into an understanding of the role technology plays in the financial success of the company. The CIO is more concerned with the everyday technical aspects of how the equipment is functioning. There is a need for a technologically-competent leader among the highest positions in the company to "instil a passion for technology's potential within every executive." Holding on to the successful leaders from years past may not be enough to maintain one's success in the current environment of the banking world.
The article that is the source of this information is available at:
source: lexisnexis
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