These 'Line of Business' apps can also play a vital role for the financial sector in enabling new products to be introduced quickly into the market. They allow those in this industry to be agile in the face of changing regulation from government (in which there isn't a need to update and throw away paper forms when there are changes to be made) and easily provide copies to regulators when required. Also, they enable all communications to be quickly standardised.
In summary, to maintain their future relevance and position, CIOs in the financial services industry need to be seen as consultants in the technology space within their organisations, and not a provider and decision-maker. Ideally, they will still be responsible for the backend integration of technology in an organisation to ensure data connectivity, security and compliance, with different departments attaching front end technology to meet their specific objectives. They also need to be able to work closely in support of their marketing departments to create an effective digital business strategy to deliver multi-channel communications to customers that add value and deliver customer engagement. This is the only way to achieve prominence in such crowded marketplace.
Sign up for CIO Asia eNewsletters.