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IT: An Important Part of Financial Services
By CXOtoday Staff
Mumbai, Sep 06, 2007 2011 hrs IST
John Swainson, president and Chief Executive Officer (CEO) of Computer Associates (CA), has asserted the importance of IT in today's enterprises by describing how financial services firms can better serve customers by transforming their IT environments as also a strategy for achieving the transformation effectively.
"Customer experience in financial services is an electronic experience. "Consequently, IT is not only important to the business of financial services, increasingly IT is the business - it's all about the digital representation of currencies. The biggest threat to any company in any industry is irrelevancy. In an industry such as financial services where products and services are rapidly becoming commoditized, differentiation is vital to success," said Swainson.
According to him, companies have to transform IT management and re-architect IT infrastructure to support business processes. That's a challenge when companies have legacy IT systems built up over decades and often assembled through mergers and acquisitions.
Such legacy architectures impede sharing and reuse of application functionality, application integration, and the creation of hybrid applications that support up-selling and cross-selling of new value-added services to financial services customers.
"At CA, we've devised something we call the financial services future state architecture," said Swainson. "This is our concept of how IT architecture in financial services needs to evolve to meet the demands of providing superior customer experience."
Swainson also said "Ensuring that IT supports the delivery of a superior customer experience is the responsibility of the CIO. CIOs must take the lead in improving the customer experience by transforming the organization."
"As the IT industry has grown, matured, and increasingly consolidates, the CIO has moved from being viewed within the organization as a cost-center to being a navigator and translator of critical technologies and often a true strategic advisor," he said. "The next step is to assume a true strategic business role. The surest means of doing that is to take the lead in transforming the management of IT."
Related Links:
CA Unveils Recovery Management Solution
CA Launches Database Performance Management Tool
CA Releases Threat Management Solutions
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