At an invitation-only event presented by Wells Fargo in Silicon Valley, experts in finance, IT, information security, risk, and compliance gathered at the Galvanize campus in downtown San Francisco to hear solutions for the major issues facing IT executives at banking and financial institutions today.
In the financial services industry, there is heavy regulation in addition to legacy systems, which have significant technology issues like years of software decay and neglected technical debt, un-found defects, and security risks. So when the CIO or CTO evaluate a software governance platform and the value proposition of total visibility into their entire software portfolio, it is important to recognize software IS the banking product.
Of course, there's a little bit of paper and some checks floating around, but we all know, everything is digital:
- every loan is electronic;
- every transaction is electronic;
- everything done related to people's credit is electronic;
- everything we do on the bank's web portal or mobile applications are electronic;
- every time anything is done at the bank ...it is all electronic.
Those electronic things which the bank sells as their "products" are all the software and the systems themselves. In fact, most of the financial services industry's business models, their customer experiences, and their operations are all being driven by software.
In the video below, Docio's CEO, Mike Potts, introduces the Software Governance Platform™, informing how Docio can simplify, reduce headaches, and make it incredibly easier for CIOs and CTOs of financial services firms to keep things operating smoothly at all times, company-wide.
Audiences everywhere are immediately enthralled by what the advanced analytics software does for CIOs and CTOs looking to take control of their future in the data-driven, hacker-plagued digital world. Moreover, everyone recognizes this is where the industry should be by now.
However, while in discussions with several financial firms following the presentation, we identified CIOs and CTOs facing employee– , technology–, change management–, and compliance– related strategy and process challenges. Even though software governance and transparency issues were not addressed and exemplified by competing organizations, costing them millions — even billions — of dollars, it still causes a little trepidation and nervousness to unprepared executives when gaining or giving access to this kind of information.
THE BIG QUESTION: "Would transparency create chaos in my organization?"
To those CIOs and CTOs out there already leading digital transformation initiatives and influencing corporate strategy as a business partner, what are your questions or concerns bringing transparency into your organization?
In our next post, we explore a strategy and process for preparing total visibility and accountability to align the most pressing digital priorities and how to execute them safely. Stay tuned.