Strategic CIO

Why Innovative Banking Is the Only Option for Modern CIOs

The job profile of a CIO is expansive and diverse. It is more than upscaling the digital structure of your firm and attending to professional concerns. Besides, one of the most pressing concerns for fields associated with technology is the pace of disruption. The market is changing speedily, and it is challenging for any CIO to keep up with it. In his article for CIO Africa, Carol Odero talks to Elijah Kibogo, regional CIO of Stanbic Bank, about the future and significance of innovative banking.

10 Questions to Ask Before Introducing Innovative Banking

What Skills Should CIOs Prioritize?

Kibogo mentions that leadership, effective communication, and stakeholder management are the most crucial skills for CIOs. These skills give you better control of the professional scenario and enable you to connect with every team member.

Are We Asking Too Much from CIOs?

The job of a CIO can be overwhelming at times. Besides mentoring, collaborating, and enhancing digital operations, they are asked to go beyond their work profile.

Can Innovative Banking Overcome Digital Vulnerability?

Kibogo suggests taking proactive measures to overcome network vulnerabilities and mitigate cyber risks. When you prepare your workforce by regularly holding training sessions, it helps you deal with such issues more efficiently.

Can Innovative Banking Accommodate Legacy Tech?

Legacy tech was quite a challenging component to accommodate during Y2K. However, in the modern scenario, banking systems are creating opportunities to pave the way for legacy tech. The incorporation can take some time, but the future of legacy and modern tech combination seems bright.

Can Innovative Banking Actually Become a Thing?

Most people still think of banks as age-old financial institutions with conservative functioning. Kibogo agrees that banks are advancing relatively slower than mobile network operators (MNOs). However, he believes that the banks might catch up with the MNOs shortly.

Do You Find a Balance Between Fintech and Banking?

Fintech has certainly generated impressive revenues for most banks, whereas some banks still rely on conventional banking models. It is crucial to acknowledge your strength as an institution and highlight that specific business component.

Do You Implement a Disaster Recovery Plan?

The pandemic did not give much time for the companies to facilitate changes. So, it is better to be prepared beforehand, connect with your workforce, and listen to their concerns.

What Qualities Must a CIO Have?

CIOs must be able to multitask and be aware of the latest advancements in the tech world. It helps them improve their imaginative ability, which automatically enhances their performance.

Do You Align Technology with the Business Strategy?

Kibogo suggests you have a clear discussion with your clients and business partners to understand their vision. Establish a strategic business plan and list the technical help you need at every step.

What Modern Technologies Must You Keep an Eye on?

Data mining is one of the latest occurrences in innovative banking. Furthermore, cloud migration is another tech development that allows businesses to decentralize data centers.

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