Ever bothered to recall when was the last time you visited your bank for conducting routine transactions? Many of us won’t be able to, I bet. After all, where is the need to take pains to visit the brick and mortar bank branches when you have the luxury to carry your bank in your pocket! All you need to do is to take your smartphone out and complete the transactions just by pushing a few buttons. And, it’s done!
The presence of technology is all pervasive now, and the banking sector has been among the leaders in adoption of technology as it makes advancements with each passing day. From the times of taking half-day leave from your office only to withdraw money from your bank account to visiting an ATM point at your convenience round the clock to pull cash, to making bill payments online, to making cashless eCommerce transactions… The way we did banking earlier has changed once and for all.
And, the one person responsible for planning and execution of technology in the banking ecosystem is the Chief Technology Officer (CTO), also referred to as Chief Information Officer (CIO) at some places. In the present-day cut-throat competition, mainly driven by the adoption of right technologies, any wrong decision by the CTO can put the business prospects of a financial institution in jeopardy.
That is the kind of transformative power attached to the profile of a CTO — from being just the technology advisor to a bank, today he is looked upon as the business driver for the financial institution he serves.
In view of the ever-growing role of CTOs, evolving in sync with the evolution of technology, Elets Technomedia has organised “BFSI CTO Summit” in Mumbai on 23rd August 2016. The Summit will bring together the CTOs of leading commercial banks across India, senior executives, technology innovators and solution providers. They would discuss and deliberate on the emerging trends of technology being adopted by banks, share innovative ideas and solutions and build network, and of course, talk about the changing profile of CTOs in financial institutions.
The day-long national-level Summit is tailored to converse and collaborate through a series of informal conversations led by the attendees themselves. They would also deliberate on the issues facing IT heads of various banks today and the opportunities lying therein. The BFSI CTO Summit is also aimed at helping the people at large learn from the top IT practitioners as they share their varied experiences.
We dedicate this CTO Summit Special issue to those who have influenced technology adoption in the Banking & Financial Services and Insurance Sector in general.