engine, air intake, electrics, throttle, gearbox and ignition system for effective operation, you put another engine in your car. It does not matter that the body and axle strain with the increased weight, nor does it matter that you require considerably more fuel from the same fuel tank; you have a faster car that will work for a while.
The motivations and merit structure within banking do not help. Promotions and transfers occur at a furious rate – with high flying business heads often staying in the same role for little over a year. When management change in the front office occurs, the technology division need to find a new business sponsor for the project, a business sponsor who has his own agenda and wants to make his mark, wanting to revise solutions to make them his own. The astute technology professional adapts to this process, disregarding long term effectiveness for short term impact, getting projects out the door as quickly as possible to garner praise from the business and build the relationships and influence to see their own career progress as rapidly as possible. The egos and fiefdoms across departments lead to a sludge of bureaucracy and erect barriers to achieving project objectives in a timely manner. It always takes too long and ends up costing too much in a bank; I am sure there are similar stories from other industries.
Banks, if they want to continue to compete with their full service models, need technology to compete, yet still view
technology as an enabler of business instead of part the core.
Invest in technology strategy to be a high performance business
The banks, or, alternatively, the new alternative entrants to the financial services sector looking to usurp market share from the banks, need to invest in defining and promoting their technology strategy. I propose that the value for the business is considerable; technology becomes an enabler for revenue and greater ROI. An effective technology strategy will deliver enhanced internal support and service a faster business metabolism, leveraging a dynamic technology environment to seize advantage through innovation. The technology strategy will accentuate core strength in processes and capabilities to help differentiate business services and products that are increasingly reliant on technology as the vehicle for market distribution. Strategic use of technology will also deliver unique capabilities and enhanced competitiveness through systemic advantage. Overall, a bank would be better positioned to leverage fast evolving market conditions. There are many case studies to back my assertions; ....Tesco, Amazon, DHL, Ebay and Google are all examples of how a focus on technology strategy is an enabler for high performance business.
17 entrepreneurcountry
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