While running the business as usual of a bank is crucial, the Chief Information Officers (CIOs) are aligning the workforce and budgets to support the new business demand. Technology is becoming an integral business driver and organizations structures have to be moved from functional silos to product-oriented structure to reduce the time to market for meeting new customer needs. Transformation of organization to be virtually agile supported with DevOps transformation is enabling the new ways of working where technology is coming to forefront like never.
With customers as well as employees moving to virtual world, the digitization of customer facing operations as well as back office has accelerated. More than 30% of current work being done by humans in a bank can be done by machines. The money saved through cost optimization is being leveraged for digitization. It is a wakeup call for employees as 60 to 70% of workforce needs up-skilling to be able to support CIOs in their journey of reviving Financial Services Industry.