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Capco expert highlights key challenges facing CIOs

CIO’s challenge is to transform data into information their customers can trust

Capco Partner Mark Record says Chief Information Officers have a lot to think about in the coming year. Assessing the key challenges facing CIOs, Mark emphasised that turning data into information remains one of many significant hurdles facing Chief Information Officers in the financial services industry. Mark recently joined Capco from Barclays with the major focus of his role being to continue to grow Capco’s market presence, specifically in the Banking domain across the UK and Continental Europe.

Mark Record, Partner, Capco, said:“Data remains an underexploited resource in financial institutions today. If CIOs are to help the business unlock greater value from customer data, they will have to significantly improve both data quality and data integrity. For too long this has been seen as an IT issue to resolve - CIOs need to make data a business issue first, and an IT issue second. Strong collaboration between the CIO and the overall business is critical to delivering greater value - both for the business itself, and the end customer.

“Governing data jointly between IT and the business and having clear ownership of data is a key first step in transforming how data is used to deliver excellence in customer service and sales. CIOs play a key role in making sure customer information is accessible right across the businesses so that the customer receives a consistently great service which feels joined up across the different channels.

‘‘Reducing complexity through either application optimisation or rationalisation is vital. The way to achieve this is a simplified application and infrastructure landscape. This would be complex though and would require significant business and technology expertise.

“Creating the right mobile banking service is a further challenge currently facing CIOs. At the moment, IT is not keeping up with the required pace of change in this sector. One of the most difficult challenges in retail banking is information security. For banks to achieve this, a significant advance in technology – as well as an increased availability of in-house security expertise – is needed.

“CIOs will also need to identify where and how to create a utility computing/shared service model with IT providers and/or other banks to reduce costs. This is possible in areas where competitive differentiation is not sought but where few examples of successful collaboration resulting in the creation of industry utilities can be seen.”

Like many of his peers, Mark joins Capco with significant expertise in the financial services industry having worked at Barclays for 24 years, where he held a number of senior positions. His most recent role was Global Director of the Architectures and Strategy Group, where he was responsible for defining and governing the global retail and commercial technology strategies and architectures. He also played a key role in developing Barclays’ new global retail strategy led by the CEO of the retail bank.