September 19, 2017
As a business person working across the digital and technology areas in banking for the past two decades, I have realized that business leaders have a bit of mental block in managing technology. They typically ignore technology until it's all over the environment. By the time they react, the market typically would have moved ahead and then they play catch-up for years to come.
In the first couple of years of my career, I was not involved in technology initiatives and I always thought Why do tech folks talk about SIT/UAT?, "Why can’t any initiative go live immediately post coding? From that time to becoming CTO of a bank, it has been a memorable journey and I have realized that despite technology being proven as a business every time, whenever I do a business discussion around technology ahead of the time, I get the same feedback from business folks: You have started speaking like a tech guy.
Business teams have been largely avoided digital initiatives due to lack of knowledge as well as short-term focus on quarter on quarter business numbers. Key areas where banks have missed the business by underplaying technology are: