Some incredible stuff is happening on the technology front in banking across the world. The infusion of IT and the high acceptance rate is akin to manna from heaven for the IT vendor and solution provider community. This offtake for capital heavy IT solutions, is primarily happening from the standpoint of differentiation and yes, long term strategic cost reduction initiatives.
Initiatives that are hogging the IT limelight in the banking sector - CRM, ERP, BPM, Assurance solutions, Payments channel integration, Networking, Lean Data centre management, Web 2.0, Outsourcing 2.0, Mobile banking, rural banking.
However, what must be remembered at all times is that the most important aspect around all this is revolving is the bank's customer - and this translates to customer data and the ways and means of slicing,dicing and above all - protecting the data. IT Security is of paramount concern. IT Security is no longer an option but a compulsory requirement for banks to remain a centre of trustworth computing.
CTOs have a very large role to play ensuring that kid-hacks and code-junkies do not get lucky one fair day and exploit a vulnerability that may have been picked up through a simple port scan on a public ip belonging to the bank's web-servers. Initiatives such as regular penetration tests on the backs of comprehensive vulnerability assessment exercises and follow-ups along with up-to-speed IT infrastructure are a must for keeping the institution's business strategy running.
