IT Diagnostic and Strategy Development
Is your IT strategy and its expense a major cause of anxiety for your Board and Management? Is your institution overwhelmed with IT projects that are delayed and under-delivering? Are you able to resource and accelerate your top-priority IT projects? Is your IT provider effectively looking out for your innovation and service needs?
What gets attention: security, compliance, customer experience? Or are you just keeping things running? Most importantly, are all your businesses leaders clear on your bank’s IT strategy?
IT Strategy has always been of the utmost importance in the financial services industry – i.e., in producing business advantages by improving the customer experience, employee productivity, and the institution’s financial performance. The need for an effective IT Strategy is more critical than ever, as customers expect the same high-quality interactions with their financial institutions as they have with technology companies and other competitors that are now targeting financial services.
However, implementing an effective IT strategy is also more challenging today:
- IT must balance innovation with maintaining outmoded and inflexible legacy systems
- Increased regulatory requirements take priority and drain resources
- Third party providers may focus on cost – limiting innovation or service
- Individual business units vie for their own “shadow IT,” often disconnected from IT strategy
The result? The Board and Management worry about the institution’s ability to:
- react quickly to market needs
- manage increasing IT expense
- respond to new regulatory requirements
- keep the bank at the forefront in trending newer areas like mobile banking, social media marketing, data analytics and payments
- Bank Solutions Group’s IT Diagnostic is the first step in addressing this challenge. BSG’s IT consultants take about a week to administer our 25-point proprietary IT Strategy and Performance Evaluation assessing your institution on qualitative and quantitative criteria related to:
- IT Alignment
Your IT Division and/or Outsource Provider’s ability to support your business strategy and requirements
- IT Readiness
IT’s positioning to support future developments
- IT Alignment
We provide management with an IT Strategy Report Card – a 10-page assessment of your institution’s IT strengths and weaknesses with ratings and explanations. We then work with management to create and implement an IT Strategic Plan and Roadmap that will ensure IT strategies are tightly aligned with business goals and corporate priorities, and deliver the highest value.
When it comes to IT strategy, choosing and implementing innovation solutions, designing and implementing IT outsourcing strategies, and leading agile IT innovation teams, we can do it better because of a direct focus on the job. Our consultants, who are experts in the “Business of Banking” have dealt with these issues for decades, have a better concentrated understanding of the matters at hand, and cutting edge techniques – plus, are experts on current regulations affecting new and ever increasing risk potential and mitigating same.