Define and monitor performance metrics
We’ve observed that structure and defined processes with shorter feedback cycles are required for IT budgeting and investment. Define, measure and report IT functions’ performances in real time based on the outcome of product and service lines. Monitoring IT spend and associated financial aspects has been one of the focus areas for IT leaders.
Key action: Define product-centric objectives and key results (OKRs) to track value of the capabilities and services within the lines of business to achieve desired outcomes.
Integrate suppliers and partners
IT leaders have defined key interfaces and handoffs among different phases of projects to engage customers, partners, IT and shared services teams across the product value chain. Multidisciplinary teams work to prioritize the voice partners and suppliers to understand their challenges and take actions to eliminate pain points.
Key action: Define the plan and process to align partners to the product roadmap early on. Enable service integration and seamless user experience across multiple service providers.
Strengthen governance
We’ve seen IT leaders drive accountability among resources and define the governance model and escalation criteria for fast, effective decision-making. IT leaders should adhere to agile governance and create a foundational hierarchy for decision-making while conforming to corporate policies and regulatory requirements without becoming intrusive to stakeholders.
Key action: Create, maintain, integrate and if required, re-evaluate lines of business with a governance framework that focuses on digital transformation and rapid innovation while driving accountability and adhering to business policies.
Map value streams and processes
Defining and prioritizing business and IT outcomes has typically been the top priority for IT leaders in the banking industry. In our experience, when IT leaders have reorganized around products, services and customer experience instead of functions, they have established a self-organizing, autonomous team that delivers products focused on enhancing the end-to-end customer journey.
Key action: Delivering through IT value streams simplifies the customer journey, enhances the experience, and improves accountability. Establish self-organized, autonomous teams that provide integrated delivery, engineering, and enhanced end-to-end customer journeys.
Rethink talent and culture
IT leaders must focus on creating a versatile workforce with a strong combination of technical skills and business acumen. This means creating a hybrid workforce model that gives people the flexibility to choose when and where they work. To fuel growth and find new talent, forward-thinking IT leaders have partnered with HR and external hiring vendors to develop a strategic approach for scouting, hiring and retaining top talent. IT leaders must enable self-managed teams while rethinking traditional measures of performances.
Key action: Focus the organization around digital initiatives and with the necessary skills to drive continuous product and service development and transform the organization into a digital group that has product-centric operations and accelerates the delivery of digital products and services.
Invest in the right technology, tools and systems
In our experience, IT leaders have focused on developing scalable, resilient and cloud-native technology. This includes transforming product service delivery through intelligent automation that uses operational, machine and user data. Investing in end-to-end security and technology solutions with tangible returns helps remove process inefficiencies, enable innovation, and increase speed to market. Managing tech debt has been another focus for IT leaders using innovative solutions such as automation, best coding practices and using low-code, no-code platforms.
Key action: Ensure digital transformation program through adoption of cloud native technology, automation and AI is on top of the priorities list for the enterprise.