Reimagining The Bank As A Technology Company

Article by PYMNTS.

Intimidated by the scale and cost of a massive technological overhaul, large financial institutions (FIs) may approach their digital transformation (DX) journeys gradually, targeting various areas of operations to modernize one-by-one. While this strategy can yield results, it can also create silos, hampering a bank’s ability to achieve one of the most vital goals of DX: seamless integration of operations that boost efficiency and improve the end-user experience.

Miguel Rio Tinto, CIO at Emirates National Bank Dubai (Emirates NBD), offered another approach to DX: a ground-up, far-reaching overhaul that not only includes technological improvements, but requires a significant shift in mindset as to how a bank is actually viewed. “Banks are technology companies,” Rio Tinto recently told PYMNTS. “They need to move in that direction.” Once that mindset is established, a bank can then lay out its modernization roadmap. For Emirates NBD, a $400 million DX journey that began nearly four years ago has resulted in more than 100 initiatives based on optimizing its operational models, internal architecture, cloud usage and security. […]

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