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The CFO's Perspective on IoT Implementation in a Bank

 

 

Emerging technologies are transforming the BFS industry, and thereby the banking CFO’s role. Coupled with the need for stringent regulatory controls, the CFO’s role has become more diverse and challenging than ever before. This article talks about how the CFO can play an influential role in the implementation of the IoT within a bank, thus taking a step forward in the digital transformation journey.

 

How the CFO can help in IoT Implementation

Information technology (IT) is the backbone of any financial enterprise, which means that IT spends are of prime strategic importance to the C-suite of a bank or a financial services firm. With CFOs playing a key role in the budget related decisions of an organization, their involvement in the evaluation of IT spends is vital. Critical areas in IoT implementation where a CFO’s involvement is needed are: 

  • Cost-benefit analysis
  • Identification of diverse application areas
  • Data management and analysis
  • Regulatory Compliance 

Due to the changing relationship between finance and IT, the CFO office is now central to an organization. The CFO office will now play a pivotal role in implementing the IoT. To ensure a successful implementation of the IoT, both functions in a bank or financial services firm – the IT department and the CFO office – will need robust technology support with respect to planning, budgeting, data management, process adoptions, and data security aspects. 

Download this pdf to know about the critical areas where the CFO’s should concentrate for IoT Implementation in banking.