Jamie Dimon said in year 2015 “Silicon Valley startups are coming to eat Wall Street’s lunch”.
However, couple of years down the line, Boards of financial institutions are still driven by sales, legal and finance experts. As focus is to get support on regulatory compliance, retired Civil Servants and ex-Bankers come onboard as independent directors.
While there is talk of tech driving business (Fintechs?), CIOs / CDOs are still operating couple of levels below CEOs with limited power to change the strategy of the organisation. Most of these digital leaders are still focused only on running the organisation or at best improving the model.
I believe that the next revolution of technology would enter the Financial world, when tech experts would be part of the board. I believe the boards in next couple of years would be reconstituted with 40 % membership from digital / tech side. When you are competing with Fintechs / Google / Amazon / Facebook / Apple / Phonepe / Paytm and focusing on Mobility / API Banking / AI / ML / Blockchain, why would you want to bury your head in sand like Ostrich? When digital strategy and business strategy look similar do you have a choice?