Digital Transformation / Fintech revolution is pushing the technology teams in the midst of massive action (and chaos) across entire BFSI segment. This is creating interesting challenges for tech teams. In most cases, Senior Management / Business teams have adverse view on their tech teams and typical statement is “In my bank, tech folks just dont get it”.
Why has this happened?
– Technology teams have been treated like Support Units through last three decades. Even when they would transform a business, they would be at the receiving end during the transformation journey. At the end, whatever doesn’t work in the system gets routed as support calls to technology unit. During month end / quarter end, situation normally gets even worse. This has made them generally risk averse.
– Prolonged period of outsourcing has created voids in technology knowledge on general basis.
– Critical skills like AI / ML / BlockChain / UI UX / API Banking are not available in most technology teams. This creates hurdle for creating internal platforms as well as partnering with Fintechs.
– Technology teams are short staffed in many places, with lack of internal specialisation.
More to come in next set of blogs