CIOs cannot bank on their future prosperity

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By  Published  November 30, 2006

CIOs' increasing challenges were highlighted recently when Gartner presented its global 2012 Banking Scenario at the Financial Services Summit in London.

Gartner explained that three trends were putting increased pressure on CIOs in the banking industry to adapt over the coming years - population shifts, surging competition and the growing imperative for transparency.

"Banks are facing major changes during the next six years and it is imperative that they begin to adapt not to ensure growth, if not survival, during this crucial transition," said Susan Landry, managing director for the banking industry at Gartner.

Landry added: "There is also too much optimism in the market." According to Gartner's EXP CIO survey, 46% of bank CIOs believe their companies are pursuing a 'break-away' strategy, which means investing more in technologies that support business effectiveness than their competitors.

Landry explained: "There is just not enough market opportunity for 46% of banks to be successful in a 'break-away' strategy. In saturated markets, market share gain enjoyed by one bank reflects a loss for others. And this doesn't include any of the threats from non-traditional competitors."

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