In addition, CIOs need to be able to answer the practical question: how does digital really help? There is still a level of cynicism that it's often just more technology for technology's sake. But digital solutions that integrate products and offerings from different elements of the business -- from research to wealth management to trading -- in a unique and differentiated way for their own clients could be the way to grow the business with technology.
The journey ahead
The decisions aren't black and white. A select few players might still conclude they can truly excel at the core; others might move closer to an investor-, corporate- or platform-driven business model. The largest players could combine multiple elements, while the smaller ones likely will need to focus. The bottom line is banks will need to pair further pruning with a strategy that identifies a clear direction and additional pockets of value. Reinvention will continue and the IT team will be players who need to be at the decision making table as new strategies are identified.