Conservative thinking holding back finance sector CIOs

Gaurav Sharma

"Secondly, with horror stories of data breaches and outsourcing contracts gone wrong in public domain, finance sector CIOs tend to get spooked the most," Cumberland says.

"I draw a footballing analogy. Few remember the myriad attempts on goal that a keeper saves in a match. Few forget the ones he let in it, especially if it's a galling error. That's finance CIOs for you in a nutshell - always on their toes given the crucial nature of the data entrusted to them."

Nervousness and caution then become unintended consequences of past breaches.

"If there was a score on the willingness to embrace new technologies by CIOs; the finance guys would find themselves well behind their counterparts in automotive, logistics, pharmaceuticals and even petrochemicals to name a few sectors. Furthermore, you'll often find CIOs serving on boards of companies in these sectors, something which the finance world should take note of, but often doesn't."

However, Cumberland also reckons that finance CIOs have an opportunity under the present circumstances.

"Do they see where the first movers - both within their sector and the wider world - have gone and use the resources and operating expenditure available to leapfrog them, or do they continue to trail them. That's the million, possibly billion, dollar question and for me the jury is still out on that one!"

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