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    Informationweek 500-2010-banking-report 8729950 Informationweek 500-2010-banking-report 8729950 Document Transcript

    • September 2010 $199Analytics.InformationWeek.com A n a l y t i c s R e p o r t Banking & Financial Services New regulations and oversight are forcing change on this sector. With IT budgets bigger than other industries, these companies also have higher levels of outsourcing. But it’s not just IT work going offshore—business activities of financial services firms are going global, too, and IT must find ways to support those efforts.Report ID: 1460910-B
    • Banking & Financial ServicesA n a l y t i c s . I n f o r m a t i o n We e k . c o m A n a l y t i c s R e p o r t CO NTENT S 3 4 Research Synopsis Analysis: Big Budgets, Big Challenges 7 Q&A: Vanguard’s Paul Heller and Tim Buckley 11 Appendix 5 Figure 1: Banking & Financial Services Spending Overview 5 Figure 2: InformationWeek 500 Spending Overview 11 Figure 3: Innovation Plans 12 Figure 4: New Web Technologies 13 Figure 5: Global IT Strategies 14 Figure 6: Technology Initiatives That Improved Company Productivity 15 Figure 7: IT-Driven Patents and Copyrights 16 Figure 8: IT Adding Value Back to the Business 17 Figure 9: Reporting Structure for CIO 18 Figure 10: CIO Areas of Responsibility Outside of IT F 19 Figure 11: CIO Involvement with New Product Development O 20 Figure 12: IT Budget Allocation 21 Figure 13: IT Spending Expectations E L B A T 2 September 2010 © 2010 InformationWeek, Reproduction Prohibited
    • Banking & Financial ServicesA n a l y t i c s . I n f o r m a t i o n We e k . c o m A n a l y t i c s R e p o r t Research Synopsis Survey Name: 2010 InformationWeek 500 Survey Date: December 2009 through April 2010 Region: United States Number of Respondents: 38 Methodology: To be ranked in the InformationWeek 500, companies with revenue of $250 million or more must complete a rigorous application on their tech- nology strategies. The process includes quantitative and qualitative assessments of business tech innovation. Completed applications are reviewed by a panel of InformationWeek editors, who determine the rank- ing. The data is aggregated for all 500 companies and by industry; indi- vidual company data isn’t disclosed without permission. This report focuses on the IT strategies and practices of the Banking and Financial Services companies that made the 2010 InformationWeek 500 list. For more information, please visit the InformationWeek 500 Resource Center at informationweek.com/iw500. Send questions pertaining to the process to iw500@techweb.com. ABOUT US | InformationWeek Analytics’ experienced analysts arm business technology decision-makers with real-world perspective based on a combination of qualitative and quantitative research, business and technology assessment and planning tools, and technology adoption best practices gleaned from experience. If you’d like to contact us, write to managing director Art Wittmann at awittmann@techweb.com, executive editor Lorna Garey at lgarey@techweb.com and research managing editor Heather Vallis at hvallis@techweb.com. Find all of our reports at www.analytics.informationweek.com. 3 September 2010 © 2010 InformationWeek, Reproduction Prohibited
    • Banking & Financial ServicesAnalytics.InformationWeek.com A n a l y t i c s R e p o r t Analysis: Big Budgets, Big Challenges It’s been a wild ride for banks and financial services firms in the wake of the financial melt- down. New banking regulations and overseers, rigorous stress testing and stringent capital ade- quacy requirements have led banks to re-examine their operating practices, business models and customer offerings—and all of these changes contribute to the challenge for bank CIOs. One priority for CIOs is to enable their firms to adjust business models and operations in response to the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act. “Banks have got to figure out a different way to make money than fee income,” says Jim Eckenrode, research executive for banking at TowerGroup, a research and advisory firm in financial services. “You have to work a lot harder, while giving the customer confidence that your processes are consistent, fair and easily understood.” As an industry driven by data, CIOs in banking and financial services enjoy the biggest IT budgets in the InformationWeek 500, in both absolute terms and as percent of revenue. Financial CIOs reported an average company IT budget of $448 million compared to an all- industry average company IT budget of $243 million, and the financial IT budget represents 8.2% of company revenue compared to 2.9% across all industries. With these big budgets, financial services firms engage in higher levels of outsourcing than companies in other industries. Fully 70% of financial services CIOs report doing IT outsourc- ing outside of the U.S. (vs. 58% for all industries), while 46% send business processes offshore (vs. 32% for all industries). “People are looking at outsourcing with renewed vigor, not only to continue to address cost issues, but also to roll out new functionality more quickly, especially in a compliance situation,” Eckenrode says. Yet it’s not just IT work that’s going overseas—business activities of financial services firms and their customers also are going global, with 24% of financial services CIOs (versus 14% for all CIOs) actively pursuing new global activities. Indeed, trade finance and treasury services have been among the few bright spots in the financial services industry during the past two years. “Because of the continued weakness in the U.S. and Europe, many corporates and even small businesses are looking to expand trade into growth areas in Asia and Latin America,” Eckenrode says. “As smaller businesses look globally, their banks need to think about how they’re going to provide trade services and foreign exchange for their clients.” The increased need to support global business has spurred investment at banks of all sizes. 4 September 2010 © 2010 InformationWeek, Reproduction Prohibited
    • Banking & Financial ServicesAnalytics.InformationWeek.com A n a l y t i c s R e p o r t “The largest banks that have traditionally provided trade services don’t necessarily have the scale to deal with higher customer volumes,” Eckenrode says. “Then, at the level of the midtier and smaller, they need to think about how to provide those services—typically by outsourcing to correspondent banks or third parties.” For 60% of bank and financial services CIOs, this year’s IT spending in financial services is expected to exceed last year’s spending, which is in line with expectations in other industries. However, IT spending in financial services has a stronger customer focus than the survey total: 53% of financial services CIOs plan to introduce new IT-led products and services (vs. 40% for all industries), and 45% are building improved Web operations and customer experiences (vs. 34% for all industries). The mutual fund giant Vanguard is an example of a company doing both. In terms of new serv- Figure 1 Banking Spending Overview Revenue and IT budget Average company revenue $10,874 Average IT dollars spent $488 Average IT budget as a percentage of revenue 8.2% Note: Dollars in millions Base: 38 banking and financial companies Data: InformationWeek Analytics survey of 2010 InformationWeek 500 executives Figure 2 Chart 12 InformationWeek 500 Spending Overview Revenue and IT Budget Average company revenue $9,978 Average IT dollars spent $243 Average IT budget as a percentage of revenue 2.9% Note: Dollars in millions Data: InformationWeek Analytics survey of 2010 InformationWeek 500 executives R1460910_IW500_chart 25 5 September 2010 © 2010 InformationWeek, Reproduction Prohibited
    • Banking & Financial ServicesAnalytics.InformationWeek.com A n a l y t i c s R e p o r t ices, in the last year it began doing its own clearing—something that took a $20-million to $25-million investment, a project that Vanguard decided to keep funding despite the financial meltdown and recession. “We think long-term,” says Vanguard CEO Bill McNabb. In terms of improving the customer experience, Vanguard has made several improvements. One is to revise the Web interface for opening new accounts. Previously, less than 40% of peo- ple who started that process finished. After revising the interface—allowing people to jump to different places in the process depending on their needs, for example—around 50% of people who start now finish. Another improvement was to go mobile, launching an iPhone app. It’s very small numbers using the mobile app, but they’re pushing for ever-more functionality. Vanguard sees mobile becoming one of its critical channels, alongside its Web site, which gets 20 million logins a year, and call center, which takes 5 million calls a year. “You can’t wait until there’s mass adoption,” says CIO Paul Heller. Also, financial services as an industry tends to foster a stronger link between IT and business value. IT organizations at financial services firms are more likely than other industries to devel- op revenue-generating products and services (79% for financial services vs. 60% total), almost twice as likely to license IT to third-party providers (29% for financial services vs. 15% total) and more likely to trademark an IT-based product or service (24% for financial services vs. 19% total). CIOs in financial services tend to report to the CEO or president (53% vs. 45% for all indus- tries) or the COO (16%, same as average); and only rarely the CFO (5% vs. 21% for all indus- tries). Compared to other industries, CIOs are less likely to have other responsibilities such as telecommunications, and more likely to partner with business units and lead R&D teams. —Ivan Schneider and Chris Murphy 6 September 2010 © 2010 InformationWeek, Reproduction Prohibited
    • Banking & Financial ServicesAnalytics.InformationWeek.com A n a l y t i c s R e p o r t Q&A: Vanguard’s Paul Heller and Tim Buckley Vanguard Group isn’t like most companies when it comes to IT leadership. Look at the career tracks of two top executives, Paul Heller and Tim Buckley, whose work at the mutual fund giant have taken them in and out of tech leadership roles. Buckley left a business unit role to develop Vanguard’s Web presence, became CIO, and now is managing Paul Heller Tim Buckley director of its retail investor group. Heller moved out of IT management to run the retail investor business, and now is running IT as CIO. Under Heller, Vanguard also has taken a different route to spur innovation. If there’s an emerg- ing tech project, like building an iPhone app last year, Vanguard will ask for volunteers to work on it. Volunteers keep their regular roles and work on the emerging project as well. Heller says it helps assure people are passionate about a project, and it gets a project moving that, by the numbers, couldn’t yet justify dedicated staff and budget. Heller and Buckley recently spoke with InformationWeek editor Chris Murphy. InformationWeek: You essentially switched jobs. Why does that approach work for Vanguard? Buckley: We think people shouldn’t move up in a silo. You gain better context of how the business works, and you’ll make better decisions for the client. … We also believe leadership is about competencies, not skills. We believe you can be successful in a leadership job if we develop those competencies. We also believe you should have different bosses, different mentors, to help build those competencies. Another element is it’s a very collaborative culture. So you tend not to just go off and make deci- sions in your business on your own without talking with anyone else. If we’re doing something in the retail business, the first person I’m going to call is Paul. “Hey, what do you think about this?” We’re very collaborative. I don’t worry, too much to tell you the truth, about what happens in IT. Having been there, I know he has a fabulous team. I don’t worry about whether they’re 7 September 2010 © 2010 InformationWeek, Reproduction Prohibited
    • Banking & Financial ServicesAnalytics.InformationWeek.com A n a l y t i c s R e p o r t getting better at delivery. I know they’re worried about getting better at delivery each and every year. I know they’re worried about availability. I don’t stress out about that. So what typical companies might stress out about—why’s my project late, how are you mak- ing my systems more reliable, are you spending money wisely—I’m confident they’re doing a great job about that. We spend all our time talking about better solutions—what can we do better for the client? We don’t waste time on the mechanics of IT. We let the IT guys worry about that. Heller: One of the things that fits with that is we’re pretty straightforward as a firm. We’re not selling a thousand different things; it’s not selling the most complex thing. It’s an investment, it comes in a few flavors—stocks, bonds, money markets, you can mix them up and it’s a bal- anced fund. The business is pretty straightforward, and to do that business well, you have to provide great fund returns. And technology is huge to providing great fund returns. … Much of what we do in-house is index funds and [that’s] quantitatively oriented and takes a lot of technology. We’re a virtual firm, and while on the institutional side we do go out and meet with people, with so many of our customers we only see those clients through the Web, so it takes a boat- load of technology. And part of our core advantage is we’re low cost, which takes a lot of tech- nology. In a way, while we’re not IBM or Google where you are a technology company, we have to be fabulous at it. Which is why we try to rotate people through both business and IT. It’s one thing to appreciate the business if you’re in IT; it’s one thing to appreciate IT if you’re in the business. It’s a whole other thing to walk in their shoes a while. It makes for wonderful clients. Tim, it’s nice to hear you don’t worry about it. If you hadn’t spent five years in IT directly, you’d probably worry about it a lot more. InformationWeek: We’ve been looking at growth and the opportunities IT teams see. Where do you see growth opportunities that IT can drive? Buckley: When the crisis hit, we were in the middle of converting to self-clearing, which means we were taking in the back office operations of our brokerage, from a firm Pershing. It’s a very expensive endeavor with IT to complete this, you have to have a tight partnership, there’s a lot of risk involved. We decided let’s push forward. By pushing forward, we’re saving $20 to $25 million a year. It would’ve been easy to say let’s cut the project; we don’t have to spend on the hardware, these expensive people. … That pricing gave us the flexibility back in May to cut the 8 September 2010 © 2010 InformationWeek, Reproduction Prohibited
    • Banking & Financial ServicesAnalytics.InformationWeek.com A n a l y t i c s R e p o r t price of our ETF to basically zero commission and drastically reduce the commission in our brokerage. InformationWeek: How much did that cost? Buckley: Tens of millions of dollars to do that. Heller: We divide the portfolio along a number of dimensions. One key aspect is in any given year, how much of what we’re spending on technology is really oriented to the client? How much is the client going to see? Another aspect is how much is geared to operational efficiency. This is a firm that becomes lower and lower cost, which leads to higher and higher perform- ance. So that’s very important to us—using technology to lower costs. A third area we track: We have a ton of people’s money, and it’s a virtual business, so you obviously have to be fabu- lous at security and risk reduction. We spend quite a bit on that. And last, we don’t wait for roads to crumble before we replace them. We’re always investing in technology infrastructure. … Generally we spend 40% to 45% in the space where clients directly see it and feel it. The next biggest would be 30% in a huge operational efficiency payback—self clearing falls into operational efficiency and payback. When you come to growth, many of the client initiatives are really growth initiatives. We really believe not just because we adore the place and drink the Kool-Aid, that your brother, sister, wife, best friend should invest in Vanguard. So it’s not just about a sales objective, but we’re just trying to make it easier for clients to invest in us. InformationWeek: How did your iPhone app get into the project pipeline? Heller: It’s what I think of as more practical innovation. This isn’t innovation as in “Let’s be cool to show stuff off to our external clients, and do retina scans.” We try to be really connected to our business and clients. When we put an iPhone app out, I wouldn’t call it innovation. There were already hundreds of thousands of iPhone apps. Yet, there weren’t many in the retail mutu- al fund space. It’s applied R&D. We can look two, three years out, and say, “Rich internet apps are going to happen.” We already see it on The New York Times or Amazon.com, don’t we want to do it? So we want to pave the way on the technology, so the first businessperson up who wants to do a rich Internet app doesn’t have to figure it out on their project. … In the mobility space, the BlackBerry and iPhone had major market share, we knew at some point the business units would be knocking on our doors—even though no one was really using the channel yet. Given that, we asked [for volunteers to work on an iPhone app]. People, 9 September 2010 © 2010 InformationWeek, Reproduction Prohibited
    • Banking & Financial ServicesAnalytics.InformationWeek.com A n a l y t i c s R e p o r t by the way in IT and business love this because it’s cool and new. So it’s easy to attract a team within IT and the business to put together a pilot or prototype app, and people adore volun- teering. And that’s also been symbiotic, because we get to see some of best up and coming tal- ent that volunteer to work on this. And that’s exactly what happened with the iPhone app. It was a quick, in a way undercover, effort. Buckley: It wouldn’t have happened if we didn’t have IT people who knew the business. They launched it, and it wasn’t like we said “Oh, that doesn’t look like Vanguard at all. You did that all wrong, that’s not how we think about that.” They showed it to us, we said, “Perfect, let’s ele- vate this and keep building on it.” InformationWeek: Why is volunteering important? Isn’t there a tension in squeezing a bit more out of people who are already busy? Heller: I think it just makes the pie bigger. People are totally psyched to go and do that work. They do it during the day, and they also get their work done. … And, it’s what our crew is ask- ing for. People want to work on things they’re passionate about. It fuels that. Buckley: In some fields, innovation is discovering the new technologies. In our world, it’s under- standing the new technologies and how they can be applied to help the clients. This is what Paul enabled. At a lot of companies—you hear about Google—you can spend 20% of your time and just be creative and think through things, or take a group and go do innovation. But a good part of innovation is passion—if you find people who know the new technology and have a passion for it and are driven to figure out the best thing to do for the client is. Paul blessed that and said, “Do that.” We don’t pay by the hour. They’re Vanguard folks. Basically Paul said, “If you’re working a project, you still have to do that. But if you want to spend time, and want to come up with an iPhone app because you’re passionate about that, go be creative and do that.” If you’re on the self-clearing project, you still need to do that, because that’s bread and butter for us, but he allowed them to carve out time in their day and said, “You can go do this.” Heller: It’s not work on anything. We’re very purposeful in tying it to the business and to spon- sors and technology trends. But it tends to be things people love. I can’t tell you the number of people who want to make Vanguard more green. 10 September 2010 © 2010 InformationWeek, Reproduction Prohibited
    • Banking & Financial ServicesA n a l y t i c s . I n f o r m a t i o n We e k . c o m A n a l y t i c s R e p o r tAppendix Figure 3 Innovation Plans From the list below, please select the top ways in which your company plans to innovate with technology in 2010. Introduce new IT-led products/services for our customers 53% Improve Web operations/customer experience 45% Make business processes more efficient 39% Lower IT costs/business costs 34% Get better business intelligence to more employees, more quickly 32% Engage customers in new ways 24% Improve customer service 24% Pursue new global opportunities 24% Create a new business model/revenue stream for the company 18% Move organization toward an eco-friendly IT environment 5% Improve interaction with partners and suppliers 3% Note: Three responses allowed Base: 38 banking and financial companies Data: InformationWeek Analytics survey of 2010 InformationWeek 500 executives Chart 1 11 September 2010 © 2010 InformationWeek, Reproduction Prohibited
    • Banking & Financial ServicesA n a l y t i c s . I n f o r m a t i o n We e k . c o m A n a l y t i c s R e p o r tAppendix Figure 4 New Web Technologies Which new Web technologies are being adopted by your company? We’re using wikis, blogs or social networking tools for external collaboration 68% We’re using software as a service 63% We’re using hosted collaborative applications (e.g., calendaring, spreadsheets, document management) 50% We’re using storage, compute or other cloud computing services 47% We’re creating mashups that combine Web, enterprise content and applications in new ways 39% Employees are encouraged to use consumer-oriented online applications they find useful 24% We’re using GPS-enabled or location-aware Web applications 18% We’re using platform as a service (e.g., Microsoft Windows Azure, Google App Engine) 13% Note: Multiple responses allowed Base: 38 banking and financial companies Data: InformationWeek Analytics survey of 2010 InformationWeek 500 executives Chart 2 12 September 2010 © 2010 InformationWeek, Reproduction Prohibited
    • Banking & Financial ServicesA n a l y t i c s . I n f o r m a t i o n We e k . c o m A n a l y t i c s R e p o r tAppendix Figure 5 Global IT Strategies Which of the following global IT strategies are in place in your organization? We do IT outsourcing with vendors outside the U.S. 70% We do business process outsourcing with vendors outside the U.S. 46% We’re making global support and development part of most IT workers’ regular jobs 43% We’re expanding our own IT operations and hiring outside the U.S. 38% We’re integrating more IT workers with business operations that are global in nature, such as purchasing and supply chain 38% Other 16% None of these 14% Note: Multiple responses allowed Base: 38 banking and financial companies Data: InformationWeek Analytics survey of 2010 InformationWeek 500 executives Chart 3 13 September 2010 © 2010 InformationWeek, Reproduction Prohibited
    • Banking & Financial ServicesA n a l y t i c s . I n f o r m a t i o n We e k . c o m A n a l y t i c s R e p o r tAppendix Figure 6 Technology Initiatives That Improved Company Productivity Which of the following are the most effective steps managers in your organization have made in the past 12 months to raise company productivity? Deployed new types of collaboration software (Microsoft’s SharePoint or other) 66% Deployed business intelligence tools 47% Deployed unified communications (single solution providing e-mail, VoIP, videoconferencing, IM and presence) 37% Deployed desktop virtualization infrastructure 24% Developed mobile applications 21% Deployed videoconferencing 18% Distributed smartphones 18% Encouraged workers to use Web 2.0 technologies (e.g., social networking, online applications) 18% Increased support for telecommuting and remote workers 16% Adopted online collaboration tools (e.g., Google applications) 5% Modeled business processes using CASE (computer-aided software engineering) or related tool 3% Note: Three responses allowed Base: 38 banking and financial companies Data: InformationWeek Analytics survey of 2010 InformationWeek 500 executives Chart 4 14 September 2010 © 2010 InformationWeek, Reproduction Prohibited
    • Banking & Financial ServicesA n a l y t i c s . I n f o r m a t i o n We e k . c o m A n a l y t i c s R e p o r tAppendix Figure 7 IT-Driven Patents and Copyrights Has your organization patented, trademarked or copyrighted any IT architectures, products, services or IT-driven business processes in the past 12 months? Yes 37% 63% No Base: 38 banking and financial companies Data: InformationWeek Analytics survey of 2010 InformationWeek 500 executives Chart 5 15 September 2010 © 2010 InformationWeek, Reproduction Prohibited 00%
    • Banking & Financial ServicesA n a l y t i c s . I n f o r m a t i o n We e k . c o m A n a l y t i c s R e p o r tAppendix Figure 8 IT Adding Value Back to the Business In which of the following ways has your IT organization added value back to the business? Developed a revenue-generating product or service 79% Licensed information technology to third-party providers 29% Trademarked an IT-based product or service 24% None of the above 21% Note: Multiple responses allowed Base: 38 banking and financial companies Data: InformationWeek Analytics survey of 2010 InformationWeek 500 executives Chart 6 16 September 2010 © 2010 InformationWeek, Reproduction Prohibited
    • Banking & Financial ServicesA n a l y t i c s . I n f o r m a t i o n We e k . c o m A n a l y t i c s R e p o r tAppendix Figure 9 Reporting Structure for CIO To whom does the CIO of your organization report? Other Other senior 13% corporate executive 10% CTO 3% CFO 5% 16% CEO/president COO 53% Base: 38 banking and financial companies Data: InformationWeek Analytics survey of 2010 InformationWeek 500 executives Chart 7 17 September 2010 © 2010 InformationWeek, Reproduction Prohibited
    • Banking & Financial ServicesA n a l y t i c s . I n f o r m a t i o n We e k . c o m A n a l y t i c s R e p o r tAppendix Figure 10 CIO Areas of Responsibility Outside of IT Is your CIO officially responsible for areas other than IT? Telecommunications 53% Innovation 32% Operations 21% Business process management/improvement 16% Global business services 13% Procurement 13% Logistics/supply chain 8% HR 5% Other 37% Our CIO is not officially responsible for any areas outside of IT 21% Note: Multiple responses allowed Base: 38 banking and financial companies Data: InformationWeek Analytics survey of 2010 InformationWeek 500 executives Chart 8 18 September 2010 © 2010 InformationWeek, Reproduction Prohibited
    • Banking & Financial ServicesA n a l y t i c s . I n f o r m a t i o n We e k . c o m A n a l y t i c s R e p o r tAppendix Figure 11 CIO Involvement With New Product Development What are the most important ways in which your CIO is involved in developing new products for your company? Partner with business units to develop new products or services 92% Provide the systems and support mechanisms for new product development 76% Lead an R&D team accountable for new products or services 24% Not involved with new product development 3% Note: Two responses allowed Base: 38 banking and financial companies Data: InformationWeek Analytics survey of 2010 InformationWeek 500 executives Chart 9 19 September 2010 © 2010 InformationWeek, Reproduction Prohibited
    • Banking & Financial ServicesA n a l y t i c s . I n f o r m a t i o n We e k . c o m A n a l y t i c s R e p o r tAppendix Figure 12 IT Budget Allocation What percentage of your organization’s projected 2010 worldwide IT budget, including capital and operating expenses, is devoted to the following? Ongoing IT 62% operations 38% New IT project initiatives Base: 38 banking and financial companies Data: InformationWeek Analytics survey of 2010 InformationWeek 500 executives Chart 10 20 September 2010 © 2010 InformationWeek, Reproduction Prohibited
    • Banking & Financial ServicesA n a l y t i c s . I n f o r m a t i o n We e k . c o m A n a l y t i c s R e p o r tAppendix Figure 13 IT Spending Expectations Will your total IT spending in 2010 exceed, be equal to or be less than your 2009 IT spending? Less than 16% Exceed 60% 24% Equal to Base: 38 banking and financial companies Data: InformationWeek Analytics survey of 2010 InformationWeek 500 executives Chart 11 21 September 2010 © 2010 InformationWeek, Reproduction Prohibited