Banking industry will welcome a new C-suite member in 2016

The advent of digitization will bring in a new C-suite member who will bravely shoulder the responsibilities of rolling out all things digital. The Chief Digital Officer would be focusing on driving the business of the bank.

“While the CIO will empower the bank with innovations, the business drive will need a clear focus making it necessary for a CDO,” says Asit Oberoi, group president and chief operations officer at YES BANK.

Also read: What Does a Chief Digital Officer Do?

The role demands a person who is business-oriented. It’s even better if one who has been a product manager for mobile or e-commerce application. “A CDO doesn’t necessarily just develops a mobile app, but at times should also double up as Chief Customer Experience Officer for the bank. He needs to have a clear idea on how to market products across electronic channels,” says Shiv Kumar Bhasin, CTO, State Bank of India.

Though the hierarchy varies from one organization to the other, most CDOs report to the CEO directly as they head a business or innovation department. CDOs work parallel with CIOs.

Read more: Who in the C-suite Isn’t Doing Enough to Drive the Digital Agenda?

There is another type of model where CIOs can double up as CDOs. But for that to happen they need to prepare a team of Chief Digital Engineers or Chief Digital Architects, reporting to them. It will help them roll out their mandate of digitization and various other digital processes and applications.