“Trying to cut your way out of falling profit and revenue is like trying to lift a bucket by standing inside it and pulling up on the handles. It feels like progress but it’s a lot of wasted energy to go nowhere.”
One of the biggest changes, ever, is going on in the financial sector. So I talked with Greg Carmichael, the chairman and CEO of Cincinnati-based Fifth Third Bancorp, about staying relevant and competitive. As the business of banking undergoes significant technological transformation, I found his views on legacy system modernization particularly compelling:
In my experience, many banks are rooted in legacy technology — and just starting out on their multi-year digital / delivery transformation. So as part of Bank Director’s Inspired By Acquire or Be Acquired program on BankDirector.com, we explore this issue in the context of growth options and opportunities. To access this premium content — which includes my full conversation with Greg — register or log-in here.
WASHINGTON DC — Microsoft Corp. CEO Satya Nadella noted in late April, “we’ve seen two years’ worth of digital transformation in two months,” due to the speedy adoption and implementation of new technology by the U.S. business sector.
As our team at Bank Director writes, “navigating the short-term impacts of these shifts has bankers working round-the-clock to keep pace, but the long-term effects could differentiate the companies that take advantage of this extraordinary moment to pivot their operations.” This transformation makes up the core of the discussions taking place at Microsoft’s Envision Virtual Forum for Financial Services.
As part of that event, I sat down (virtually) with Luke Thomas, Microsoft’s managing director, U.S. banking and financial providers, to discuss how financial institutions can use this opportunity to modernize their operations. Together, we addressed the adoption of technology, legacy vs. new core providers and how business leaders encourage continued improvement.