Technological progress is shaping the future and requires the transformation of the financial services industry (FSI).

The high level of IT use and early adoption of technical innovations have had a massive impact on the FSI for more than 60 years and have become a key success factor for businesses.

Digital transformation is giving the tight integration of business models and IT further impetus, and technologies are increasingly becoming a necessary prerequisite for business models. Many institutions such as Goldman Sachs are already positioning themselves clearly: “We are a technology company. We are a platform.” Or, like Commerzbank, they commit to digitalization as a key strategic goal: “Our business model will become simpler, more efficient and fully digitalized. This will increase our profitability on a long-term basis.”

The German supervisory authority BaFin is following this development: “The use of information technology (IT) in financial institutions, including IT services provided by IT vendors, is of key importance to the financial industry and will continue to grow in importance.”

So how should IT organizations be positioned and set up to deliver the greatest possible value-add for a financial institution?

It is not only technology that is changing – new (non-FSI) players, the establishment of embedded finance, the disruption of value creation through BaaS/IaaS or “open banking” in dynamic platform economies are just a few buzzwords describing the current market changes.

IT is responding with a new delivery model that improves banking and insurance while allowing “more” than banking and insurance.

Small wonder that the discussion between senior management, the IT department and the business units about the positioning and setup of the IT organization is intense:

• What IT solutions does the institution need today and in the future – based on what architectures and platforms?
• Who should provide and manage the organizational and technical solutions – with internal resources and skills or with greater involvement of external partners?
• How can IT be managed effectively – and how should the corresponding collaboration models to be designed?

The goal is to reconcile the three dimensions of deliverability of solutions (time-to-market), budget viability, and manageability in terms of stability, IT risks and IT security specifically for each institution.

The six university-level modules, unique in terms of content and concept, are based on the current knowledge and practical experience of zeb. Participants are taught all the essential skills that are indispensable for today’s business models – and required by supervisory authorities.

These skills are not just relevant for all employees of banks and insurance companies but also for those who work at fintech and insurtech companies or consulting firms.