Business Lab

Companies across all industries are faced with the urgent need to transform the way they do business, including financial services, but changes abound with governance, security, and culture. A shift in mindset and perspective away from “the way things have always been done” is key to a successful digital transformation and to providing the frictionless customer experience banks and other financial services businesses strive to offer. To stay competitive in the wide-ranging fintech landscape, says Michael Ruttledge, chief information officer and head of technology services at Citizens Financial Group, banks need to become more agile and embrace new technologies. He described the five pillars he has used to guide digital transformations at financial institutions: “The first pillar is moving to agile. Second is moving to a more modern architecture. Third is doubling down on the engineering talent at the bank, and fourth is being more efficient and transforming the technology cost structure. Finally, the fifth p