Banks creating 'islands of innovation'

Hi, is a CDO role interchangeable with a Cheif Innovation Officer - or do you see these roles as distinct and separate? Thanks

@Tabitha,

I think these roles can not be separated. A new acronym has to be created for these two roles, and including a third which would be the "Business Process Architect."
Not knowing the business, innovation and digitization are useless ...

From "islands of information" at one point in time to "islands of innovation" now. Is that progress or what?!

Hello Joao, Thanks for your reply - I suspected that might be the case - but was not sure. Maybe the limitation around the remit of the CDO role is in my perception, but the concern I have around the roles being seen as in effect 'the same' is that I don't see innovation only covering digitalisation. Innovation (especially in this age) can and should be at many different levels, not excluding organisational culture & socially inspired innovation, to identify a few that leap immediately to mind. What do you think?

@Tabitha,

You're right about innovation.

In my point of view:

"Wherever there is a challenge, there will be the opportunity for innovation, on any level."

And to avoid "prevent banks from reaping the benefits of digital transformation at an organisational level." the role of "Business Process Architect" makes sense.

The digital transformation must be at an organisational, enterprise-wide level!

Now try to find a clear answer to "What is Business?".


So, the chief digital officer (CDO) should be a "Business Process Architect" and an "Innovator", who will depict the current enterprise scenario.

And knowing the "current scenario" AND the purpose of the Business AND the technology available, he will design the "future digital scenario".

Current and future scenario known, an integrated plan from ITC and Business people shall clearly show the path "how to get there”, orchestrated by the CDO.

Task quite easy, no?

Above all, the CDO must be an agent for cultural change.  This is not just a technology or operational role.  When we look at the most successfully agile banks, transformation is in their blood.  Starting with the the CEO and board, the CDO nurtures that culture across the enterprise.  Within that remit, their can be separate leaders for innovation, enterprise process reengineering, enterprise data architects, etc.

Great discussion,

Jerry Silva

*there, not "their".   My goodness, I'm typing like my daughter now!

LOL @JerrySilva, child is now *mother* of the man! Going by my daughter, I'm guessing that if your daughter sees your comment, the difference between "there" and "their" would be least of your worries!

@Jerry Silva,

The CDO has not an easy 'job description'.

For sure 'cultural change' is fundamental, and also to show executives how to get out of the thicket!

As mentioned in Fernando Lanzer’s book Take Off your glasses:

"The simple stuff that needs to be done is often scary stuff, which we would rather not face.
Hence complication is a form of avoiding the simple essence.
Complication is a form of using rationality as a shield to defend ourselves from the emotional consequences of acting."

The CDO also may behave as a "spiritual guide" on the organization. 

So, those are not 'technical issues'.

@Ketharaman,

Perfectly true!