Taken from our recently produced Global Financial Services Report, the excerpt below discusses the role of a Chief Digital Officer; a role born out of a rapidly evolving, transformative market.
The financial services team would welcome comments on the role’s fruition – do get in touch with any views or insights.
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Many FS firms are turning to a Chief Digital Officer (CDO) to help navigate and manage their operations.
In 2015, in the first of their annual studies into the Chief Digital Officer role, PwC found that only 6% of the world’s top 1500 organisations had hired CDOs. In the next year’s study, that had risen to 19%.
All in all, the figures from 2016 show that 60% of CDOs worldwide had been hired in the previous two years.
And in that time, the role itself has seen transformation – veering away from marketing and sales and towards a more tech-focused remit. All of which reflects how technology is disrupting the industry.
But, like with the rise of the CCO, scepticism remains about the use of defining someone specifically as a CDO.
, Head of Marketing, Communications and Events, Global Markets & FIC APAC at BNP Paribas, sums up the mood: “Digital should be seamlessly integrated into everything we do rather than being seen as a standalone marketing medium, which it was a few years ago.
“It’s no longer purely about newspaper ads or hard copy brochures – digital is now part of our day-to-day, from social media, websites, conference apps, EDMs and programmatic. Everything we do has a digital component. Certainly CDOs would be technical experts, but every marketer has to think digitally.”
The fact is that, in general, the CDO is one of the more loosely defined of the modern executive roles.
Not every organisation will need a CDO but the presence of the role can act as an acknowledgement that digital marketing is a fast-moving, innovative and disrupted space – and needs specialist expertise overseeing it.