The role, if not necessarily the title, of the chief digital officer (CDO) is by now a familiar fixture in C-suites across the financial services industry.
This is perhaps more a measure of the speed and extent to which digital strategies have been adopted as central to all financial services than anything else. The past few years have also seen a decline in the number of new CDOs being hired.
“CME Group has never hired a chief digital officer,” says Kevin Comer, managing director of marketing at CME Group in Chicago. “Our growth is coming from digital offerings, as more customers around the world use our products to manage their risk and of course they’re going to do that electronically. So it’s part of everybody’s job.”
Did we reach digital saturation in marketing without noticing it? That’s one possible conclusion from the responses we received to the above question. If there’s one clear indication from the data, it’s that financial services firms are no longer throwing all of their budgets into digital marketing and communications. Liquidnet’s Mahony says we’re coming from period when digital has so dominated marketing and communications budgets that “eventually it reaches a saturation point and it kind of tilts back towards parent branding. That’s a good example for what I’ve seen.”
That may not mean that the demise of the CDO is at hand. Rather, according to PwC, the future role of the CDO is changing. Perhaps it is a reflection of the degree to which all functions within financial services organisations have reached digital saturation that CDOs no longer have such a distinct role to play outside of the realm of technology within the C-suite.
This is an extract from our 2020 Globalthe latest marketing trends within the industry across the jurisdictions we cover: the UK, Germany, MENA, Asia and Australia. Download the full report by completing the form below.