-
Technology
-
Industry
-
Solutions
-
- ASSET MANAGEMENT
- CUSTOMER EXPERIENCE MANAGEMENT
- CYBER SECURITY
- DATA CENTER
- DOCUMENT MANAGEMENT
- ELECTRONIC DATA INTERCHANGE
- ENTERPRISE DATA MANAGEMENT
- ENTERPRISE RESOURCE PLANNING
- ENTERPRISE RISK MANAGEMENT
- ENTERPRISE-GRADE WEB DATA SOLUTIONS
- FACILITY MANAGEMENT
- FIELD SERVICE
- IDENTITY AND ACCESS MANAGEMENT
- INFRASTRUCTURE
- IT SERVICE MANAGEMENT
- MANAGED IT SERVICES
- PAYMENT AND CARD
- PROJECT MANAGEMENT
- SOFTWARE TESTING
- STORAGE
- VIDEO SOLUTIONS
- WORKFLOW
-
-
Platforms
-
Functions
- Leadership Perspectives
- Innovation Insights
- Research
- Magazines
- News
- CXO Awards
Joe Guastella
"In today’s environment, the ability to “do more with less” is exactly where analytics are needed."
Joe Guastella
MD, Financial Services
Deloitte
Prior to taking on this role, Joe led the global and U.S. insurance practices. In his U.S. role, Joe grew the practice ten-fold and significantly enhanced the Deloitte brand in both the U.S. and global marketplace through personalized executive forums and events and industry association leadership.
Steering transformational initiatives within your business environment that typically required IT
More than anything, our financial services clients have been focused on building new capabilities to address regulatory requirements. All of this has resulted in the need to make changes to strategy, processes and big changes to current IT platforms. Two recent examples I can share include changing collateral management systems for OTC derivatives trades to be able to interface and report to Central Clearing Platforms mandated by Dodd-Frank.
Things done to elevate IT's relationship with the business
We are consistently working with CIOs at financial institutions to create increased discipline in their approach to organizational transformation. This includes a focus on portfolio management and results-management capabilities. The objective is to ensure that both technology and business leadership have a clear understanding of the alignment of the transformation effort with the priorities of the business.
Lessons learned and advice for fellow CIOs
In building new technology, there must be a focus on rationalizing an aging infrastructure as you install applications, platforms or channels. Without this, building new applications leads to higher costs, operational complexity and soon requires process workarounds as old and new systems are not compatible in a variety of ways.
The areas in business environment where solutions do not yet exist or not up to the mark, and which if existed, would've made job easier
First on the wish list would be a solution to this, for today and tomorrow. Similarly, the ever changing regulatory environment creates challenges for our client’s IT organizations. The largest challenge continues to be the evolving reporting requirements from regulatory changes in areas such as stress testing, Basel III, anti-money laundering rules, IFRS, FATCA and Solvency II – and how best to address these in a relatively cost effective manner.
Technology trends impacting enterprise business environment
We’ve been talking and working with clients on these topics for several years – and the list related to new technologies keeps getting longer. Most recently, we have been seeing the increased usage of sentiment analysis from social media channels to assist financial services organizations by providing immediate feedback on the launch of new products and services. By leveraging the feedback provided via the sentiment analysis, organizations are able to adjust and make modifications much faster based on customer input.
My roles and responsibilities as a CIO
There has been an increased level of importance on data management for the CIO. Increasingly, organizations are now separating the role of Chief Data Officer just as they have previously handled the separation of duties for a Chief Technology Officer. CIOs are increasingly concerned with data quality, data security, and the use of advanced analytics and business intelligence to drive business, financial, and risk decisions.
We’ve been talking and working with clients on these topics for several years – and the list related to new technologies keeps getting longer. Most recently, we have been seeing the increased usage of sentiment analysis from social media channels to assist financial services organizations by providing immediate feedback on the launch of new products and services. By leveraging the feedback provided via the sentiment analysis, organizations are able to adjust and make modifications much faster based on customer input.
My roles and responsibilities as a CIO
There has been an increased level of importance on data management for the CIO. Increasingly, organizations are now separating the role of Chief Data Officer just as they have previously handled the separation of duties for a Chief Technology Officer. CIOs are increasingly concerned with data quality, data security, and the use of advanced analytics and business intelligence to drive business, financial, and risk decisions.
Manner in which data is used to head off problems and complicationsbefore they happen
When it comes to heading off problems, we continue to help our clients with the use of advanced data analytics to make business decisions. Some examples from recent projects include financial institutions using analytics to improve their business models, from sales to customer experience, making product decisions just to name a few. In today’s environment, the ability to “do more with less” is exactly where analytics are needed.
When it comes to heading off problems, we continue to help our clients with the use of advanced data analytics to make business decisions. Some examples from recent projects include financial institutions using analytics to improve their business models, from sales to customer experience, making product decisions just to name a few. In today’s environment, the ability to “do more with less” is exactly where analytics are needed.
