Thursday, 10 August, 2023
12 pm EDT

What Legacy Will You Leave Behind?

In partnership with

Why attend

As a bank CTO, what legacy do you want to leave behind? Will you keep patching and maintaining clunky systems?

This pressure is leading some CTOs to embark on journeys to modernize their legacy IT architecture. And they are often getting the budgets and support they need from their executive boards.

The only way to move forward is to modernize the tech stack, but that’s easier said than done.

The same factors that led to the problem are often preventing them from fixing it. There is no magic solution. There isn’t one vendor, one platform, one transformation project that will solve it all. It’s an infinite game. But that doesn’t mean we can’t make progress. We have to start somewhere and move in the right direction. The combination of these two trends has led financial institutions to explore new and more creative ways to modernize their legacy IT architecture.

In this webinar, you will learn:

The New Way: 5 principles for progressive modernization

1. Re-design architectures around the customer, not the system [journey-led + value drivers]
2. Take a progressive approach and hollow out the core
3. Adopt a platform-operating model built on an open platform
4. The Hybrid model: Build + Buy. Choose what to build and what to buy. What to run, and what to outsource.
5. Not just tech, overhaul the operating model too. Would that warrant a side car scenario?

The key take-aways

How can customer needs inform or clarify a CTO’s priorities?

How can CTOs increase the speed to value for transformation projects?

How can refreshing journeys on a platform(s) make subsequent transformation projects faster?

What should CTOs use as the criteria for which components they buy vs what they build? Has this changed in recent years?

The webinar panel

Click to view full speaker details

Vik Sohoni, Senior Partner and co-leader, Global Digital Banking | MCKINSEY & COMPANY Tom Feher, U.S. Financial Services Banking Director | MICROSOFT Srinivas Ramadath, Partner | MCKINSEY & COMPANY Kathleen Woodard, Head of Banking Industry Digital Advisory, Americas | MICROSOFT Tim Rutten, EVP, Chief of Staff | BACKBASE Vik Sohoni, Senior Partner and co-leader, Global Digital Banking | MCKINSEY & COMPANY

Overview:
• Vik serves several leading financial institutions in the Americas and Europe on strategic and digital transformation programs involving major strategy choices and operating model changes

• Co-leads McKinsey’s practice on digital and analytics in banking globally, having built this up from scratch in North America since 2013

• Aside of advisory, the practice comprises over 500 technical experts, architects, product owners, cloud and data engineers, and software engineers focused on high-end delivery

• Vik is the author of a McKinsey book called “The Digital Factory and Mission Based Model" and has published extensively on mckinsey.com and elsewhere

Select experience:
• Leads the deployment of strategic advisory, and high-end delivery services, leveraging McKinsey acquisitions like Candid and Caserta (Could, Data) in the Banking Sector in North America.

• Has led our support to two major FI’s cloud migration deals in North American and one in Europe.

• Led the creation of the partnership with an industry leading cloud boutique leveraging McKinsey’s patented asset for cloud deployment ‘Matter Compliance’

• Led the digital transformation of a top 5 bank in North America, building their digital factory which has now scaled to over 2000 people

• Led the product build for an AI/ML enabled capability and Financial Advisor change management and adoption for a leading wealth manager

• Leads our service to a top digital brokerage, wealth and asset manager across strategic themes

Background:
Vik has an MBA with Honors in Finance from the Wharton School at the University of Pennsylvania

He recently rotated out after 5 years as a member of the Board of World Business Chicago, Chicago’s economic development and business attraction group of CEOs and non-profit groups chaired by the Mayor; he is also a board observer on an AI investment by McKinsey

Kathleen Woodard, Head of Banking Industry Digital Advisory, Americas | MICROSOFT

An accomplished senior executive with broad financial services experience, I am a business transformation leader helping sales, service and technology organizations accelerate value realization. Passionate about creating healthy, inclusive cultures, I can deliver ambitious financial results while leading employees through change. I have led large scale leadership and technology transformation programs for thousands of employees, including leading the implementation of a new CRM platform, a branch network re-organization and sales and service productivity accelerators. Known as an inspiring, savvy and authentic leader, I am a dynamic spokesperson, change catalyst and client champion with a proven track record delivering results for shareholder, client, employee and community stakeholders.

Srinivas Ramadath, Partner | MCKINSEY & COMPANY

I'm a Partner in McKinsey & Company's Chicago office, working with clients to help drive impact through digital and technology. The clients I serve are primarily in Financial Services, Advanced industries (B2B), Hi-tech industries. As an advisor in the area of digital technologies, I mainly serve CEO’s and business leaders as they lead enterprises towards driving new avenues of growth powered by digital and modernize technology to make their business ready for the internet world.

The expertise I bring to my clients are primarily around driving growth through digital strategy and driving digital transformation programs within budget and right timelines. I work with clients to help create a IT / tech strategy to achieve both efficiency, effectiveness of the business processes through rapid digitization and technology modernization. My experience in serving clients spans across modern technologies like API’s, Microservices, Cloud, Mobile App technologies, IoT and Embedded Software solutions.

Prior to McKinsey, I held leadership positions at Accenture, Sasken Communication Technologies and EDS (Mphasis/Kshema) consulting where I have Hi-Tech and communication clients in NA, Europe, Japan and lead partnerships with digital natives and startups in the silicon valley. I have an executive MBA from Indian Institute of Management (Kolkata), Bachelor of Science, Masters in Computer Application degrees from Bharathidasan University, Trichy.

Tom Feher, U.S. Financial Services Banking Director | MICROSOFT

Tom is passionate about helping clients innovate and drive business outcomes. Tom has spent the last 3 years in financial services and technology, partnering with business and technology leaders to enable innovation and deliver digital transformation.

Tom currently is the U.S. Financial Services Banking & Fintechs Director, where he is responsible for driving all aspects of business development, including industry strategy, solutions, strategic partnerships, marketing and sales. Previously, Tom was U.S. Financial Services Director of Business Applications and an Enterprise Account Executive in Microsoft’s Financial Services Group.

Prior to joining Microsoft, Tom spent 9 years in the banking industry with leadership roles in retail banking, emerging technologies, payment services and e-commerce. He has a bachelor’s degree in management information systems from Kent State University and has served 8 years of leadership in the U.S. Army. Tom also leads Fintech Insights Podcast and is passionate about cooking, travel, and water sports.

Tim Rutten, EVP, Chief of Staff | BACKBASE

Tim Rutten found his passion in entrepreneurship in the digital space the moment he got access to the internet and started his first business. Ever since, Tim has combined technology with creativity to drive impactful, real-world solutions. Being recognized with the Kauffman Global Scholarship allowed him to study the Silicon Valley playbook first-hand. Now, as the VP Strategy at Backbase, Tim drives the global innovation agenda of Backbase and is passionate about sharing his thoughts on the digital banking space.

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This webinar is in partnership with

We are the pioneers of engagement banking. Our industry-leading platform helps banks and other financial institutions get closer to their customers like never before.

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