It’s becoming increasingly difficult for tech executives to provide the right strategy to enable customer obsession in today’s uncertain and volatile environment. Future Fit technology strategy by Forrester helps you succeed. Future Fit is a customer-focused approach to technology that allows companies to quickly reconfigure and reinvent business structures and capabilities to meet future employee and customer needs. It also encourages creativity, adaptability, and resilience.
As we help our clients take advantage of this framework, they often wonder: “Who has succeeded in such a strategy??” Recently, we published a case study which shows how Standard Chartered, a global bank services institution, adopted a future-fit technology strategy to reduce technical debt, accelerate its continuous transformation, make the bank more adaptable, creative, resilient, and increase its overall resilience. This case study explains how Michael Gorriz (Standard Chartered’s group CIO) and his team consistently execute on the three main drivers of a future-fit technology strategy.
- Platforms that reduce risk and speed up time-to-valueStandard Chartered’s future-fit technology strategy is a key pillar. Standard Chartered uses modern technology platforms to accelerate continuous transformation, foster co-innovation with partners and take advantage of the flexibility of cloud computing to provide more resilient services.
- A system that helps teams align with customer and business goals.Standard Chartered places a lot of emphasis on reskilling business and technology staff. The bank is embracing new ways of working that result in new behavior and a customer-centric culture that emphasizes the importance of core values. The bank can deliver continuous innovation faster thanks to new practices that include cross-functional teams and shared accountability.
- Bank partners to support innovationFuture value of the bank will depend on how fast and efficiently it uses technology to create new platforms that offer differentiated experiences, operations, and offerings. Standard Chartered understands that this is not possible alone. Standard Chartered is working with technology companies, fintechs, and other industry partners to find out how technology can revolutionize banking services for clients.
Clients of Forrester can access this case study to see how a future-fit technology strategy works at Standard Chartered. It also outlines the benefits that Standard Chartered has already reaped in terms customer acquisition and engagement, new models innovation (including Mox) and employee engagement and productivity.