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Who’s On Your Board of Directors?

April 1, 2010 1 comment

While I was helping organize BarCampBankCharleston, I searched a lot of financial institutions’ websites.  Being the curious person I am, I clicked on the board of directors page to see their makeup.  What I found was plenty of doctors, lawyers, COOs, CFOs, and business owners.

But I also found something missing.  Although there were plenty of business owners, I didn’t see a single one that owned a technology company.  None had an outside CIO or VP of IT on their board.  I didn’t even see their own CIO on the board.

In today’s business world, every business decision is a technology decision.  Not having IT expertise is just as detrimental as not having law or financial expertise.  The old way of doing banking is gone.  Branch traffic is down across the industry.  Customers are using more and more technology to handle their finances.  Having board members that understand this and understand technology in depth can help financial institutions survive now and thrive in the future.

I know from personal experience that it’s a lot easier to introduce technology to someone when they have an appreciation of what better technology brings to the business.  It’s even better when that person sees technology as a competitive advantage and not just a cost center.

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