Tag Archives: Finance

Co-op Financial Services’ Jim Slack discusses social media

The finance sector is famously behind other industries in the use of social media. Co-operative Financial Services IT chief Jim Slack aims to change that situation, as my latest feature for silicon.com shows.

Financial services firms are probably not the first type of business you would think of when it comes to the adoption of social media. In fact, they might be the last.

silicon.com recently reported the suggestion that case law from 1924 prevents finance companies from publicly identifying an individual who has an account with them, which makes responding to customer queries via social media a potential legal minefield.

Other reports regularly suggest banking CIOs have been slow to adopt social media. But Jim Slack, the business leader of IT operations and development at Co-operative Financial Services (CFS), is encouraging his organisation to take a different stance.

To read the rest of the feature, please click here.

Creativity is only significant if it does not entail excessive risk

Your working life should be a continual learning process, from your first day of employment to your inevitable promotion to the top table.

Any employee who makes the mistake of thinking they know everything is bound to fail. A good worker listens, talks and learns – and the same methods for success exist across every sector and individual business.

Take technology journalism, where novice business reporters are traditionally given the storage beat. It is a dry, technical area but any reporter who proves their worth in storage is likely to flourish at the front line of IT innovation and implementation.

The moral, I guess, is you need to do the right ground work. And the same principle holds true in the real – rather than reported – world of business technology, where CIOs are expected to put years of technical experience into practice for the benefit of the business.

Once at the top, it is easy to become sidetracked by ephemeral talk of alignment and agility – and to forget that lasting success is all about policy and process. A true technology leader recognises that the governance helping maintain day-to-day IT will not be forsaken for the more exciting areas of implementation and innovation.

The winter edition of CIO Connect magazine (from which this editorial is taken) shows that successful technology chiefs find a balance between creativity and risk-taking.

When it comes to how the CIO should develop novel techniques for intractable challenges, Marks & Spencer’s director of IT and logistics Darrell Stein says he only gets excited about business cases, sales and costs.

Change attempts are set by a business agenda, an approach echoed by Paul Forester – IT director at fashion retailer Monsoon Accessorize – who is looking to create an IT planning function to focus on innovation.

Creativity, it turns out, is only significant if it does not entail excessive risk. And that propensity for the business to cope with risk relies on the well-learned basics of policy and process.

With strong governance, CIOs are much more likely to see projects succeed. Like storage, governance has a reputation for being dry and staid. But it involves a learning process that must not be forgotten.

Tom Herbich, now director of business applications and information governance at Deutsche Bank, has spent three decades honing a unique and effective approach to compliance. In a special feature on the finance industry, Herbich offers advice which is true for CIOs across all sectors.

“You must implement solid business controls,” he concludes. “You need to know how to manage and you need to understand what is really important.” As ever, experience will see you right.

Do footballers actually like football?

That might sound like an odd question, given that most football fans would give up just about anything to wear the shirt of their beloved club. But I have a theory. And it is one I regularly bring up with my mate and fellow Villa fan Steve Wilson, who thinks I’m talking rubbish.

My theory is as follows. Some people at school are good at English; others are good at maths. Whatever your specialism, you’ll probably take a career direction that follows the ability – I work in journalism; Steve works in finance. So, what of people who are good at football? If they’re lucky – and I mean really lucky – they’ll become professional footballers.

But just because they’re good at football, doesn’t necessarily mean they have to like it. I would have loved to have been a footballer because I love football. Yet some people must have a natural ability and not really like their profession. And there’s proof. Take this excerpt from a BBC interview with Tottenham player Benoit Assou-Ekotto:

“For me it is just a job. When I used to play in France I was near my home, my mum, my friends and everybody I know. So why would I come to England? I didn’t speak English or know anybody. It was just a job. I’m sure in every job everybody wants progression and it’s the same for me. But I understand when I go on the pitch I have to give the best of myself because the season ticket is very expensive.”

And he’s not alone. The Guardian collected evidence of stacks of players who took a similar stance to the game in 2007, including former Tottenham and Watford goalkeeper Espen Baardsen.

He became disillusioned with the game at 25, gave it up and completed an Open University degree, before becoming a financial analyst for London-based hedge fund Eclectica. ”It is a great myth that football is easy,” he insisted. “It’s quite miserable compared to what I have now.” Footballer-turned-boxer Curtis Woodhouse is another who disliked the game to such a extent. “Everyone loves football, but I didn’t. It felt like a job,” he said. “I felt empty playing, it got me angry. I could have carried on playing football until I was 35, making a nice wage and having a nice life, but that’s not what I wanted to do.”

So, what do you think? Do footballers actually like football?

Football finance and the folly of championship dreams

There’s a debate on the finance of football taking place now on BBC News and a bunch of other public broadcast channels (actually, is such repetition a new way for the Beeb to cut costs in light of announced programme cuts?).

The debate’s been quite interesting so far. Not brilliant, but quite interesting. The most pertinent fact has been that 53 English clubs have gone into administration since 1992. That’s unbelievable; administration has simply become a business norm for football clubs.

Now – given the travails of Portsmouth – everyone is saying the debt associated to British football clubs is far too high. Apparently, everyone has now recognised that debt is wrong; it’s a means of cheating your way to success.

But if it wasn’t for Portsmouth, and the wider global financial crisis, would anyone have cared less? Numerous clubs have bought their way to success, unbalancing the balanced playing field of top flight football. When I was kid, I genuinely used to think the Villa had a chance of winning the League every year. Now, such thinking would be just folly – and it’s got nothing to do with the wisdom of age, and everything to do with the level of debt swilling around in football.

So, while I agree football needs to get its house in order and apply good governance (which seems to be the watchword for tonight’s debate), I can’t help thinking it’s far too little far too late.