Celent Steps Up its Digitization Following With New Hire

December 7, 2017         By: Steven Anderson

We’re increasingly seeing banks make moves, on one front or another, to digitization. Whether it’s mobile banking operations, larger-scale mobile payments efforts, or even just an app that provides a few basic functions, banks are picking up on the increasing desire customers have to put their devices to work outside of the artificial structure  of “banking hours.”

To that end, Celent filled us in on a new hire—industry veteran Craig Focardi—who was set to help drive research operations into several bank digitization systems.

Focardi’s work with Celent will focus on retail lending and innovations taking place therein, as well as core banking operations, analytics, and enterprise content management operations throughout several sectors of lending. He’ll also be examining the rise of fintech, new business models, and the increasing digitization process of retail banking supply operations.

Previously, Focardi had worked with CEB as principal executive advisor in retail banking, and was also an associate economist with the Federal Home Loan Bank in San Francisco.

Focardi himself commented in a release “The retail banking industry is at a critical inflection point due to disruption from technology, customer engagement and regulatory requirements. New business models, heightened customer expectations and the need to apply data and analytics in real time are impacting all parts of the retail banking value chain. I’m looking forward to helping clients respond strategically and successfully navigate their transformation.”

Celent clearly understands that banking these days is going mobile.  It’s going to need to detail more of its operation to monitoring developments on that front accordingly. That makes a good reason to bring Focardi into play, as a former economist with the Federal Home Loan Bank, among other roles he’s held, should make him well-suited to track innovation in the retail lending space. Granted, it might have been better had he been more engaged in the development of digital lending tools, but most of his skillset should be transferable.

Hopefully, Focardi will be able to help Celent navigate the increasingly complex waters of digitization in banking operations. We’ve already seen what kind of changes have been wrought just in the last few months, and we know enough already to know that it’s a different world already, and will likely be one again by this time next year.