How the financial services C-suite are going beyond ‘keeping the lights on’ in 2025 – information-age.com

Information Age
Insight and Analysis for the CTO
CIO and CFO roles are becoming increasingly aligned when it comes to making critical business decisions
Over the past twelve months, we’ve witnessed a wave of rapid transformation across the technology landscape, driven by the increasing pervasiveness of AI. As a result, the dynamics of the relationship between CIOs and CFOs are also undergoing a profound change.
The traditional misconception of these roles has been of an enthusiastic CIO wanting the latest of everything without considering ROI, and of a staunch CFO saying “No!” without considering investments needed to move the business forward. This is far from the truth.
In a recent Rimini Street-sponsored Censuswide survey of 255 EMEA CFOs and CIOs in financial services, 87 per cent of respondents said they believe their relationship with their CIO/CFO counterpart has strengthened, allowing for better collaboration on their modernisation strategies. This increased understanding is breaking down silos in the financial services sector, leading to an improved partnership between CIOs and CFOs that positively impacts growth and profitability. This is evidenced by 71 per cent of CFOs increasing their corporate IT budgets, recognising the demand for strategic IT investment as essential for growth.
Based on this survey’s findings, in 2025 the financial services C-suite is reshaping traditional CIO-CFO dynamics, moving beyond conflict to foster collaboration that drives modernisation, business growth and improved profitability.
The detail behind this improved relationship points to a growing need for CIOs and CFOs to rely on one another, especially as the financial and technological landscape grows more complex and costly. Faced with increasing internal and external pressures, the CIO and CFO roles are becoming increasingly aligned when it comes to making critical business decisions.
The research highlights three key factors influencing the growing bond between CIOs and CFOs:
The survey found that 48 per cent of CIOs and 66 per cent of CFOs are involved in setting the budget, signalling a shift away from CFOs acting as strict gatekeepers of financial services budgets. This demonstrates the growing influence of CIOs in shaping the strategic direction of financial service enterprises.
However, CFOs still maintain greater budgetary control, guided by five key investment decision factors:
The survey highlights the issue at the heart of financial services digital transformation: balancing the need to optimise technological ecosystems while finding opportunities to save costs.
In order to achieve this goal, C-suites need to tackle three core areas:
It is certainly possible if they have the time, capabilities and skill sets in-house. Yet even the most well-resourced enterprises can struggle to acquire the knowledge base and market expertise required to negotiate with multiple vendors, unlock investments or run complex change programmes single-handedly.
The reality is that managing the balance needed to save costs while accelerating innovation is challenging.
Third-party support is available covering those three areas. By working with Rimini Street, global leader of third-party support for Oracle, SAP and VMware, banks, insurance providers and other financial services firms have been able to:
The survey demonstrates a growing necessity for CIOs and CFOs to speak each other’s language, marking a shift in organisational strategy, moving IT beyond the traditional ‘keeping the lights on’ approach, and driving a pivotal transformation in the relationship between CIOs and CFOs. As they find better ways to collaborate and innovate, businesses in the financial services space will reap the rewards of emerging technology, while falling in line with budgetary needs.
Emerging technologies are being introduced thick and fast, and as a result, hard metrics aren’t always available. Instead of feeling frustrated with a lack of data, CFOs should lean in as active participants, understanding how emerging technologies like AI and cybersecurity can drive strategic value, optimise operations and create new revenue streams. The most successful CFOs will be those who can evolve from viewing technology as simply a cost to instead being a key driver of strategic growth and innovation.
A deeper understanding and appreciation of their counterpart’s area of the business and imperatives is an opportunity for stronger collaboration as noted in the survey, with 80 per cent of CIOs believing CFOs need to improve their technology expertise, while 80 per cent of CFOs want CIOs to enhance their business acumen. This is especially prevalent in the financial services sector, where leaders have often remained more siloed in their specific areas of expertise compared to other industries.
By investing time and effort to learn from each other, C-suites can achieve better alignment and stronger outcomes for the future of the business.
Michael Perica is CFO of Rimini Street.
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