visimoney
TLDR:
John F. Woods, Vice Chair and CFO of Citizens Financial Group, discusses the evolving role of CFOs, the importance of technology in banking, and the launch of a private bank. Citizens acquired assets from First Republic to serve high-net-worth individuals and sees the future of finance as a blend of technology and traditional banking.
John F. Woods, the Vice Chair and CFO of Citizens Financial Group, talks about the shifting role of CFOs in today’s landscape, emphasizing the importance of allocating resources effectively and staying abreast of the latest technological advancements. Woods touches on the evolving expectations of CFOs, moving towards being strategic partners to CEOs and business unit leaders, rather than just overseeing financial statements and regulatory compliance.
Woods also discusses Citizens’ recent foray into the private banking sector, acquiring assets from First Republic to bolster their services for high-net-worth individuals. This move showcases Citizens’ commitment to growth and diversification, aiming to provide a competitive platform across various customer segments.
Looking ahead, Woods believes that the future of finance, especially in banking, lies in embracing technology and innovation. Citizens views itself not just as a traditional bank, but also as a technology company, investing in engineers and data scientists to meet evolving customer expectations. He emphasizes the need for agility, innovation, and adaptability in a rapidly changing financial landscape.
