“2016 Chief Digital Officer” study – digital responsibility is growing

In its latest “2016 Chief Digital Officer” study, Strategy& investigates who is responsible for overseeing digitization within companies. The findings show that a third of Swiss management bodies delegate this task to a Chief Digital Officer (CDO), particularly in the financial industry. The profiles of CDOs vary – but not their role.

The aim of the “2016 Chief Digital Officer” study conducted by Strategy& is to establish who is in charge of the digital transformation in the 2,500 largest listed companies in the world (including 49 in Switzerland). The term CDO refers to senior executives entrusted with the digitization strategy of their company. The evaluation clearly shows that: The Chief Digital Officer is taking the C-suite by storm. Whereas in 2015, 6% of study participants employed a CDO; in 2016 the number had already risen to 19%. 60% of the CDOs questioned were appointed between 2015 and 2016. Europe, the Middle East and Africa (EMEA) have the highest CDO density in the world, and the strongest growth (+30%) in the role. Switzerland is ranked fifth in Europe with 33%.

The Swiss financial services industry has clearly recognized the signs of the times, and is deploying the relevant management skills to ensure the consistent implementation of a digital strategy. The financial sector has the highest proportion of CDOs in Switzerland: insurance companies lead the way with 67%, followed by banks with 50%. They are digitizing not only their customer activities, but also their internal processes.

There is no typical CDO. Half of Swiss CDOs are members of the Board of Directors, 38% have individual titles such as “Head of Digital”, 6% hold the position of Vice President, and 6% are Directors. Almost two thirds were recruited from within the company. Only 13% of CDOs are currently female. 38% of CDOs held a previous function in marketing, sales or customer service. A third come with technical baggage, while a quarter have a background in consulting, strategy or business development. The importance of technical experience has increased. In 2016, 32% of CDOs originated from the technical sector. This represents more than twice as many as the previous year.

Find out more

Contact

Dr. Daniel Diemers
Partner Financial Services, Strategy&, Schweiz
+41 58 792 3190
daniel.diemers@strategyand.ch.pwc.com

Switzerland’s CRYPTO VALLEY ASSOCIATION Founded To Build World’s Leading Blockchain and Cryptographic Ecosystem

Crypto Valley Association, the Swiss-based not-for-profit association supporting the development of Blockchain and cryptographic related technologies and businesses, today launched with a number of leading companies and startups as members, including ConsenSys, UBS, PwC, Thomson Reuters, Luxoft, Canton of Zug, and Lucerne University.

Switzerland has established itself as one of the world’s leading countries for digital innovation. Home to hundreds of multinational enterprises, technology companies, and financial institutions, the country boasts world-leading infrastructure, a sophisticated workforce, and one of the world’s most decentralized, stable and neutral political systems.

Headquartered in the Swiss canton of Zug, Crypto Valley Association is the independent, government-supported association established to take full advantage of Switzerland’s strengths to build the world’s leading blockchain and cryptographic ecosystem, working with government to foster the development of pioneering digital technologies in Switzerland and internationally. The association will support startups and established enterprises through policy recommendations, initiating and enabling research projects, and organizing conferences, hackathons, and other industry events.

“Emerging technology such as Blockchain and Crypto-technologies are at the heart of the digital transformation of Financial Services. PwC have explicitly made digital one of our key priorities and support a number of initiatives around the world to foster innovation. By supporting and being part of the Crypto Valley in Switzerland, we engage with a rapidly growing ecosystem and contribute our expertise and perspectives on how to leverage technology for positive change in society,” said Manoj Kashyap, Global FinTech Leader for PwC.

Read more about the Crypto Valley Association.