article thumbnail

The IT Project That Brought a Bank to Its Knees

Harvard Business Review

s Co-operative Bank in June 2013. This shortfall resulted in its parent, Co-operative Group, ceding control of the bank to bondholders, including U.S. One section highlights the problems the bank encountered as it attempted to replace its core banking systems, a program that was cancelled in 2013 at a cost of almost £300 million.

article thumbnail

A Board Director's Perspective on What IT Has to Get Right

Harvard Business Review

From my experience, I believe that there are four highly interdependent categories of contributions the CIO and IT function should make. Every discussion on the role of IT and CIOs should start with the question: "What are the potential uses of this technology that will guarantee we stay in business?" Generating Top-Line Growth.