Drawing on insights from our ongoing interactions with bank directors and industry leaders, in this paper, we’ve highlighted six items for industry board members and audit committees to consider going forward:

• The delivery of customized products and services for retail and commercial customers who have been conditioned to “right- now,’’ personalized attention.
• The recognition that connecting digital transformation with risk management and strategy is more important—and more challenging—than ever.
• The potential for more mergers and acquisitions (M&A), as well as alliances and joint ventures with fintech organizations and issues relating to due diligence regarding such key issues as strategic fit, systems integration, talent, and culture—among others—will need to be thoroughly addressed for decisions to be made about whether M&As, joint ventures, or alliances make sense for the organization.
• Assess, monitor, and reinforce culture as a strategic asset and critical risk.
• Understand how the finance organization will reinvent itself and add greater value in this technology and data-driven environment.
• The need to continue to refine boardroom discussions about how well the organization is managing cybersecurity and data privacy issues.