VIDEO | Charles Schwab CDAO: Data Is Core to Successful Digital Transformation

(US and Canada) Tony Cyriac, Chief Data and Analytics Officer, Charles Schwab, speaks with Derek Strauss, Gavroshe Chairman, about the organizational mission, positive impacts of connecting digital and data, and key pillars that help accelerate business value through data.

Cyriac emphasizes the importance of having a defining mission and a team excited about it. He says that his team exists to harness the power of data analytics and AI to accelerate client and business value. Cyriac continues that his team invests in delivering acceleration, and does it in alignment with the firm's business strategy. It is fundamental to understand the firm's purpose and how data can help the firm achieve outcomes, he adds. 

According to Cyriac, bringing digital and data together is advantageous. Digital transformation drives organizational change, and data is core to that transformation, he explains. Cyriac says the firm has recognized this connection and put them at the center of the change initiative.

Next, Cyriac shares that, in addition to deriving data insights to help with decision making, it is gratifying when data insights derive client insights directly. He stresses that data-driven client experiences are crucial, and his peers focus on making the client's journey with the firm frictionless. Cyriac says that, as Charles Schwab focuses on the client experience and research, the job is to categorize and organize all the aspects to apply them at scale and overcome the problem of demand exceeding capacity.

Cyriac also highlights the need to enhance the digital experience for data professionals. He believes that making the digital experience easier for them will lead to more data adoption.

Next, Cyriac speaks about the three pillars to accelerate client and business value with data:

1. Maturing and scaling:  Maturing and scaling are about core capabilities, doing things at scale while having a maturity plan, says Cyriac. He explains that, with numerous data resources, demand exceeds capacity, so they focus on how to scale better as a firm. Cyriac asserts that, as a leader, it is necessary to listen, learn and convey a perspective. 

2. Driving value for clients and businesses with data:  Cyriac affirms that while a firm is on its scaling journey, it is critical to drive value for clients and businesses all along the way. Recognizing the pain points faced by the team or stakeholders is imperative to drive client value and growth, he adds.

3. Enabling talent and a data-driven culture:  He states that it is equally important to enable the talent to grow in a data-driven culture. He mentions that the team has a role in driving data curiosity throughout the organization.  

Finally, Cyriac considers the tooling platforms as part of the scaling roadmap but urges organizations to understand the purpose and priorities of the business first.