Over the past twelve months, we’ve witnessed a wave of rapid transformation across the technology landscape, driven by the increasing pervasiveness of AI. As a result, the dynamics of the relationship between CIOs and CFOs are also undergoing a profound change.

The traditional misconception of these roles has been of an enthusiastic CIO wanting the latest of everything without considering ROI, and of a staunch CFO saying “No!” without considering investments needed to move the business forward. This is far from the truth.

In a recent Rimini Street-sponsored Censuswide survey of 255 EMEA CFOs and CIOs in financial services, 87 per cent of respondents said they believe their relationship with their CIO/CFO counterpart has strengthened, allowing for better collaboration on their modernisation strategies. This increased understanding is breaking down silos in the financial services sector, leading to an improved partnership between CIOs and CFOs that positively impacts growth and profitability. This is evidenced by 71 per cent of CFOs increasing their corporate IT budgets, recognising the demand for strategic IT investment as essential for growth.

Based on this survey’s findings, in 2025 the financial services C-suite is reshaping traditional CIO-CFO dynamics, moving beyond conflict to foster collaboration that drives modernisation, business growth and improved profitability.

How a strengthened CIO-CFO partnership drives greater ROI

The detail behind this improved relationship points to a growing need for CIOs and CFOs to rely on one another, especially as the financial and technological landscape grows more complex and costly. Faced with increasing internal and external pressures, the CIO and CFO roles are becoming increasingly aligned when it comes to making critical business decisions.

The research highlights three key factors influencing the growing bond between CIOs and CFOs:

• 40 per cent of those who said their relationship had strengthened pointed to an increased focus on security, compliance and risk as driving that bond. This is understandable in an era of persistent cyber threats and stringent regulatory environments where technological investments can no longer be made in isolation.
• 39 per cent said their relationship had improved due to proactive engagement with their counterpart, indicating that the days of siloed working are going by the wayside, and these roles are developing a united front when making decisions.
• 35 per cent identified the need to quickly cut costs in a smart way as being the key driver behind their improved relationship, highlighting the successful blend of CIO and CFO skill sets, and their alignment in seeking efficient, value-driven technological solutions that deliver measurable business impact.

Key factors driving investment decisions: keeping the lights on versus driving innovation

The survey found that 48 per cent of CIOs and 66 per cent of CFOs are involved in setting the budget, signalling a shift away from CFOs acting as strict gatekeepers of financial services budgets. This demonstrates the growing influence of CIOs in shaping the strategic direction of financial service enterprises.

However, CFOs still maintain greater budgetary control, guided by five key investment decision factors:

• Security (36 per cent)
• Ease of maintenance and support (30 per cent)
• Return on investment (29 per cent)
• Initial investment cost (32 per cent)
• Total cost of ownership (28 per cent)

The survey highlights the issue at the heart of financial services digital transformation: balancing the need to optimise technological ecosystems while finding opportunities to save costs.

Managing the balancing act between saving and innovating

In order to achieve this goal, C-suites need to tackle three core areas:

• Ensure they are getting high value support for their mission-critical systems
• Know how to optimise their investments
• Transform their organisation without disrupting day-to-day operations

It is certainly possible if they have the time, capabilities and skill sets in-house. Yet even the most well-resourced enterprises can struggle to acquire the knowledge base and market expertise required to negotiate with multiple vendors, unlock investments or run complex change programmes single-handedly.

The reality is that managing the balance needed to save costs while accelerating innovation is challenging.

Third-party support is available covering those three areas. By working with Rimini Street, global leader of third-party support for Oracle, SAP and VMware, banks, insurance providers and other financial services firms have been able to:

• Access higher levels of support at a lower cost than vendors’ equivalent offerings
• Optimise software investments with managed and professional services that help ensure they get return on existing investments
• Invest in transformations that help them achieve strategic, operational and financial goals

Moving beyond ’keeping the lights on’ for financial services success

The survey demonstrates a growing necessity for CIOs and CFOs to speak each other’s language, marking a shift in organisational strategy, moving IT beyond the traditional ‘keeping the lights on’ approach, and driving a pivotal transformation in the relationship between CIOs and CFOs. As they find better ways to collaborate and innovate, businesses in the financial services space will reap the rewards of emerging technology, while falling in line with budgetary needs.

Emerging technologies are being introduced thick and fast, and as a result, hard metrics aren’t always available. Instead of feeling frustrated with a lack of data, CFOs should lean in as active participants, understanding how emerging technologies like AI and cybersecurity can drive strategic value, optimise operations and create new revenue streams. The most successful CFOs will be those who can evolve from viewing technology as simply a cost to instead being a key driver of strategic growth and innovation.

Are there still opportunities for stronger collaboration?

A deeper understanding and appreciation of their counterpart’s area of the business and imperatives is an opportunity for stronger collaboration as noted in the survey, with 80 per cent of CIOs believing CFOs need to improve their technology expertise, while 80 per cent of CFOs want CIOs to enhance their business acumen. This is especially prevalent in the financial services sector, where leaders have often remained more siloed in their specific areas of expertise compared to other industries.

By investing time and effort to learn from each other, C-suites can achieve better alignment and stronger outcomes for the future of the business.

Michael Perica is CFO of Rimini Street.

Read more

CIOs and CFOs: creating a value-driven partnership – Emmanuelle Hose, GVP and general manager EMEA at Rimini Street, discusses how CIOs and CFOs are creating a value-driven partnership