The importance of a Chief Information Officer in organizations has grown drastically over the decades. The role of the CIO is no longer just limited to the information and technology sector. CIOs play a significant role in the banking industries as well. In the current era, the banking industry faces a tough challenge of adapting to digitalization. CIOs are the ones banks expect to aid them in this cause. CIOs' primary functions are to maintain and improve the banking functionalities with the help of the latest technologies.