Tom Mazzaferro, the Chief Data and Analytics Officer (CDAO) at Truist, stands as a pivotal figure in the world of analytics and AI. With a career spanning over two decades and encompassing significant roles at renowned financial institutions, Tom’s journey is a testament to his strategic vision, leadership, and unwavering dedication to leveraging data and technology to drive business value. In this comprehensive cover story, we explore Tom’s professional journey, the challenges he has overcome, his contributions to Truist’s mission, his approach to team building, his vision for the future, and his insights into the evolving landscape of data science.
A Career Built on Strategic Opportunities
Tom Mazzaferro’s career is a remarkable narrative of seizing opportunities and driving impactful change across the financial services industry. He began his professional journey at JPMorgan Chase & Co, where he held multiple roles across risk, finance, technology, operations, and strategy. During his tenure at JPMorgan Chase, Tom honed his skills and gained invaluable experience in various facets of the business. His ability to navigate diverse functions and deliver results positioned him as a versatile leader capable of driving strategic initiatives.
After a successful nine years at JPMorgan Chase, Tom transitioned to HSBC, where he served as the head of Data and Analytics, stress testing, RWA impairments, and the US Chief Data Officer (USCDO) for all business planning and functions. In pursuit of new challenges and opportunities, Tom moved to Western Union, where he assumed the role of Chief Digital, Data, and Innovation Officer.
In October 2023, Tom joined Truist as the Chief Data and Analytics Officer. In this role, he is responsible for leading Truist’s data, analytics, and AI strategy, driving innovation, and ensuring the effective use of data to achieve business objectives. Tom’s leadership journey is characterized by his ability to navigate complex challenges, seize strategic opportunities, and drive impactful change across organizations.
Overcoming Challenges and Driving Results
Throughout Tom’s career, he has consistently demonstrated resilience and strategic acumen in overcoming obstacles. He emphasizes the importance of defining and executing clear strategies as a fundamental approach to navigating challenges.
Tom also underscores the importance of setting a clear north star for the organization. By articulating a compelling vision, building a robust strategy, and executing it effectively, he has driven business value and achieved significant milestones. His ability to align the organization’s efforts towards a common goal has been instrumental in overcoming challenges and driving sustainable growth.
Inspiring and Building Better Lives and Communities
Truist’s purpose is to inspire and build better lives and communities. This vision is rooted in authentic care for clients, teammates, and communities. Tom’s role as CDAO supports this mission by contributing to Truist’s overarching goals.
Tom explains that the Data and Analytics team at Truist is focused on achieving results through a balanced approach that prioritizes operational excellence, business enablement, and risk remediation. Operational excellence is essential to maintaining business continuity and ensuring that business teams can serve clients effectively every day. Delivering new solutions and enabling business teams are critical factors for Truist to achieve its growth and performance objectives.
Balancing Operational Excellence and Risk Management
Managing and reducing risk is a top priority for Tom and his team. He emphasizes the importance of addressing issues and sub-issues promptly to mitigate risk and maintain high standards of excellence. By balancing operational excellence with business enablement and risk remediation, Tom ensures that Truist can meet regulatory expectations and deliver exceptional value to clients.
Truist’s Data, Analytics and AI team plays a pivotal role in supporting the organization’s mission by focusing on results-oriented initiatives. This includes leveraging data to drive insights, enhance decision-making, and create value for clients. Tom’s leadership in this area is characterized by a high level of focus and a commitment to executing against strategic priorities.
The Importance of Talent Fit and Collaboration
Building and managing a motivated and effective team is a cornerstone of Tom’s leadership philosophy. He believes that having the right talent is essential to achieving high performance. Tom also emphasizes the importance of diversity within the team. A diverse team brings together different perspectives, experiences, and skill sets, which can drive creativity and problem-solving. He fosters a culture of inclusion where team members feel valued and empowered to contribute their unique strengths.
Growth and Expansion at Truist
Looking ahead, Tom envisions significant growth and expansion opportunities for Truist. As a top 10 US bank, Truist has a strong foundation and a clear runway for growth. Tom believes that by leveraging the organization’s talent, expertise, and innovative capabilities, Truist can deliver more products and services to clients and communities.
He highlights the importance of fully leveraging the potential of Truist’s teams to realize growth opportunities. By fostering a culture of innovation and continuous learning, Tom aims to drive sustainable growth and enhance Truist’s position in the market. His vision for the future is centered on serving clients, stakeholders, and partners to the best of his ability, both in his current role and any future roles he may undertake.
Embracing Technological Advancements
Tom is keenly aware of the rapid pace of technological change and its impact on the financial services industry. He emphasizes the importance of first creating strong governance to ensure compliance, along with the right foundation and capabilities to leverage new technologies as they become available.
One of the key areas of focus for Tom is the use of AI and machine learning. He believes that these technologies offer significant opportunities to help improve risk management, personalize client experiences, and drive operational efficiencies.
The Promise of Generative AI
Tom identifies generative AI (Gen AI) as one of the most promising areas of innovation in data science. Over the past several months, Gen AI has gained significant public attention for its potential to transform various aspects of business and technology. Tom sees Gen AI as an opportunity to better serve clients, create content, and enhance productivity for teammates, but emphasizes that it must be properly governed and controlled.
He believes that leveraging AI will be pivotal going forward. As technology continues to evolve at an exponential pace, staying current with advancements in AI and other technologies is essential. Tom’s approach involves creating a solid foundation and the right controls and governance, which enable Truist to integrate new technologies seamlessly and leverage them to drive business value.
Preparing for Technological Change
Tom emphasizes the importance of preparing for technological change by building the right capabilities and processes. This involves ensuring that the organization is agile and adaptable, capable of integrating new technologies as they emerge. By focusing on a stable and secure foundation, Truist can leverage AI and other technologies while maintaining the trust and confidence of clients, teammates and stakeholders.
His vision for the future includes a strategic approach to technology adoption, where new capabilities are aligned with business strategy and integrated across the organization. This ensures that Truist can capitalize on the opportunities presented by technological advancements and continue to deliver exceptional value to clients.
Making Technology Accessible for All
Tom’s vision for the tech industry also involves making technology accessible to everyone. He believes that the biggest training need for youth is not necessarily learning how to code but learning how to use and think through technology. He argues that if engineering and design teams cannot make access to technology easy and seamless, the industry is failing.
To address this challenge, Tom advocates for simplifying user interfaces and making technology intuitive and user-friendly. By democratizing technology, he envisions a future where everyone can benefit from technological advancements, regardless of their technical expertise. This approach ensures that technology can be leveraged to improve jobs, serve clients, and provide returns for shareholders.
Empowering Users Through Technology
Tom’s vision extends to empowering users through technology by providing them with the tools and capabilities to achieve their goals. He believes that by making technology accessible and easy to use, individuals can harness its potential to drive productivity, innovation, and growth. This democratization of technology aligns with Truist’s broader mission of inspiring and building better lives and communities.
By focusing on user-centric design and simplifying technology interfaces, Tom aims to create an environment where technology enhances the human experience and drives meaningful outcomes. His vision for the tech industry is one where technology serves as an enabler, empowering individuals, and organizations to achieve their full potential.
Recognition and Influence
Tom’s contributions to analytics and AI have earned him recognition as one of the top influencers in the field. He was recently named among the Top 100 Most Influential People in Data by DataIQ 100, marking the third consecutive year he has received this prestigious recognition.
His influence extends beyond his organizational roles, as he continues to shape the industry through thought leadership and innovative practices. Tom’s commitment to excellence and continuous improvement positions him as a leading figure in the world of data science and AI.
Tom’s journey as a business leader and his contributions to Truist exemplify the power of strategic vision, innovation, and resilience. His leadership in data, analytics and AI has driven significant advancements, positioning Truist as a leader in the financial services industry. Tom’s approach to building and managing high-performing teams, his vision for the future, and his commitment to democratizing technology offer valuable insights for aspiring entrepreneurs and industry leaders.
As Truist continues to grow and evolve, Tom’s leadership will play a crucial role in shaping the organization’s success. His dedication to leveraging data and technology to drive business value, enhance client experiences, and support communities underscores his impact in the field. For those looking to make their mark in the dynamic world of data and analytics, Tom’s journey serves as an inspiring example of what can be achieved through strategic thinking, innovation, and unwavering commitment to excellence.
Check – Digital Magazine
