A comprehensive digital transformation strategy for New York Department of Financial Services, grounded in a diagnostic of current systems and workflows. The project addressed technology, data, people, and change management to modernise supervision and enhance regulatory impact.
In 2021, we partnered with the New York State Department of Financial Services (NYDFS) to conduct a comprehensive diagnostic of the agency’s technology, data, and supervisory processes, resulting in a strategic roadmap for its digital transformation.
The engagement involved:
• 120 in-depth interviews with managers, supervisors, and examiners to capture institutional knowledge and pain points.
• A review of 245 existing applications to identify redundancies, integration gaps, and technology risks.
• Regulatory research and benchmarking against leading supervisory authorities worldwide.
• A series of workshops and co-creation sessions with the Superintendent, Executive Superintendents, and leadership teams to ensure the roadmap was both visionary and grounded in operational realities.
The final diagnostic report outlined priority initiatives for modernisation, including data governance, cloud migration, AI readiness, and the establishment of a coherent supervisory technology strategy. It served as a foundation for change during a leadership transition, helping NYDFS align its mission with future-ready systems and processes.
According to Justin Friedman, Assistant Deputy Superintendent for Innovation at NYDFS:
“The engagement produced a diagnostic report and roadmap for transformation, which proved invaluable during a leadership transition. DTS’s work laid the foundation for advancements such as appointment of the agency’s first CTO, launching a data governance program, and migration to cloud computing.
The team excels at linking client’s mission to technological needs, but their superpower is the way they build trust. Their genuine curiosity is disarming, enabling them to bring stakeholders on board to contribute their institutional knowledge and insights. Their dedication sparked enthusiasm for modernization within our agency, inspiring many personnel to pursue professional development opportunities to enhance their data competency. Their vision continues to shape the agency’s effectiveness in licensing, supervision, and enforcement.”
This project helped NYDFS spark a cultural shift toward modernisation, strengthen data competency across teams, and create a strategic foundation for ongoing innovation in licensing, supervision, and enforcement.
