Ameritrade COO Talks About Business-Technology Mix

By Lucas Mearian

September 12, 2005 12:00 PM ET

Computerworld - NEW YORK -- Asiff Hirji last month was promoted to chief operating officer of Ameritrade Holding Corp. after serving three years as CIO at the online brokerage. Hirji discussed his new role overseeing business and IT operations and offered advice to other IT and business executives during a question-and-answer session at Gartner Inc.'s Financial Services Technology Summit here late last month.


Asiff Hirji, COO of Ameritrade Holding Corp.

How do you see the role of the CIO moving more toward a business role? In financial services, the technology and the business is going to get more tightly tied together. I do see the evolution of the CIO being more oriented toward the business. I could imagine the head of a business division becoming the CIO. I'm still making that transition from CIO to COO.

How will you align Ameritrade's technology and business strategies? I have to believe that Ameritrade is a bit of an anomaly. We are a financial services firm, but we have more in common with the Amazons, eBays and Pricelines than we do with, say, Citibank or Fleet.
It's impossible for the technology strategy and business strategy at Ameritrade to be misaligned, because there's no such thing as a technology strategy here. We are a technology company and we have business strategy, ergo the technology supports that business strategy.

Will you be making changes at Ameritrade, which is seen by many as a niche online trading company rather than a financial services firm? We, like most companies, have gone through an evolution. We started life as a discount broker. As we grew to 6 million account relationships and $220 billion in assets, there's a whole plethora of [new] services that our clients are now asking us for. That's been the driving logic behind the TD Waterhouse transaction .
It's also the driving force behind our client-centric strategy. We are a very low-cost, very highly profitable and very scalable financial services transaction processor. We can leverage the backbone we have. Our platform is the most scalable, most cost-effective trading platform on the planet. There's no difference if your trade originated on the phone, online or at a branch. It processes through that same platform.

Many organizations see IT as an inhibitor of change. How does a CIO or COO change that perception? I think a lot of that frustration probably has to do with [users saying], "I can't get IT to actually do this project on time. They're never on budget." I'm guessing that's where a lot of that

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