Banks still lack tech skills at the top
Banks have made progress in adding IT knowledge in their boardrooms, but they need more as digital transformation accelerates
Share this item with your network: By Published: 16 Mar 2021 10:55
Only one in 10 board directors in the traditional banking sector have professional technology experience and one-third of big banks have no tech knowledge in the boardroom.
These findings, from Accenture research, reveal a worrying lack of expertise at a time when banks are investing heavily in tech to keep pace with current trends.
Financial services businesses are being transformed by the use of financial services technology, known as fintech. “Despite the significant increase in the adoption of digital technologies over the past few years, there is a continued lack of technology expertise and digital fluency in the boardrooms of the world’s largest banks,” said Accenture.
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Led by donkeys: Bank boardrooms lack computer literacy 15 March 2021
2 While banks are ramping up their technology investments to keep pace with changing consumer demands and competition from challenger brands, their boards of directors lack the technology expertise to minimise the risks and maximise the benefits of their IT spending, according to a report by Accenture. Based on an analysis of the professional backgrounds of nearly 2,000 directors of more than 100 of the world’s largest banks, the report finds that only 10% of all board directors, as well as 10% of CEOs, have any professional technology experience.
Accenture Report Reveals Most Banking Board Members Lack Technology Background to Manage Modern Financial Institutions
March 15, 2021 @ 8:36 am By Omar Faridi
Although banking platforms have been upgrading their legacy technology stacks and making substantial investments into their digital transformation strategies, their boards of directors still don’t have the tech-related expertise needed to effectively manage modern financial institutions.
A report from
Accenture reveals that only 10% of board directors and just 10% of CEOs are proficient in using technology. Accenture’s report is based on an extensive analysis of the professional backgrounds of around 2,000 directors of over 100 of the largest banking institutions (globally).
Press release content from Business Wire. The AP news staff was not involved in its creation.
Bank Boardrooms Continue to Lack Technology Experience, Accenture Report Reveals
March 12, 2021 GMT
Professional technology experience by board director
LONDON & NEW YORK (BUSINESS WIRE) Mar 12, 2021
Despite the significant increase in the adoption of digital technologies over the past few years, there is a continued lack of technology expertise and digital fluency in the boardrooms of the world’s largest banks, according to a new report from Accenture (NYSE: ACN).
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Building on a similar report from 2015, the new report, “
Boosting the Boardroom’s Technology Expertise – Focus on Banking,” is based on an analysis of the professional backgrounds of nearly 2,000 directors of more than 100 of the world’s largest banks by assets. It finds that while banks are ramping up their technology investments to keep pace with changing consumer demands ― such as the grow