TECH GAPS: Financial institution boardrooms proceed to lack tech expertise

Accenture recommends that 25% of banks’ board administrators ought to have know-how expertise.

Regardless of the numerous improve within the adoption of digital applied sciences over the previous few years, there’s a continued lack of know-how experience and digital fluency within the boardrooms of the world’s largest banks, in response to a brand new report from Accenture. The report, “Boosting the Boardroom’s Expertise Experience – Give attention to Banking,” relies on an evaluation of the skilled backgrounds of almost 2,000 administrators of greater than 100 of the world’s largest banks by belongings.

It finds that whereas banks are ramping up their know-how investments to maintain tempo with altering shopper calls for – such because the rising want for digital interplay and distant working because of the Covid-19 pandemic – their boards of administrators lack the know-how experience to minimise the dangers and maximise the advantages of their know-how investments.

Accenture recommends that 25% of banks’ board administrators ought to have know-how expertise. Whereas banks have made progress in including know-how expertise within the boardroom—which Accenture defines as executives holding or having held senior know-how positions at an organization or senior tasks at a know-how agency—that progress has been gradual.

Solely 10% of all board administrators, in addition to 10% of the CEOs on the boards, evaluated for the report have skilled know-how expertise, up simply 4 and 6% factors, respectively, from 5 years in the past. As well as, the variety of banks whose board has no less than one member with skilled know-how expertise has elevated solely 10% factors prior to now 5 years, from 57% to 67% – which means that one-third of banks nonetheless haven’t any board members with skilled know-how expertise.

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