4 charts

4 charts showing how few bank boardrooms include technology professionals

  • Many banks still have systems that date back to the 1970s.
  • 73 percent of banks have at most one board member with technological experience.
close

Email a Friend

4 charts showing how few bank boardrooms include technology professionals

Technology is increasingly crucial for banks to compete. Customers prefer seamless banking experiences and they’re switching banks more readily.

Many banks still have technology systems that date back to the 1970s or even 1960s. Though IT is one of the largest items on banks’ books, much of it is spent maintaining old systems, rather than developing and implementing new technology.

Faced with technological challenges, bank boardrooms seem unequipped. “Technology competence on board level is not only a necessity, it will soon become indispensable for financial institutions,” said Urs Rohner, chairman of the board of directors at Credit Suisse.

new report by Accenture analyzed board room technological prowess. The results are not encouraging. 

screenshot-www.accenture.com 2016-07-31 22-23-28

Only three percent of banks’ CEOs have professional technological experience and only six percent of board members at banks have professional technological experience.

screenshot-www.accenture.com 2016-07-31 22-54-15 About 73 percent of banks have only one board member with technological experience or none at all. 15 percent have two board member with technological experience and 13 percent have more than two board member with technological experience.

screenshot-www

In North American banks, 12.1 percent of board members have professional technology experience, compared with 5.1 percent for European banks and five percent for Asian banks. Boards of Chinese, Brazilian, Greek, Italian and Russian banks have the lowest technological representation. Less than one percent of directors at Chinese banks — and none of the directors at Brazilian, Greek, Italian and Russian banks — have professional technology experience.

screenshot-www.accenture.com 2016-07-31 22-46-39

0 comments on “4 charts showing how few bank boardrooms include technology professionals”

4 charts

Where banks are with cloud adoption, in 4 charts

  • Cloud could play a big role in businesses' digital transformation.
  • But obstacles within the realms of understanding and integration still exist.
Rivka Abramson | August 08, 2022
4 charts, Online Lenders

How changes in PPP affected funding for underserved SMBs, in 4 charts

  • Many small and medium sized businesses weren't able to access the first wave of the Paycheck Protection Program, and policymakers sought to solve this by making some changes to the program.
  • Looking at the different outcomes for 2020 and 2021, analysis by the Federal Reserve found that some tweaks were beneficial, although there is no way to know for certain.
Iulia Ciutina | July 12, 2022
4 charts, Member Exclusive

Data Minimization: The growing need to minimize consumer financial data, in 4 charts

  • 87% of consumers think data minimization should be done but only 41% believe that it is happening
  • Consumer’s opinions stand united across party lines.
Rabab Ahsan | July 12, 2022
4 charts

4 charts on obstacles getting in the way of banks’ digital transformation efforts

  • With consumers’ relationships with their banks constantly changing, banks need to have a solid digital transformation plan to keep up with these shifts.
  • Banks are putting in the hours, but obstacles still abound.
Rivka Abramson | June 09, 2022
4 charts

The revenue potential of banking-as-a-service, in 4 charts

  • Many banks are undergoing digital transformation, but struggle to monetize their new infrastructure.
  • One of the ways banks could leverage their new digital payments infrastructure is through adopting a banking-as-a-service strategy, which can unlock new revenue streams.
Iulia Ciutina | May 04, 2022
More Articles