4 charts, Member Exclusive

Four charts on the lack of tech expertise in bank boardrooms

  • Many bank boardrooms still lack critical technology expertise.
  • Here are four charts on familiarity with tech in bank boardrooms today.
close

Email a Friend

Four charts on the lack of tech expertise in bank boardrooms

Banks are increasing their technology investments to keep up with the digital transformation redefining the banking sector. According to an Accenture survey, 68 percent of senior banking executives reported that the scale of digital transformation within their banks is accelerating. Despite recent digital advancements in the banking industry, a large segment of bank leadership lacks crucial technological expertise. Lack of tech leadership can open up banks to threats such as data biases in algorithms and risky investments into incompatible technologies.

Bank board directors with technology expertise

New Accenture research reveals that in 2020 only 10 percent of bank board directors had technology expertise (defined as currently or previously holding a technology role, or previously having senior responsibility at a technology company).This is up from an earlier data point of six percent in 2015. Banks can increase technology representation in their boardrooms to a minimum of 25 percent to strengthen their technological stewardship and guidance, according to Accenture.


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “Four charts on the lack of tech expertise in bank boardrooms”

Outlier OpinionsMakers

Member Exclusive, Payments

Payments Briefing: ‘We penetrated the blue ocean opportunity of the Spanish-speaking market’ – NovoPayment’s Anabel Perez

  • This week, we take a look at Miami-based BaaS provider, NovoPayment.
  • We also discuss Bumped, a firm that rewards customers with equity in the brands they shop from.
Ismail Umar | May 12, 2022
Member Exclusive

Lending Briefing: How fintechs are digitizing the mortgage process

  • Shifting consumer preferences are incentivizing mortgage banks to digitize other outdated, paper-based or manual parts of the business. But most of the innovation is happening outside the legacy system with fintechs taking the lead.
  • Given the current macroeconomic environment, uncertainty and dwindling margins in the mortgage sector, digital processes can help weather the storm by reducing costs.
Iulia Ciutina | May 11, 2022
Data Snacks, Member Exclusive

Data Snack: Real-time payments contribute a meager 0.9% to US transactions, FedNow expected to change that

  • The US real time payments industry is small, with just two networks, neither of which span across the country.
  • Federal Reserve’s country-wide real-time payments network initiative, FedNow, is expected to become one of the biggest payment clearance settlement systems in the world upon release.
Subboh Jaffery | May 11, 2022
Member Exclusive, New banks

Banking Briefing: Interest rates, big banks, and Revolut’s bumpy road to super-app-dom

  • The Central Bank raised its benchmark interest rate by half a percentage point. But with more fintech competition than ever, can major banks afford to respond the way they have in the past?
  • Meanwhile, Revolut’s super app strategy is hitting some bumps. What does that mean for the firm?
Rivka Abramson | May 09, 2022
Data Snacks, Member Exclusive

Data Snack: US fintech lenders down 30% on average in Q1 2022

  • Macroeconomic trends loom over the fintech sector and pressure public market stocks - most fintech lenders are down 30% or more in the first three months of 2022.
  • This could be a reaction against higher interest rates, which can grow the risk of defaults - driving investors to reevaluate fintech valuations, especially those with aggressive growth strategies.
Iulia Ciutina | May 06, 2022
More Articles