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”

Member Exclusive

‘$130 trillion of global B2B trade is coming online’: Balance looks to digitize payments for B2B ecommerce

  • Balance claims it’s the first ecommerce payments platform that’s custom-built for B2B merchants and marketplaces.
  • The firm aims to facilitate the digitization of B2B trade through its payments infrastructure.
Ismail Umar | September 16, 2021
Member Exclusive

Incumbents take the pedal off ad spending to compete with fintechs

  • Banks and insurance companies are redistributing their ad spend budget to technology and innovation to compete with challengers.
  • Insurance companies will account for 45.6% of the industry’s ad spend.
Shehzil Zahid | September 09, 2021
Member Exclusive

How rooting its customer experience in hotels and airfare enables Sunbit to make an impact

  • Sunbit is a buy now, pay later solution that's making a name for itself in the service industry market.
  • Sunbit’s customer experience mantra centers on flexibility, making it easy and doing it with a smile.
Shehzil Zahid | September 07, 2021
Member Exclusive

Accessibility in banking: how finance actually fares when it comes to catering to customers with disabilities

  • Financial institutions are legally required to be ADA compliant but many are not.
  • Accessibility consultants say institutions need to do a better job of listening and responding to customers with disabilities.
Shehzil Zahid | September 03, 2021
Member Exclusive

Consumers are looking to better their financial health

  • Covid is causing people to reevaluate their financial health. Adulthood is causing millennials to reevaluate their financial choices.
  • Consumers’ interest in improving their finances is growing, and that could present new marketing opportunities for financial service providers.
Rivka Abramson | September 01, 2021
More Articles