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.
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.
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