Bank Directors Lack Technology Experience

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A new report claims that the Boardrooms of some of the world’s largest banks lack technology experience. It says that just 6% of board directors and 3% of CEOs have meaningful technology experience.

The report is called ‘Bridging The Technology Gap In The Financial Services Boardroom’ and was prepared and published by Accenture (NYSE:AC). It also discovered that two-fifths of the banks have no board members and nearly one-third have only one board member with professional technology experience.

Group chief executive of Financial Services at Accenture Richard Lumb said: “FinTech, cyber-security, IT resilience and technology implications of regulatory changes have all become critical board-level issues but many bank boards simply don’t have adequate expertise to assess these issues and make decisions about strategy, investment and how best to allocate technology resources.”

Technology experience is defined by the report as holding, or having held senior technology positions at a company or senior responsibilities at a technology firm. The findings are based on the professional backgrounds of almost 2,000 bank executive staff.