Financial services firms are pushing to appoint more board members with technology expertise, new research shows.
An EY report revealed 52 per cent of board members appointed to UK financial services firms in the past 12 months brought technology expertise to the table – up from 36 per cent the year prior.
The EY European Financial Services Boardroom Monitor also showed a higher adoption of technology expertise in the UK compared with Europe, where just 25 per cent of appointments to financial services boards had tech experience.
Martina Keane, EY UK & Ireland financial services leader, said: “Our new findings clearly demonstrate that technology expertise on UK financial institution boards has shifted from ‘nice to have’ to strategically critical.
“In the AI era, data and digital infrastructure will increasingly define both competitive advantage and sustainable growth, making directors with working knowledge and hands-on tech experience more important than ever.”
Of the technology expertise UK directors bring to financial services boards, 28 per cent of appointees in the last year have experience leading a technology-focused team or have held a senior role delivering technology.
The same percentage bring FinTech experience while 8 per cent have IT systems and operations experience, and 4 per cent have previously worked in cybersecurity.
Of the new UK appointees with technology expertise, 62 per cent were women and 38 per cent men.
The overall gender split of board members with technology experience in UK financial services firms now sits at 45 per cent female and 55 per cent.
Keane added: “Innovation brings both opportunity and challenge in financial services, so it is critical that firms implement the right capabilities to support ethical and responsible governance that works now and in the long-term.”
tara.o’connor@ft.com
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