Only 3% of bank CEOs have tech experienceStaff writer ▼ | October 29, 2015
The latest study from Accenture shows that only 6% of board directors and just 3% of CEOs of the world’s biggest banks have any technology experience, reports Business Wire.
Study Without experience into a new era
This means 94% of banks directors lack competence in modern cyber security and technological innovation. According to the Financial Times, the banking industry compares poorly to other sectors, which will have a negative impact on its growth and development.
Head of financial services at Accenture, Richard Lumb, said: “Very few banks have technologists on their boards and yet when you look at the big strategic challenges facing their business, particularly from financial technology companies, a lot of banks’ revenue is under threat from this area.”
Today, as society is moving towards a cyber banking future where cash will cease to exist and the majority of money transactions will be done using modern IT-solutions, Lumb advises banks to set up technology committees that feature board members, something that just 11% of US and UK banks have done so far. ■