RSS   Newsletter   Contact   Advertise with us

Only 3% of bank CEOs have tech experience

Staff 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.
CEOs tech
Study   Without experience into a new era
The study of 109 global banks considered “technology experience” as holding or having held senior technology positions at a company or senior responsibilities at a technology firm.

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.