EY: UK financial sector prioritises tech-savvy hires in AI era
Over half of all of new non-executive directors appointed to British financial services companies over the past year have brought tech expertise, new research from big four accountancy giant EY has found.
The figure, 52 per cent, shows a 16 per cent rise from the previous year, as AI continues to shift boardroom dynamics.
While C-suite experience remains a quasi-universal credential, accounting for 84 per cent of appointees during that time frame, tech expertise is now the most sought after skill set, racing ahead of corporate finance, accountancy, and sustainability.
EY’s report revealed that the UK is ahead of its European rivals, where just 35 per cent of board appointments bringing in tech expertise, lagging behind the UK’s 52 per cent.
Insurers lead the AI charge
Insurance companies have seen the biggest influx in tech-skilled hires, with 67 per cent of new appointments in the sector coming from a tech background, more than double the prior year.
Meanwhile, in capital markets and banking, that figure stood at 50 per cent, holding steady year on year.
Elsewhere, in wealth and asset management, tech-experienced directors rose too, spiking from 29, to 44 per cent.
EY also noted tan uptick in gender diversity among tech-literate appointees, where 62 per cent of new tech-savvy directors were women, raising the gender split in tech hires to 45 per cent female, and 55 per cent male.
This comes as the financial service sector navigates growing pressure to implement AI and strengthen its digital infrastructure.
Martina Keane, EY UK & Ireland financial services leader, commented: “Our new findings clearly demonstrate that tech 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”.
Yet, many firms still lack the internal capacity to manage AI risk and data strategy.
EY’s latest confidence pulse survey found that 52 per cent of UK financial services leaders saw their current approach to tech-related risks as adequate.
Just under a quarter said they lack sufficient controls in place to protect against unauthorised access or corruption.
This comes amid growing data theft threats, with cyberattacks costing UK businesses over £10,000 on average per incident, according to Uswitch Broadband.
Three of the UK’s largest brands, M&S, Co-op, and most recently, Jaguar Land Rover, have all severely been disrupted by cyber theft, affecting production lines, suppliers and customers.