Skip to content
CCG Insights

Research Snapshot

  • Research Snapshot

Bank Boards Talk Tech but Lack Expertise

Bank Boards Talk Tech but Lack Expertise

Bank Boards Talk Tech but Lack Expertise

November 10, 2022

By: Kate Drew

Subscribe

Request for Proposal

By: Kate Drew

Subscribe | Request

Bank Boards and Technology

When it comes to planning for the future, technology remains a critical agent of change not only for banks but also for companies broadly. In the US, bank boards seem to realize this — according to Bank Director’s 2022 Technology Survey, 48% of bank executives surveyed from across the country said their board discusses technology at every board meeting, and another 40% said they do so once a quarter. However, this data grows less encouraging when paired with other results from the survey — specifically, when asked whether their board has at least one member who they would consider an expert in some area of technology, including digital transformation, user experience, and/or data analytics, 53% of respondents said no.

If that doesn’t send sirens ringing off in the minds of everyone reading this, there’s no telling what will. Essentially, what these two data points suggest together is that there is a lot of discussion about technology happening but very little expertise being injected into the conversation. That is a huge problem, one that means many of these institutions aren’t likely to get very far in leveraging new and developing technologies in ways that make sense, drive results, and ultimately futureproof their operations. As Bank Director’s report points out, while a bank’s board isn’t directly involved in decisions about technology, it needs to be able to align technology with strategy and ensure that the resources are available to achieve the organization’s goals.

Going forward, it will be critical to eliminate this gap. Without a supportive and understanding board, even the most forward-thinking executives will have trouble getting things off the ground, especially in advanced areas like data analytics and automation, which are very complex in nature and key to driving success in a digital-first environment. Developing a good data strategy, in particular, is a top priority for banking executives today, according to data from Deloitte. But doing so is a major undertaking that involves pulling together data from many disparate systems and creating common data models to drive actionable insights. Expertise to execute on projects of this scale cannot just exist within the bank’s walls; it needs a counterpart at the board level that can speak the same language. That expertise is necessary to communicate value and build consensus — even if it’s just one person who can translate for the room.

You Might Like These, Too

Banks Close the User Gap Experience in Mobile Banking Apps

Banks Close the User Gap Experience in Mobile Banking Apps

Bank Customers Threatened by Scammers and Phishers

Bank Customers Threatened by Scammers and Phishers

The Impact of Cybersecurity on Your Digital Strategy

The Impact of Cybersecurity on Your Digital Strategy

Why Banking the Gig Economy Is So Hard (And Fintechs Are Winning)

Why Banking the Gig Economy Is So Hard (And Fintechs Are Winning)

Leaders in Bank Consulting

About CCG Catalyst
Latest Insights
CCG

PHOENIX • NEW YORK • LONDON • SINGAPORE

Phone: +1-480-744-2240  • Contact Us

© 2023 CCG CATALYST CONSULTING. Privacy Policy & Terms of Service.
Request a Call Back
Linkedin Twitter
Subscribe
to our Insights
Subscribe
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT
BANK
FINTECH
FUSION
  • About
  • Services
  • Insights
  • Fintech
  • Research
  • Team
  • Contact
  • Press
  • Careers
  • Events
  • RFI / RFP
  • Terms
  • Privacy
Linkedin Twitter Search
Subscribe for Insights

CCG INSIGHTS FOR BANKS, FINTECHS, AND CREDIT UNIONS

The Fed, Real-Time Payments, Alexa and Apple P2P, Part of Payment Revolution
  • Weekly digest of what's new
  • New research snapshots
  • Exclusive access to banking and fintech research
  • Industry news
  • Invitations to webinars and webcasts