UK banks leading the charge for tech readiness as innovation focus builds

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UK banks are leading the way when it comes to readiness for technology, with one third of bank board members having technology experience compared to 13 per cent when it comes to European counterparts, according to new research. 

Figures released by Accenture highlight that every UK bank’s board holds at least one member who comes from a technology background, while 78 per cent of global institutions have one or more tech experts at that level. 

The news comes amidst the UK’s ongoing commitment to innovation, with Prime Minister Rishi Sunak meeting world leaders to strengthen the nation’s position through the development of safe and trustworthy AI with a £54m investment, building a ‘data bridge’ framework with the US and reaffirming aims to become a science and technology superpower by 2030. 

Despite this progress, the rapid rate of growth when it comes to technology representation on boards has declined more recently, from a 12 per cent increase being recorded between 2015 and 2020, to six per cent in the years since. 

Also Read: How Banking Businesses Can Achieve Digital Transformation

Commenting, Howard Wimpory, KYC Transformation Director for Encompass Corporation, said: “As is increasingly evidenced, the benefits of digital transformation for banks are expansive, and set around improving client experience, increasing efficiency, significant time and cost savings, and delivering continuous compliance. For banks embarking on this journey, it is key is to have tech savvy leaders who are able to truly understand and can champion the importance of solutions in order to realise the full potential. While it is encouraging to see strong industry expertise throughout the highest levels on the rise, which can only benefit institutions, there is still scope for growth. 

“The UK is well-positioned to meet its ambitious technology superpower aims and innovative solutions and processes, such as KYC process automation, being increasingly leveraged and maximised within the financial services sector is an important factor in cementing the nation as not only a leading global technology hub, but a prime location to conduct business.”

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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