More than half of board members appointed to UK financial services firms in the past twelve months brought fresh tech expertise to the table, according to the new research from EY, with firms looking to shore up their knowledge gaps as AI and emerging technologies rise up the corporate agenda.

EY’s latest European Financial Services Boardroom Monitor found that 52% of new board members at UK FS firms had backgrounds in tech – a sharp rise from 36% last year.

That means 94% of UK boards now include at least two directors with tech expertise, while 50% of boards have at least four, with UK firms beating out European rivals, where EY found rates of 71% and 35% respectively.

Breaking down the types of technology expertise UK directors bring to financial services boards, just over a quarter (28%) of appointees in the last year have experience leading a technology-focused team or have held a senior role delivering technology. 

Meanwhile, the same percentage (28%) brings fintech experience, 8% have IT systems and operations experience, and 4% have previously worked in cybersecurity.

EY found that insurers, in particular, have bolstered their boardrooms with tech expertise in the last year, with two-thirds (67%) of new appointees to UK insurance boards bringing this skillset, more than double the prior year of 30%. 

In comparison, half (50%) of banking and capital markets appointees bring tech experience – the same as last year – and 44% of new board appointees have tech experience in wealth and asset management, up from 29% year on year. 

While C-suite experience continues to be the most in-demand attribute for new financial services board directors in the UK – 84% of appointees in the last year brought C-suite experience – technology is now the most in-demand skillset, followed by corporate finance expertise (48%), accountancy (44%), and sustainability (28%).

Recommended reading

• Disconnect Between CISOs and Boards Fuelling Security Risks
• Report: Half of UK Directors Say Boards Don’t Add Value
• Boards Increasingly Aware of Risks Posed by Ignoring ESG

Of the new UK appointees with tech experience, the study found 62% were women, a considerable uptick from 2024 (44%), while the overall gender split of board members with technology expertise in UK FS firms now sits at 45% female and 55% male, compared to 43% female and 57% male a year ago.

“Our new findings clearly demonstrate that technology experience on UK financial institution boards has shifted from ‘nice to have’ to strategically critical,” said Martina Keane, EY UK & Ireland financial services leader.

“In the AI era, data and digital infrastructure will increasingly define both competitive advantage and sustainable growth, making directors with working knowledge and hands-on tech experience more important than ever. 

“Innovation brings both opportunity and challenge in financial services, so it is critical that firms implement the right capabilities to support ethical and responsible governance that works now and in the long term.”