(Commonwealth_Europe) UK financial services boards are changing fast, and technology is driving the shift. Over the past year, more than half of the new directors joining these firms brought tech know-how with them. Artificial intelligence (AI) and digital innovation aren’t just buzzwords anymore; they’re reshaping how companies are run from the top down. According to EY’s latest boardroom monitor, 52% of new UK directors now have a technology background, up from 36% last year and well above the European average. Today, nearly every financial board has at least two tech-savvy directors, and half have four or more. In other words, knowing your way around a spreadsheet just isn’t enough anymore; digital expertise has become essential.
Insurers are leading this tech-driven revolution. Two-thirds of new board members in UK insurance firms bring technology experience, more than double last year’s figure and higher than in banking or asset management. That makes sense when you consider how much insurers rely on tech these days, from AI-powered underwriting and predictive analytics to automated claims and strong cybersecurity.
The directors themselves bring a variety of skills. About 28% have led tech teams or driven digital transformations, another 28% have FinTech experience, and smaller numbers come from IT systems or cybersecurity. Boards aren’t just searching for people who know tech; they want leaders who can think strategically and help guide companies through an ever-changing digital world.
There’s also good news on diversity. Among the new tech-savvy directors, 62% are women, lifting the overall gender balance among tech-experienced board members to 45% female and 55% male. Martina Keane, EY UK & Ireland Financial Services leader, says this shift shows that tech expertise has gone from “nice-to-have” to essential. In a world where data and AI are at the heart of growth, boards need directors who understand digital systems—not just to stay competitive, but to make smart, responsible decisions.
Of course, there are still challenges. EY’s AI Confidence Pulse Survey found that more than half of UK financial services leaders feel their current systems for managing technology risks aren’t fully ready for AI. Many firms are responding by investing in risk assessments and staff training, making sure they can keep up with emerging technologies.
