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More than half of new board directors appointed to UK financial services firms over the past year have technology experience, according to EY’s European Financial Services Boardroom Monitor.
The research found that 52% of new appointees brought technology expertise to their roles between July 2024 and June 2025, up from 36% the previous year. EY stated that the rise reflected the growing importance of digital transformation and artificial intelligence (AI) across the sector.
The study, which tracks the experience and skillsets of directors at listed banks, insurers, and asset managers across the MSCI European Financials Index, found that UK firms showed a stronger focus on technology than their European peers, where only 35% of new appointees had similar experience.
EY said that 94% of UK boards now have at least two directors with technology backgrounds, and half have four or more. Among those with technology expertise, 28% had led or delivered technology-focused teams, 28% brought fintech experience, 8% had backgrounds in IT systems or operations, and 4% in cybersecurity.
Additionally, insurers showed the biggest increase in appointments of tech-skilled directors, with 67% of new board members having relevant experience, compared with 30% the previous year.
The equivalent figure for banks and capital markets was 50%, and for wealth and asset managers, 44%.
The report also highlighted a shift in gender balance. Of all new UK board appointees with technology skills, 62% were women, up from previous years.
Overall, women now make up 45% of directors with technology expertise across UK financial services boards.
While experience in executive roles remains the most sought-after attribute, held by 84% of new directors, technology has overtaken corporate finance, accountancy, and sustainability as the next most in-demand skillset.
However, EY’s accompanying AI Confidence Pulse Survey suggested some unease about risk management. More than half (52%) of UK financial services leaders said their organisations’ approach to technology-related risks was insufficient to address emerging challenges from AI.
Most firms said they were responding by investing in AI risk assessments and employee training to strengthen awareness and responsible governance.
Martina Keane, EY UK and Ireland financial services leader, said: “Our new findings clearly demonstrate that technology experience 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.”
Preetham Peddanagari, EY UK financial services technology consulting leader, added: “With one in two new UK directors now bringing tech expertise, it’s clear that governance is evolving as fast as the technology itself.
“Just as importantly, a growing number of these tech-skilled appointees are women, which strengthens the range of experience around the table and brings broader perspectives that can help financial services firms meet challenges. The next phase is execution – model risk oversight, secure data foundations and responsible deployment – so innovation scales safely and delivers value for customers and shareholders.”
