PwC report highlights concerns of Wealth Management CEOs over technology expertise at different levels of the business.
63 per cent of CEOs are worried about the lack of digital skills among senior leadership, according to a report by PwC. A further 67 per cent are troubled about a lack of digital skills throughout their businesses.
The report reiterates that the industry needs to have digital transformation as a top business priority as customer behaviour shift and changing regulations come in to place. It is no longer sufficient to have a highly skilled IT department, but a general understanding of technology must exists across all levels of a company, says technology consultancy Gibbs Hybrid.
Farida Gibbs, founder and CEO of Gibbs Hybrid, comments: “Competitiveness is not about buying into technology but having a board level understanding of how it impacts wider business outcomes. Both CEOs and employees alike, cannot simply rely on technology experts to bolster their foundational IT knowledge.
“Many companies lack the mind-set needed to identify how new technologies can positively impact the business. Senior members should be able to communicate the value of digital solutions to all levels of the workforce, emphasising their ability to drive growth, boost productivity, and tackle IT threats.”
“Creating a new company culture requires those at the top to lead and influence all teams operating within a business. Eventually, IT knowledge will become general knowledge, as it filters through all levels of a company’s hierarchy.
“To get here, companies must take a hybrid approach which can include taking on a full-time IT expert to the board, using a consultancy as an advisory tool, as well as training existing board members.”