Published: 08 June 2023
Infrequent communication with the board often impedes establishing clear expectations and strategies. This research offers key insights on boards’ priorities so financial services business unit executives can pressure test their organization’s progress and align actions for enterprise success.
Sixty-six percent of nonexecutive boards of directors (BoDs) in the financial services industry expect a greater tolerance for risk in 2023-2024. BoDs are willing to accept greater risk in expanding product lines, entering new markets and transforming ways of working.
Seventy-eight percent of financial services BoDs are altering or planning to alter their enterprise economic structures to a digital economic architecture, as BoDs are sharpening the focus of their digital acceleration initiatives on business transformation (as opposed to solely optimization.)
About three-fourths of financial services BoDs anticipate an increase in sustainability initiatives (75%) and diversity, equity and inclusion (DE&I)
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