A Harvard Business Review article on the same topic noted that the decision to add a technology expert to your board hinges on two factors:
Whether technology is a strategic differentiator for the business and
The nature of the industry and market structure in which the company operates.
- We’re providing a rewards program. Which customer loyalty software provider did you choose?
- We now offer a full suite of wealth management tools. I expect you fully integrated the new website?
- We’re giving our customers access to car buying assistance. How was the selection process for finding the right online service?
It is possible a bank can find a new strategic initiative without the need for a new integration project, software provider or cloud services partner, but it is becoming increasingly rare. Even if a current solution provider offers a new add-on service, there is almost always going to be a buy/build/partner analysis. So if every strategic initiative is going to include a technology expert, why would you leave a technology expert out of the board room?