Some 34.7 percent of FTSE 100 companies have a technologist in their executive leadership team, up from 24.5 percent in 2016, according to a new study by Calastone.
The study, the second of its kind released by Calastone, investigates how FTSE companies are responding to technological change, and how this affects the make-up of their senior leadership teams.
According to Calastone those companies that have “embraced technology most successfully are more likely to have a professional technologist within their executive leadership team”.
Calastone said the inclusion of more technologists in the FTSE 100 firms “demonstrates the growing importance of technology and how it is enabling and driving changes throughout markets in the UK”.
The study also found that on the FTSE 100, support services were the leading sector, with 4 companies (of a total of 9 listed) holding technologists in their leadership.
Banking was one of the sectors that saw the greatest increase in the number of technologists in senior roles since 2016, jumping from one to three. Financial services, however, remain unchanged since 2016.
Calastone said:“ Where the banking and financial services industries are doing well to respond to technological change, there still remains a significant opportunity for the funds industry to make the step up”.
“As the industry continues to face increasing cost, operational and regulatory pressures, all parties in the value chain—fund managers, distributors, transfer agents and platform operators—should look to other sectors that have navigated change and successfully used innovative technology.”
Campbell Brierley, CIO at Calastone, said: “Organisations worldwide face the difficult challenge of having to align legacy systems to meet new, more sophisticated demands from the industry and customers.”
He added: “The role of the technologist has, as such, become increasingly pivotal in solving these problems—whether that be through replacing old systems, or using cutting-edge innovative technology to streamline operational efficiencies and create a seamless user experience. Embracing technology in this way is becoming increasingly important in generating competitive advantage.”
Jon Willis, CCO at Calastone, commented: “The results from our study reveal the extent to which the UK’s largest, most successful businesses in other sectors are embracing digitalisation and technology innovation, and we believe funds companies can learn from their successes to best position themselves for a better future for our industry.”
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