New technology has surged in recent years. Innovations such as artificial intelligence (AI) and the Metaverse will change how we live, work, and strategize. 

Meta’s virtual world, coined “the Metaverse,” could one day host board meetings and community events. Augmented reality (AR) could offer boards creative ways to experience data and voting.

Companies’ willingness to embrace new technology depends on their industry and market. Bank boards lean more traditional.

For busy board members, adopting new technology can feel cumbersome and daunting. The solution? Appoint a leader to oversee new technology processes, strategy, and annual planning.

3 Essential Types of Technology Your Board Needs

1. Tech That Matches the Pace of Communication 

With the rise of digital processes and communication channels, boards are expected to keep up with emails and text messages in real time. The modern boardroom needs tech that facilitates seamless communication anytime, from anywhere. 

2. Tech for Decision Resolution and Voting

In today’s hybrid world, your board may need to make a decision outside of an in-person meeting … to say nothing of loan approvals and other everyday tasks common to banks. Adopting new tech for decision resolution gives you a secure portal to alert your board to outcomes.

3. Tech for Member Engagement

Don’t release a 400-page reading for board members to review for the next meeting—but you also shouldn’t send piecemeal updates. Member engagement products like board portals facilitate back-and-forth communication.

How to Prepare for an Artificially Intelligent Future

Give the Board a Crash Course in AI Basics

All board members need to understand the principles of AI. Share foundational information to ground your board in what AI actually is. Then, clarify the opportunities and risks it presents to your business. 

Back Up Your Policies with a Deep Sense of Responsibility

As AI continues to evolve, so will banks’ concerns. Instead of swiftly putting AI policies in place, boards should ask: 

  • How do we responsibly adopt and engage with AI?
  • What ethical ramifications should we consider? 
  • What business model transformations could occur?
  • How can the board learn the cybersecurity risks?

Consider Your Strategy

Any digital transformation initiative  should dovetail into a business case. When integrating new technology, make sure it aligns with your bank’s strategic goals. Develop time frames for training the team on any new technology.

Remember What AI Can and Cannot Do

Banks must validate AI-generated information, so they don’t give stakeholders incorrect information. AI tools come with the disclaimer that the information provided may not be accurate. Board members using AI for research must verify data in source material and use sound judgment about what to trust.

Bringing New Tech into the Boardroom for Good

AI is already entrenched within modern businesses. With diverse use cases like analytics, automation, and forecasting, AI helps organizations become more efficient. But bringing new AI technology to your board is costly if not used responsibly. 

Your bank board’s resilience matters above all else. Be willing to learn how AI can help your board achieve its goals.