EY finds $1bn for fintech foraging
EY plans to invest $1 billion in new technology solutions, client services, innovation and its ecosystem over the next two financial years.
The new funding is in addition to the existing, “significant” annual technology investment.
The investment will be used to create new tech-based services and solutions in areas such as financial services, cyber, risk management, managed services, software services, digital tax and audit services.
Along with this, it’s brought in Nicola Morini Bianzino as global chief client technology officer (CCTO), Steve George as global chief information officer (CIO), and Barbara O’Neill as global chief information and security officer (CISO). Bianzino comes from Accenture, George worked at Citi, while O’Neill was at ABR Benefit Services.
EY says: “These appointments complement our existing investments in innovation including our global artificial intelligence (AI) and blockchain labs.”
While we can’t predict where every dollar of its money will go, EY does like to stay active.
Last month it acquired certain technology assets and related patents from Elevated Consciousness, a Californian start-up developing solutions for the crypto-asset ecosystem.
Last year, BNP Paribas ALM Treasury and EY completed a pilot demonstrating the use of blockchain to improve global internal treasury operations for the bank.