EY to Spend US$1 Billion as Part of Its Innovation Drive

• Investment to fund new services and solutions across a range of areas including managed services, cloud-based technology as well as audit and tax
• Appoints new EY Global Chief Client Technology and EY Global Chief Information Officers

EY today announces plans to invest US$1 billion in new technology solutions, client services, innovation and the EY ecosystem over the next two financial years, commencing from July. This move is part of an ongoing strategy to provide clients and people with innovative offerings using the latest disruptive technologies.

The new US$1b funding is in addition to the existing, significant annual technology investment. The investment will be used to create new technology-based services and solutions in areas such as financial services, cyber, risk management, managed services, software services as well as digital tax and audit services.

Read More: Insurtech: the new AI disruption is hitting insurance

Additionally, Nicola Morini Bianzino has joined as EY Global Chief Client Technology Officer (CCTO) and Steve George as EY Global Chief Information Officer (CIO). Rounding out this leadership team is Barbara O’Neill, EY Global Chief Information & Security Officer (CISO). As the global CISO, Barbara provides strategic direction for all matters relating to Information Security. These leaders bring significant industry and technology skills and will help drive the EY digital transformation and innovation agenda. These appointments complement our existing investments in innovation including our global artificial intelligence (AI) and Blockchain labs.

Mark Weinberger, EY Global Chairman and CEO, says: “In this transformative age, businesses and governments are under significant pressure to not only keep pace, but get ahead of the vast disruption and technological change. We see enormous opportunities in helping clients address these challenges and stay ahead of the technology curve. With this investment and expanded technology leadership team, EY will help businesses navigate industry disruption to realize their growth potential.”

Read More: Interview with David Sikora, Chief Executive Officer at ALTR

Technology leaders join EY

Nicola joined EY from Accenture, where he led AI and AI strategy. He also led Growth and Strategy for Accenture’s technology, innovation and ecosystems, which included new ventures, acquisitions and investments. Based in Silicon Valley, Nicola will focus on bringing digital capabilities to clients so that technology is at the heart of the EY services.

Steve brings significant experience to the role as former CIO for Citigroup’s North American retail banking, mortgage and global commercial banking teams. Steve also previously worked at Accenture, where he served on its Financial Services and Technology teams. Steve has also held both CIO and CTO positions at Chase and Huntington Bank. He is based in New York and will focus on defining innovative solutions and embedding digital technologies across EY teams globally.

Mark adds, “Over the past year we have initiated, pioneered and launched a number of innovative services such as the use of blockchain in marine insurance and in the automation and payment of royalties and the piloting of the use of drones in inventory observations. We have also made big technological improvements to existing offerings such as those in audit and tax. These new investments allow us to build on our strong IT capabilities and invest even more in client and market solutions.”

Read More: The Promise and Potential of AI for the Insurance Industry