EY to spend US$1 bln upgrading technology, innovation drive
KUALA LUMPUR: EY has announced plans to invest US$ 1 billion in new technology solutions, client services, innovation and the EY ecosystem over the next two financial years, commencing from July onwards.
In a statement, it said, this move was part of an ongoing strategy to provide clients and people with innovative offerings using the latest disruptive technologies.
The new US$ 1 billion funding is also in addition to the existing, significant annual technology investment.
It highlighted that the investment would be used to create new technology-based services and solutions in areas such as fi nancial services, cyber, risk management, managed services, software services as well as digital tax and audit services.
EY Global chairman and chief executive officer Mark Weinberger, said: “In this transformative age, businesses and governments are under significant pressure to not only keep pace, but get ahead of the vast disruption and techno-
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. Mark Weinberger, EY Global chairman and chief executive officer
logical 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.”
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.
EY said, 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 added, “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.”