Big Banks Spending Billions on Technology

Santander announced recently that it will spend €20 billion ($22 billion) on digital transformation through 2022; JPMorgan Chase has said it will be spending $11.4 billion on technology this year alone; the new crop of fintech banks are not worried even as the big banks build sizable digital customer bases; one of the big challenges for banks is that much of their IT budget goes to maintaining antiquated systems with only a portion going into new projects; Monzo’s head of marketing, Tristan Thomas, said “So far they [big banks] seem to be focused on skating to where the puck is, rather than where it’s going.” Source.

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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