A new survey of 175 banks by UBS shows that larger banks like JPMorgan Chase and Bank of America invest a lot more in technology as a percentage of their budget than smaller banks; this could lead to more M&A deals as banks look to pool resources to put themselves in a better position to compete; most of the technology budgets are used to keep current systems running and not invest in new technologies; 34 percent of small banks in the survey say their budgets are set to stay the same or decrease in the next year; “The survey results suggest that the already large gap in IT spend between large and small banks will grow, potentially placing regional banks at a further competitive disadvantage,” the report states according to Business Insider. Source.
Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.