The big spending reflects the pressure on banks to compete with financial technology companies like payments processor Stripe, installment lender Affirm and challenger bank Chime. JPMorgan is earmarking new funds for data centers and cloud computing as well as expansion into new markets like the UK and marketing costs.
“The global technology spend at around $12bn, that’s an astonishing number,” said James Shanahan, an analyst with Edward Jones. “That probably blows away the cumulative dollar value of investment of all the fintechs in the world that are trying to disrupt them.”
https://www.ft.com/content/e543adf0-8c62-4a2c-b2d9-01fdb2f595cc?stream=top