Technology has further unlevelled the pitch. After the pandemic accelerated customers’ embrace of all things digital, the biggest lenders are shovelling tens of billions of dollars towards faster payments, artificial intelligence and slicker customer experiences. JPMorgan spends $17bn a year on tech. Few can compete: there are only nine US banks whose entire operating expenses are that big, according to LSEG data. Customer inertia helps too. Dimon said on Friday that “deposit betas” had come out lower than the bank modelled. In plain English, that means account holders settled for lower returns on their savings than one might think from the way interest rates moved around.

https://www.ft.com/content/2bfaf5f3-09ff-4e5b-a985-994454627518