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Barclays is looking to cut costs through structural changes as it seeks efficiencies in the face of falling profits. “We achieved around 200 million pounds of gross cost efficiency savings in Q1 out of our targeted 1 billion pounds for the full-year 2024,” Chief Executive C.S. Venkatakrishnan said today during the bank’s first-quarter earnings call. […]
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Vaidik Trivedi
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Lloyds Bank reported an increase in operating costs in the first quarter driven by higher inflation and increased investment in technology. “Cost management remains a core discipline for us as a group,” Chief Financial Officer William Chalmers said during the bank’s earnings call today. Operating costs “include expected elevated severance charges taken early in the […]
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Vaidik Trivedi
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Goldman Sachs Group Inc. is closing down its automated-investing business for the masses after clinching a deal with Betterment. The bank has struck an agreement to transfer clients and their assets from the unit known as Marcus Invest to Betterment, a $45 billion digital investment-advisory firm. The transfer is expected to be completed by the […]
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Truist Bank expects to continue investing in technology to save money as it restructures. “We continue to see improvements in productivity due to investments in technology,” Chief Executive William Rogers said today during Truist’s first-quarter earnings call. In the short and medium term, the bank expects higher productivity through tech investments and, in the longer […]
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Vaidik Trivedi
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Huntington Bancshares joined mega-banks in growing digital adoption during the first quarter, citing increases in digital and mobile usership and in digital logins. During the quarter, Bank of America, Citizens Financial Group, JPMorgan Chase and Wells Fargo all reported digital usership growth. The $189 billion bank’s investment in technology and data in the quarter contributed […]
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Whitney McDonald
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Ally Financial invested in its digital product strategy, which continues to boost customer retention rates. “We have expanded our products and features to deepen customer relationships, including Ally Home and Ally Invest,” Interim Chief Executive Doug Timmerman said today during the bank’s first-quarter earnings call. During the quarter, the bank launched Ally Home Grant, […]
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Whitney McDonald
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Bank of America’s digital offerings continue to be a draw, as its virtual assistant Erica reached 2 billion user interactions in the first quarter. “Erica continues to drive increased digital engagement, in part because it gives us the ability to deliver important information to clients and answer their questions in real-time,” Jorge Camargo, managing direct […]
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Whitney McDonald
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PNC Financial worked to expand to new markets and grow its digital platforms in the first quarter. The bank listed three long-term efforts in its 2023 annual report: Expand the bank’s franchise and digital channels; Leverage technology to create efficiencies that help better serve customers; and Deepen customer relationships by offering superior banking experiences and […]
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Whitney McDonald
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Wells Fargo pulled back on its branch footprint as digital and mobile banking adoption climbed in the first quarter. “Our branches are becoming more advice-focused … [and] we are modernizing and optimizing our branch network,” Chief Executive Charlie Scharf said today during the bank’s Q1 earnings call. “We continue to invest in talent, technology and […]
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Vaidik Trivedi
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The shakeup at Truist Financial continues. Truist Financial Chief Information Officer Scott Case has left the Charlotte, N.C.-based bank, a source close to the matter told Bank Automation News. Case took on the role of enterprise CIO at Truist in December 2019, according to his LinkedIn profile. He joined Truist through the SunTrust–BB&T merger. He […]
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Whitney McDonald
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TD Bank is experimenting with virtual reality to build practical skill sets through controlled customer simulations, leading to improved employee training. “TD has been experimenting with different immersive experiences for colleagues and customers,” TD Product Manager Kerry Narduzzi told Bank Automation News. “This is a new technology and we want to really understand it and […]
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Vaidik Trivedi
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Citizens Bank is expanding its use of cloud-based banking platform Blend to offer bank customers easier access to credit through the tech provider’s credit card solution. The $222 billion bank is preparing for high consumer demand for credit when interest rates start to fall, Adam Boyd, executive vice president, head of home equity, credit card […]
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Whitney McDonald
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NASHVILLE, Tenn. — Digital banking service provider LemonadeLXP won the inaugural Demo Challenge at Bank Automation Summit U.S. 2024. Nine financial services technology startups showcased their latest innovations with technology leaders and executives at the March 19 event. The Ottawa, Canada-based company provides custom technology learning modules for internal and external-facing capabilities, John Findlay, chief […]
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Vaidik Trivedi
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Consumer Financial Protection Bureau Director Rohit Chopra released an update today on the bureau’s Personal Financial Data Rights rule-sharing based on his remarks given March 13 at the Financial Data Exchange Global Summit in Washington, D.C. Chopra discussed at the FDX event how the bureau is identifying standard-setting organizations. FDX, a financial services consortium, […]
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Whitney McDonald
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Navy Federal Credit Union is developing an omnichannel lending platform as credit unions and captives prioritize technology upgrades in the face of increased competition and changing consumer preferences. Along with migrating more processes to the cloud, Navy Federal is aiming to give consumers the same financing and servicing experience regardless of what channel or device they […]
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Amanda Harris
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To keep up with consumer demand for digital capabilities, Bank of America’s inventors focus on solving client problems and removing friction through innovation and patent efforts. In 2023, the $3.2 trillion bank was granted 644 patents, up 6% year over year from 2022, according to a bank press release. The bank’s inventors work on identifying […]
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Whitney McDonald
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Banks are looking for ways to monetize the sharing of consumer data as open banking regulations are passed across the globe. Open banking pushes banks to collaborate with fintechs to share consumer data without friction, Matthijs van Voorst, strategic partnership director at the Netherlands-based $380 billion ABN AMRO Bank, said at the recent FinovateEurope event, noting […]
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Vaidik Trivedi
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Lloyds Bank is looking to invest in cybersecurity and technology related to insurance and regulatory monitoring in 2024 amid uncertain macroeconomic conditions. “I like regtech because it’s important to keep on innovating in that space,” Robin Scher, head of fintech investment at Lloyds Bank, said at FinovateEurope last week. “We are also looking at cybersecurity […]
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Vaidik Trivedi
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Canadian banks leaned into technology spend during the most recent quarter as efficiency and innovation remained a priority.
“Transformational level use of technology, creating capacity and business velocity,” is top of mind for Canadian clients, Karin Kirkwood, president of Canada-based fintech Broadridge Canada, told Bank Automation News.
She added that banks are focused on three things:
Banks are working to remove time-intensive manual processes and “redirect that capacity to providing higher value for our clients,” she said.
This week, Bank of Montreal, National Bank of Canada, Royal Bank of Canada, Scotiabank and TD Bank all reported earnings that reflect increased tech spend and an uptick in innovation and overall digital channel usership.
The Canadian banks reported increases in non-interest expenses and some broke out technology-specific spending.
$1 trillion Scotiabank, for one, upped its tech spend 13% year over year to CA$570 million ($421 million), according to the bank’s earnings supplement.
$311 billion National Bank of Canada also increased tech spend 3.6% YoY to $190 million as the bank invested in technology across its business lines including wealth management, financial markets, and personal and commercial banking.
As tech spend grew, the banks invested in innovation to keep up with growing customer demand for digital capabilities.
During the quarter, the following digital solutions launched:
The banks also reported an increase in digital adoption across their mobile and digital channels.
TD Bank’s mobile usership increased 7.7% YoY to 5 million users in the United States and grew 8.5% YoY to 7.7 million users in Canada, according to the bank’s earnings presentation, released today.
The banks reported the following digital adoption:
| Bank | Active mobile usership | % Change YoY |
| RBC | 7M | 12% |
| Scotiabank | 4.8M | 7% |
| TD Bank | 12.7M | 2% |
Editor’s note: All amounts have been converted to U.S. dollars.
Join us for Bank Automation Summit U.S. 2024 in Nashville, Tenn., on March 18-19! Discover the latest advancements in AI and automation in banking. Register now.
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Whitney McDonald
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Whitney McDonald
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