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Whitney McDonald
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Brian Stone
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Whitney McDonald and Brian Stone
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Whitney McDonald
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Whitney McDonald
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Whitney McDonald
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Whitney McDonald
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Whitney McDonald
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Huntington Bancshares continues to prioritize efficiency through branch reduction, cautious spending and automation in 2023. The $179 billion bank outlined technology development efforts during its November 2022 Investor Day and announced plans for 2023 at the Bank of America Securities Financial Services Conference last week. “We doubled technology development investment between 2019 and 2022 and […]
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Whitney McDonald
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HSBC’s cost-reduction efforts have allowed the bank to up tech spend to improve workflow efficiency and customer experience. THE BIG PICTURE: The $3 trillion, London-based bank’s three-year cost reduction program, which has now ended, included the reduction of global corporate real estate, the branch network and operations headcount, Chief Executive Noel Quinn said during the […]
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Bank of America is increasing its technology development spend 9% year over year in 2023 as the bank continues to invest in digitization. The $3.1 trillion bank will spend $3.7 billion on technology development in 2023, up from $3.4 billion in 2022, Chief Executive Brian Moynihan said at the Bank of America Securities Financial Services […]
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Citi Treasury and Trade Solutions, a division of Citi’s Institutional Clients Group, increased technology spend about 40% over the past two and a half years, and will continue to invest in its platform during the next three to four years, said Shahmir Khaliq, global head of Citi Treasury and Trade Solutions, during Credit Suisse’s Financial […]
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Truist Financial increased its non-interest expenses in the fourth quarter of 2022 as minimum wage increased and the bank invested in technology, acquisitions, revenue-generating business and call center staff. The $548 billion bank’s adjusted non-interest expenses grew 8% year over year to $3.4 billion, according to its Q4 earnings presentation. WHY IT MATTERS: Although expenses […]
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Banks and credit unions will invest in their customer and member engagement offerings in 2023 as more clients desire relationship banking. Financial institutions (FIs) plan to invest in digital improvements, physical branch support, contact center technology, marketing, operations and loan technology, according to the report “ENGAGE 2023: Customer Engagement in Banking: Annual Trends Report” released […]
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Whitney McDonald
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Canadian banks upped their technology spend and talent acquisition efforts in the fiscal fourth quarter amid increasing digital adoption. The $1.4 trillion TD Bank increased its tech spend in Q4 10% year over year to $4.8 billion; $1.4 trillion Royal Bank of Canada’s (RBC) tech investment grew 8.5% YoY to $5.3 billion; and $805 billion […]
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Huntington Bancshares’ online engagement and acquisition mix has grown significantly through technology investments and customer experience enhancements since the bank first embarked on its digital journey five years ago. The $179 billion Huntington’s digital checking acquisition increased to 46% this year, up 228% from 14% in 2017, according to the bank’s 2022 Investor Day presentation. […]
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