Should Banks become Tech Companies?

JPMorgan spends an astounding $11 billion on technology every year; Huw Richards who is head of digital investment banking recently stated that clients don’t want them to become a tech company and would rather see the bank as a technology-enabled partner; it seems that the trust and security of the bank is what some people value the most; other executives from banks disagree on the tech company piece, viewing themselves as tech companies; the reality is that JPMorgan has made the biggest investments in tech, having over 50,000 technologists; Richards and Lucien Foster who is BNY’s head of digital partnerships also share their perspective on selecting partners. Source