#banking-technology

#banking-technology

Johnson said this is occurring, in part, because companies are needing to spend more money on information technology compliance and security. It comes down to larger companies being able to withstand the economic burdens of doing business. Ultimately he believes members benefit from mergers once they get accustomed to the changes in exchange for the tradeoffs such as more services, more hours that bank personnel are available and better technology.

AI is set to reshape roughly 44% of banking work by 2030, according to consulting firm ThoughtLinks - and Wall Street's biggest firms are racing to get there first. JPMorgan Chase, the largest US bank by assets, is spending $18 billion a year on technology, with AI a central focus. CEO Jamie Dimon is a "tremendous" user of the bank's generative AI tools, which have now been rolled out to more than 200,000 employees.

The most profound changes are happening at the infrastructure level - in how banks are building platforms designed for continuous evolution rather than periodic overhaul.