By Andrew Broadhead Iris.xyz
Many insiders believe the long-term success of financial services firms depends on them becoming technology-driven companies. With the rise of robo-advisors, the inroads made by blockchain and the success of regtech, to name just a few developments, it’s hard to deny the rising dominance of technology in financial services.
If you doubt the scale of change taking place in the financial services industry, check out these numbers. They may change your mind.
Members of the “Big 5” are spending big
- In 2017, The Bank of Nova Scotia spent C$1 billion on technology – 40% of which went to “change-the-bank” projects versus traditional operating expenses in tech. (Source: Financial Post)
- The Royal Bank of Canada spent C$3 billion on tech in 2017 – transformative projects garnered 30% of that spending. (Source: Financial Post)
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