banking spend 
South State Correspondent
JANUARY 30, 2024
Banks are under pressure to find ways to increase earnings against a backdrop of slower increases in earning assets and quickly rising deposit and credit costs. As such, bank budgets have come under scrutiny. We recently conducted a small sample poll, and out of 21 banks, budgets were down an average of 14% for this year.
PYMNTS
DECEMBER 10, 2020
Bank of America customers are spending more across all accounts than they did last year, but more stimulus is needed to support small businesses and people who are unemployed, according to CEO Brian Moynihan. Further, banks have not had to use the billions set aside for anticipated loan defaults. billion, down from $5.8
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Payments Dive
JANUARY 17, 2023
The big banks’ fourth quarter 2022 card volume data could have implications for card giants Visa and Mastercard, an analyst said.
PYMNTS
OCTOBER 14, 2020
Bank of America (BofA) said on Wednesday (Oct. 14) that it is seeing a full restoration of customer spending, along with declines in delinquencies on credit cards, car loans and mortgages, even as the pandemic rages on. Moynihan said America’s second-largest bank sees consumer and commercial demand continue to improve, alongside a U.S.
PYMNTS
MARCH 29, 2019
New research from UBS points to the largest spenders on bank technology: JPMorgan and Bank of America. Bank of America has a $10 billion IT spending budget, with 30 percent used for its “technology initiative investment spend,” reports said. That’s a 5.6 Coming in at No.
Bank Innovation
FEBRUARY 19, 2020
Global investment banks are making major digital investments to keep pace with fintechs, Moody’s Investors Service reported in a research note this week. The research study noted that global investment banks are focusing on enhancing their digital platforms, spending an average of $72 billion annually on IT.
Bank Innovation
FEBRUARY 14, 2019
Despite predictions of a bleak economy and decreasing investment spending from businesses, banks will not be cutting down their technology spend in 2019, according to Kurt Spieler, Chief Investment Officer at First National Bank of Omaha.
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