BankRate: JPM, big banks spend billions on tech but innovation lags

Money going toward new investments accounted for only 27 percent of bank IT spending in 2017. The rest — a whopping 73 percent of spending — went toward maintenance, according to Celent.

“What banks are good at doing, especially the big banks, is copying the things that fintech companies are doing,” says Stephen Greer, senior analyst with the banking team at Celent.

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