Banks have been dealing with digitalization for over a decade. But, despite record investment — in 2023, technology budgets reached $652.1 billion — a stubbornly difficult economy and neobanks' growing market share mean conditions are as challenging as ever.
In 2022, we argued that US incumbents could regain their edge by addressing market gaps, specifically wealth management and junior accounts.
Two years on, we've used FinTech Insights to revisit that data and assess how the landscape has changed. Our analysis includes the 22 incumbents in our original analysis, plus 17 new ones.