Santander announced recently that it will spend €20 billion ($22 billion) on digital transformation through 2022; JPMorgan Chase has said it will be spending $11.4 billion on technology this year alone; the new crop of fintech banks are not worried even as the big banks build sizable digital customer bases; one of the big challenges for banks is that much of their IT budget goes to maintaining antiquated systems with only a portion going into new projects; Monzo’s head of marketing, Tristan Thomas, said “So far they [big banks] seem to be focused on skating to where the puck is, rather than where it’s going.” Source.