When JPMorgan Chase released its 2016 annual report, in which the celluloid CEO Jamie Dimon proudly acknowledged spending nearly $10 billion on technology, the talking heads erupted. Ten billion! Must be good. Jamie does it.
And from that moment the conventional wisdom was and is: community banks can't compete. I just heard it on Friday. A team of investment bankers told a community bank board, "how do you compete with that?"
I have ideas. Watch/listen to my most recent vlog.
Who should bear the cost of experimentation?