BNY Mellon’s technology spend accounted for nearly 30% of noninterest expenses in 2023 as the bank embraced new technology during the year.
The bank spent $3.8 billion on technology and $13.2 billion in noninterest expenses for the year, up 1% from 2022, according to its bank’s Q4 2023 earnings presentation today.
The $30.4 billion bank plans to continue its investment in tech to improve overall operational efficiency, according to the presentation.
Total expenses in 2024 are expected to clock in at $12.3 billion as the bank prioritizes the following tech-driven efforts:
- A platform operating model transition;
- Digitization of workflows; and
- New technologies— specifically, expanded products and solutions in its investment and wealth management business.
[stock_market_widget type=”inline” template=”generic” assets=”BK” markup=”{name} ({symbol}) is trading at {price} ({change_pct}) as of {last_update}” api=”yf”].
Get ready for the Bank Automation Summit U.S. 2024 in Nashville on March 18-19! Discover the latest advancements in AI and automation in banking. Register now.
