Canadian banks upped their technology spend and talent acquisition efforts in the fiscal fourth quarter amid increasing digital adoption.

The $1.4 trillion TD Bank increased its tech spend in Q4 10% year over year to $4.8 billion; $1.4 trillion Royal Bank of Canada’s (RBC) tech investment grew 8.5% YoY to $5.3 billion; and $805 billion Bank of Montreal (BMO) bumped its tech spend 4% to $660 million.

The increased technology focus at BMO “[reflects] strategic investments in talent, technology modernization and expanded investment capabilities,” Chief Executive Darryl White said during the bank’s fiscal Q4 earnings call.

Fiscal Q4 tech spend:

Mobile adoption

The number of mobile active users in Q4 at several Canadian banks grew when compared with the same period last year as tech investments remained a priority. Scotiabank, for example, increased mobile usership 11% YoY to 7.5 million.

Similarly, RBC’s mobile adoption in Q4 climbed 10% to 6.1 million while TD Bank’s bumped up 8% to 6.9 million.

Tech talent

Hiring the right tech talent to manage the investments was a priority for BMO and National Bank of Canada (NBC).

NBC, for one, increased its non-interest expenses 8.5% YoY to $5.3 billion due to technology and talent acquisition spend, according to its earnings report.

However, not all banks put their money toward tech talent acquisition. Scotiabank shrunk its tech staff in the quarter as client adoption of digital channels and process automation rose.

Editor’s note: All dollar amounts listed in U.S. dollars.

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