Driven by a growth in its technology and a frenzy of worldwide deal-making activity, Goldman Sachs reported a jump in estimated second-quarter profits Tuesday. The bank’s quarterly net revenue grew by 16% to $15.3 billion, with financial advisory revenue surging 83%.

While the $2.3 trillion investment bank has undoubtedly benefited from a frenzy of market activity, it has also been honing in on the transaction banking business under Chief Executive David Solomon. Goldman announced in June that it is expanding its transaction banking business to the United Kingdom, with plans to enter the Japanese market as well, Chief Financial Officer Stephen Scherr, noted in an investor conference call today.

“Our interface, engagement and technology are proving to be the winning ticket,” Scherr said, adding that the bank has witnessed strong growth in its retail offering. The bank also registered record consumer and wealth management net revenues this quarter, which stood at $1.7 billion, up 28% on a yearly basis.

Commenting on the role that technology and automation have played in boosting efficiency across the bank’s operations, Solomon said Goldman is still in the “third innings of that” growth. Scherr added that, as operations scale across the bank’s verticals, tech-driven efficiencies will likely have an even more pronounced impact on the bank’s effort to lower unit costs. Goldman reported an overall communications and technology spend of $371 million this quarter, up 8% on a yearly basis.

Solomon added that the bank is also “quite open to the sharing of [consumer banking] data,” and that the recent executive order issued by President Joe Biden, which emphasizes the need to offer such flexibility to consumers, did not take the bank by surprise, but rather fits into its macro perspective on the direction in which banking is likely to move.

JPMorgan Chase

The $3.7 trillion JPMorgan Chase reported revenues of $31.4 billion, down by about 7%, compared to the previous quarter, with the number of its active mobile customers up by 10%. Average deposits were up by 25%, and debit and credit sales volume jumped by 45%.

While the bank’s financial results reflect a relatively steady quarter, JPMorgan Chase’s acquisition activity has nurtured curiosity about its international expansion plans. The bank acquired U.K.-based digital wealth firm Nutmeg in June, and took a 40% ownership stake in Brazil’s C6 bank in the same month. Launched in 2019, C6 Bank is a full-service digital bank with retail and commercial operations and has over 7 million customers in Brazil.

While expanding internationally on the back of branch networks could be challenging, doing so via digital channels positions the largest U.S. bank by asset size as somewhat of a disruptor in international markets, like U.K. and Brazil, said CFO Jeremy Barnum. The digital expansion gives the financial institution the “ability to experiment a little bit,” he added

“The consumers are raring to go,” said JPMorgan Chase Chairman and CEO Jamie Dimon, striking a bullish chord on the U.S. economic recovery. A robust customer experience is a key priority for the bank, and he said it is “doing pretty good,” on its overall digital strategy.

JPMorgan Chase reported its non-interest expenses were up 4% this quarter, largely driven by investments in the business including “technology and front office hiring.”

Shares of Goldman Sachs [NYSE: GS] were trading at $376.89 at 3:00 p.m. today, down 0.95% for the day. Shares of JPMorgan Chase [NYSE: JPM] were trading at $155.75 at 3:00 p.m. today, down 1.41% for the day.