Banks Plan Bigger Spend On New Tech, Says EU Regulator

Law360, London (January 14, 2021, 12:58 PM GMT) -- Banks plan to invest more in technology to attract more customers and might need to do so if they are to deal with an influx of online banking customers following the COVID-19 pandemic, the European Banking Authority said.

Lenders reacted to the pandemic mainly by extending remote working for their employees and by improving related infrastructure such as levels of cybersecurity, according to the EBA's assessment of the banking sector published on Wednesday.

"Banks also suggest that enhanced teleworking arrangements will probably remain in place in the long-term (around 80%) and they expect increased spending on digital innovation and new technologies...

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