We talked to some of the smartest minds on Wall Street about how tech is transforming finance. Here’s what they had to say.

Jin Lee

The world’s biggest financial institutions are spending billions on technology.

And, as I wrote in a weekly note to BI Prime subscribers on Sunday, the industry is reaching an inflection point where those massive investments are starting to pay off.

But challenges remain. There are new startups posing fresh competition. There’s a talent war with Silicon Valley. Customer expectations are evolving. And there’s the cultural challenge of driving innovation in huge organizations that have been around for decades and operate in a tightly regulated industry.

Business Insider hosted IGNITION: Transforming Finance at the New York Stock Exchange on Monday to discuss all of this and more. Here are the highlights. 

Meghan Morris, senior financial reporter at Business Insider, talked to Huw Richards, global head of digital investment banking at JPMorgan, and Lucien Foster, global head of digital partnerships at BNY Mellon.

• WATCH: Executives from JPMorgan and BNY Mellon tell fintech founders the best ways to partner with large banks

Alyson Shontell, Business Insider’s US editor-in-chief, talked to Gavin Michael, head of tech for the global consumer bank at Citigroup, Mariquit Corcoran, head of partnerships and programmes for group innovation at Barclays, and Megan Brewer, head of the technology innovation office at Morgan Stanley.

• The head of tech for Citigroup’s global consumer bank points to 2 key themes for managing its $8 billion tech budget
• The innovation heads at Barclays and Morgan Stanley break down how their firms leverage technology to stay one step ahead of the competitors trying to steal their business
• WATCH: Executives from Morgan Stanley, Citi, and Barclays explain how they encourage innovation within big, unwieldy banks

Dakin Campbell, senior finance correspondent at Business Insider, talked to Omer Ismail, head of consumer digital finance in the Americas for Goldman Sachs‘ Marcus division.

• WATCH: A Goldman Sachs Marcus exec explains why Apple is the perfect partner for their new credit card
• Goldman Sachs executive tells us why it’s ditching traditional advertising like direct mail in favor of more out of home and digital ads

NOW WATCH: WATCH: The legendary economist who predicted the housing crisis says the US will win the trade war

See Also:

• JPMorgan is investing billions in the tech arms’ race. Here’s everything you need to know.
• JPMorgan spends $11 billion on technology. But a top exec at the giant bank says some clients don’t want it to be a tech company.
• A former Goldman Sachs VP is suing with claims of discrimination and retaliation, saying he was asked ‘do you act this way because you’re gay?’

Source: Business Insider – mturner@businessinsider.com (Matt Turner)