National Bank of Canada (NBC) bumped up its technology spend and focused on retaining and attracting talent in the third quarter as business growth remains a priority.

The $387 billion bank, which posted Q3 revenue of $1.9 billion, an 8% year-over-year increase, reported its “occupancy and technology” spend climbed 10% YoY to $233 million, with technology specifically accounting for $103 million, according to the bank’s earnings supplement.

The technology investment includes “projects to enhance client experience and acquisition and to expand activities in areas of expertise. It also includes investments in our systems, processes and cybersecurity,” Marie Chantal Gingras, chief financial officer at the bank, said during Wednesday’s earnings call.

Montreal-based NBC made additional investments into the open banking API and data-enhancement capabilities gained during its September 2021 acquisition of Canadian fintech Flinks, according to the earnings presentation.

“Each business segment [at the bank] remained disciplined in managing expenses, ensuring that the right investments in people and technology are made to support business growth,” Gingras said.

Moving forward, the bank will continue its strategy of “constantly looking at generating efficiencies, which is key in an inflationary context,” she said.

Meanwhile, NBC also named Etienne Dubuc its new executive vice president and co-head of financial markets, effective Nov. 1, Chief Executive Laurent Ferreira said during the earnings call.

The bank’s increase in tech spend follows Royal Bank of Canada, which increased its Q3 tech spend 8% YoY to $2.6 million.

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