Technology spend at banks grew in the third quarter as mobile usership, tech partnerships and digital enhancements remained a priority for most of the larger financial institutions.

The $1.6 trillion Goldman Sachs, for one, allocated $459 million for technology and communication in Q3, up 16% year over year. The $3.1 trillion Bank of America’s tech spend increased 12% YoY to $5.1 billion and $444 billion Capital One bumped up its tech budget 9% YoY to $349 million.

“We continue to make steady investments in our people, technology, marketing and financial centers,” Bank of America Chief Financial Officer Alastair Borthwick said during the bank’s Q3 earnings call. “What allows us to pay for these investments are the operational process improvements we’ve talk about and the increased digital adoption rates by our customers and by our banks.”

However, not all banks saw an uptick in Q3 technology expenses. For example, Truist decreased tech spend 5% YoY to $3.6 billion and PNC dropped its spend 9% to $3.3 billion.

Q3 tech spend:

Partnership initiatives

Huntington Bancshares plans to lean on recent partnerships, as well as its acquisition of TCF Financial Corporation, to continue its automation and digitization efforts, Chief Financial Officer Zachary Wasserman said during the bank’s Q3 earnings call. Huntington’s digital enhancements have proven to be successful, with the bank posting a 42% YoY increase in mobile users to 2.5 million and 47% jump in digital logins to 200 million in Q3.

Similarly, U.S. Bank focused on its tech-led partnerships in Q3 to improve omni-commerce, e-commerce and integrated software offerings, Chief Financial Officer and Vice Chair Terry Dolan said during the bank’s earnings call.

Mobile app upgrades

Mobile active users at Citizens Financial Group in Q3 climbed 19% YoY, reaching 2 million. That growth in digital usership led to the bank’s planning of a new mobile app.

“Over the next year, we are working to launch a new mobile app and a unique customer direct experience,” Chief Financial Officer John Woods said during the bank’s Q3 earnings call.

Fifth Third, too, announced plans to relaunch its mobile app in Q4 as the bank works toward “fully digitizing” the user experience, Chris Doll, senior vice president and head of investor relations at the bank, said during the Q3 earnings call.

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