Key Facts about the US Banking Industry
- Very large industry – $23.7 trillion in assets in 2023
- Widely used – 81% of US adults had a bank account in 2020
- Dominated by large national banks like:
- JPMorgan Chase Bank ($3.31 trillion)
- Bank of America ($2.41 trillion)
- Citibank ($1.71 trillion)
- Wells Fargo ($1.71 trillion)
- Also many small community banks which operate locally (<$10 billion in assets each)
Importance of information technology
Banks are spending heavily on technology – not only to create new products for their customers, but also to modernize their own systems.
The line between business and technology is being blurred faster than ever for banks. Technology is driving banking products and services, and banks are competing using technology as a differentiator.
According to Gartner, investment in IT is forecast to total $652 billion in 2023, which is up 8.1% from 2022.