The big banks and most large regionals in the US have major technological advantages, according to DICK BOVE, chief financial strategist at Odeon Capital Group. Today, there is no non-bank financial company or Fintech—bank rivals seeking market share—that can match bank technology across the board, he says. Fintechs, however, can develop niche products that “banks should have developed.” Adds Bove: “Fintechs have a proven ability to rethink legacy businesses and redefine them.”

Still, the big banks are in the catbird’s seat by their sheer structure, scale and size. With the war in Ukraine causing the insufferable loss of human life, carnage and property damage, dividing the world into two camps, the bank sector is adjusting to the new reality. Major pools of cash that can propel them to new heights is a clear upside for big banks, Bove says. After earlier periods of modernization and major change, it's another revolution in banking in this era of robotics. This episode takes a closer look at BOVE’S research and at how the banking industry is being refashioned into tech-fueled hubs of financial and digital innovation for customers and bankers.