The biggest banks in America are racing to ramp up their digital platforms for consumers with cloud-based technology that allows them to expand and radically enhance their range of products and services, and overall customer experience. JP Morgan, for example, plans to spend $14.1 billion this year, much of it on new technology solutions. The tech investments by banks is driven in part by fear of competition from smaller innovative fintech upstarts, as well as a demand for superior digital and mobile services by customers. 

The heavy spending is taking its toll though on the smaller banks in America unable to compete. Consequently, some 50 to 100 are closing every quarter. "The banks are operating on the theory that you have to get to the customer at the time the customer wants the loan—or even before," says DICK BOVE, chief financial strategist at Odeon Capital Group who shares his latest research in this episode. Meanwhile, the traditional brick and mortar branches are being reimagined for a new customer experience. In a surprising twist, Chase Bank announced the introduction of new travel agency services at physical branches amidst this tech overhaul. 

The episode opens with a look at the markets, identifies a paradigm shift, and discusses the latest stock market plunges. How did this all start and what are some market commentators and pundits missing? "Money printing used to be the solution," according to BOVE. "Now it is the problem." Across the world. MAT VAN ALYSTYNE, sees bifurcation like in the days of the Cold War, as the conversation turns to international affairs. Joining BOVE and VAN ALYSTYNE is journalist JOHN AIDAN BYRNE