Automation at U.S. banks is helping them outpace their European counterparts, Finastra CEO Simon Paris told CNBC. He leads a firm that works with 45 of the world's top 50 banks and has a revenue of more than $2 billion, according to the report.
The investments in automation mean better productivity and a more positive customer experience, said Paris. "You really see that [U.S. banks are] getting improvements from those technology investments they made a few years ago,” he added. “You see a big difference between the U.S. banks and the European banks, and I think that’s part of the reason why U.S. banks are at twice the level of return on equity over the Europeans."
The comments come even as European-based fintech startup N26 is readying itself for a U.S. entrance. The firm is valued at $2.7 billion and just secured $300 million in additional funding. "While European banks may be seen as slow in adopting new technology," reported CNBC, "fintech firms in the region are seeing heavy investment."
