In the past week, five major Canadian banks gave their quarterly peek behind the curtain. Their Q3 reports and analyst calls highlight how tech improvements are helping them score new business or increase customer satisfaction, and how it’s crucial to divide tech spend between “running the bank” and “changing the bank”:

$1.4 trillion-asset TD Bank increased its tech and equipment spend 12% year-over-year to ~$360 million and highlighted a new AI-based phone system for its insurance business that matches clients with the right advisors to help it speed up and improve its customer service, as well as.  

$1.3 billion-asset Royal Bank of Canada reported 8.3 million active digital users during Q3, a 5% YoY increase, and reported that NOMI, its AI-backed digital assistant that analyzes customers’ spending habits, has delivered 2.8 billion insights to clients so far. 

$999 billion-asset Scotiabank added 150,000 new members to its rewards program, Scene+, which allows members to earn points by using its mobile app to make purchases. It also launched Scotia TranXact, a real-time payments service for business clients, in Q3.  

$693 billion-asset Canadian Imperial Bank of Commerce reported 6.2 million active digital banking users, a 41% year-over-year increase. It also highlighted how it will continue its investments in digitization, cloud-based technology, and increasing data connectivity across businesses.  

$387 billion-asset National Bank of Canada increased its technology spend to $103 million, including “projects to enhance client experience and acquisition,” as well as invest in “systems, processes, and cybersecurity.” 

Bank of Montreal reports later on Tuesday.