Few things have impacted the financial services landscape as much as the rapid and innovative deployment of technology across the industry. The use of new developments like artificial intelligence have improved client experience, with more-efficient and personalized interactions between firms and their clients. Increased digitization across the industry has led to a wave of hyper-personalized, new financial touchpoints like sophisticated mobile applications, digital assistance and personalized reports and statements for investors of all kinds. But perhaps the most monumental change has been the emergence of automated investing and advice offerings. These platforms combine algorithm-driven technology with credentialed professionals to make investing and financial planning more accessible and affordable to consumers.

Security and regulatory issues hit right at the heart of trust in the financial services industry.

Regulators and markets are demanding new ways of doing business. With more consumer data online than ever, companies must employ an array of advanced technology and compliance solutions, while striving to build a culture of risk management.

But this effort to deploy people and technology to safeguard sensitive information and protect against risk doesn’t come cheap. For example, at Schwab, we’re spending more than $2 billion on technology every year.