# Professor Vasant Dhar is quoted in a feature story explaining why banks tend not to be the innovators in financial technology

1 Faculty News July 27, 2018 ![Bankrate logo](/sites/default/files/styles/246w/public/assets/images/con_030934.jpg?itok=snzuY3k_)>

Excerpt from [Bankrate](https://www.bankrate.com/banking/jpm-big-banks-spend-billions-on-tech-but-theyre-still-laggards/) -- "'Banks are in a hard place because they tend not to be the innovators in financial technology, they’re just not set up to do that,' [Dhar](http://www.stern.nyu.edu/faculty/bio/vasant-dhar) says. 'They’re basically doing what they absolutely need to do, and a lot of their budgets get taken up just by that.'"

[Read more](https://www.bankrate.com/banking/jpm-big-banks-spend-billions-on-tech-but-theyre-still-laggards/)