But more important is understanding how the markets are different. This creates oligopolies that reduce choice of banks and options for consumers. Larger North American banks would rather buy a market than capture it, and there is an ongoing strategy of acquisition and mergers. Part of this strategy is to use technology to deliver efficiency and provide economy of scale. There is a much lower level of consolidation in Europe.
European banks tend to use technology as a differentiator.
Analyzing the state of technology often tends to be like handicapping a horse race, with observers trying to decide who is ahead and who is behind. In every situation, however, the state of technology is usually a reflection of the history and condition of the market. North American banks are slower to adopt new technologies than European banks. There are also serious legacy issues. In mergers and acquisitions there are usually not many reusable components.