We talked to some of the smartest minds on Wall Street about how tech is transforming finance. Here's what they had to say.

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The world’s biggest financial institutions are spending billions on technology.

And, as I wrote in a weekly note to BI Prime subscribers on Sunday, the industry is reaching an inflection point where those massive investments are starting to pay off.

But challenges remain. There are new startups posing fresh competition. There’s a talent war with Silicon Valley. Customer expectations are evolving. And there’s the cultural challenge of driving innovation in huge organisations that have been around for decades and operate in a tightly regulated industry.

Business Insider hosted IGNITION: Transforming Finance at the New York Stock Exchange on Monday to discuss all of this and more. Here are the highlights.

Meghan Morris, senior financial reporter at Business Insider, talked to Huw Richards, global head of digital investment banking at JPMorgan, and Lucien Foster, global head of digital partnerships at BNY Mellon.

Alyson Shontell, Business Insider’s US editor-in-chief, talked to Gavin Michael, head of tech for the global consumer bank at Citigroup, Mariquit Corcoran, head of partnerships and programmes for group innovation at Barclays, and Megan Brewer, head of the technology innovation office at Morgan Stanley.

Dakin Campbell, senior finance correspondent at Business Insider, talked to Omer Ismail, head of consumer digital finance in the Americas for Goldman Sachs‘ Marcus division.

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