Banks will need to buy their tech, because they aren’t developing enough of it. Over the past decade, banks collectively have been increasing the number of fintech patents filed over the past decade, but they’re still badly losing to technology companies, like IBM, in protecting new innovation. “I think there’s playing ball and there’s playing catch up,” said Nigel Swycher, CEO at Cipher. “If [banks] want to play catch up, you either spend 15x what your competition is spending, or you take 15 years to catch up.”

Here’s why banks (and other financial service companies) get nervous around tech companies. Regulations compel banks to fund their reserves before considering how they might invest in technology, according to CB Insights.

Millennials aren’t receiving enough attention...at least from brokerages and legacy financial firms. While this could change after JPMorgan Chase’s You Invest debut, the established firms might need to find a higher gear to remain competitive.

Banks are waking up. Eager to attract young customers, mobile banks like Finn are providing some of the same wealth management features as fintech startups.

Among others, JPMorgan Chase’s decision to go digital is showing growth. Is it enough growth to ward off hungry startups? Hard to say, but legacy financial firms are finally showing some urgency.