DIGITAL DIVIDE: "We do believe it provides us with a competitive edge," Robert Mulligan, chief administrative officer at Valley National Bank, says of its plan to boost tech spending.

Banks' Neglect of Tech Comes Back to Haunt

More banks are deciding to invest millions in mobile banking, video tellers and core-processing upgrades after avoiding capital spending for a long time. They says it's a good move for the long term, but some will take heat from investors and other critics in the short run.

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