JPMorgan Chase’s plans for digital transformation focus on blockchain, big data, and robotics
Editor’s Note: JPMorgan’s digital transformation roadmap allowed them to be the first US bank to offer their own crypto coin. They continue to focus, and recruit, for the future. Blockchain, Big Data, Cloud, and Artificial Intelligence are already huge differentiators in many markets outside of financial services and growing their use within the bank will allow them to increase market share both as early adopters and as they partner with external first adopters of disruptive technologies. Too many financial service institutions are undergoing their digital transformation by implementing technologies already considered established and mature. Playing catchup will at best only help preserve market share. Transformation that grows market share is accomplished by applying proven principles & processes to test, evaluate/analyze, tweak, and then implement the competitive and/or disruptive technologies and products of the future.
The article below was published on Gigabit Magazine on October 4, 2018 by Sophie Chapman
The US financial institution, JP Morgan Chase, has previously announced plans to implement a digital transformation strategy.
According to a recent report, the investment bank will focus on the use of blockchain technology, cloud computing, big data, and robotics.
The report is titled “Digital Transformation and Fintech Strategies of JPMorgan Chase” and was released by ResearchAndMarkets.com.
“JPMorgan is doubling down on transforming its systems and expanding its digital capabilities so that it can leverage digital technologies to drive better digital offerings, services, experiences and value for its customers,” the press release reads.
“As part of its digital transformation roadmap, JPMorgan explores, identifies, evaluates, invests, develops and implements new cutting-edge technologies such as Blockchain, Big Data, Cloud, Artificial Intelligence, and Robotics.”
According to the firm, JPMorgan Chase has set aside US$10.8bn this year to be invested in technology.
From the allocated funding, $5bn will be specifically channelled towards Fintech spending.
The bank is prioritising technology as part of its digital disruption plan that aims to see the company maintain a competitive edge against rivals, such as Citigroup Inc., Bank of America Corp and Wells Fargo & Co.
JPMorgan Chase is also focusing on holding on to its market shares and revenue streams, with Fintech startups and non-financial companies, such as Amazon, proving themselves as competition.
