A new report by Research and Markets titled “Digital Transformation and Fintech Strategies of JPMorgan Chase” is shining light on the Wall Street giant’s plans for the future. The report suggests that the bank is depending on a digital transformation strategy that will include blockchain, artificial intelligence, and robotics, among other up-and-coming technologies.
JP Morgan Is Looking for an Overhaul
Since 1799, JPMorgan Chase has been one of the front-runners of the Wall Street revolution. As one of the banking and finance behemoths of the US, it provides both retail and corporate financial services to consumers in over 100 countries and jurisdictions. Now the organization is looking for a complete digital overhaul.
According to Research and Markets, JPMorgan is eyeing an enterprise-wide digital transformation to become the top company in global financial services. It is consistently updating its systems and expanding its digital capabilities to leverage the latest technology available in the market. The bank will likely create better digital offerings, experiences, and services for customers.
The report adds:
“JPMorgan is highly committed to address digital disruption so as to maintain its competitive edge over its competitors such as Citigroup Inc., Bank of America Corp and Wells Fargo & Co.”
Competing Against Nonfinancial Businesses
The company is making every effort to prevent emerging start-ups in fintech and other nonfinancial companies like Amazon from entering its business and stealing its revenues. Among its peers, the company has one of the biggest technology budgets. In 2018 alone, it allocated $10.8 billion for technology spending, of which over $5 billion is being dedicated to new fintech investments.
The banking giant is focusing on blockchain, cloud, robotics, big data, and artificial intelligence to spearhead its internal technological revolution. The report further discusses the way that JPMorgan will gain access to these technologies — via investments, acquisitions, or setting up some accelerators and incubators.
One of the earliest effects of this change can be seen in the company’s mobile banking app, which has gone through a series of revamps for improved customer experience. The bank is slowly changing the way it will serve its customers, and blockchain could play an important role in this transformation.