JPMorgan Chase invested more than $9.5 billion in technology in 2016, with approximately $600 million of that spent on emerging FinTech solutions – including building and improving digital and mobile services, as well as partnering with FinTech firms.
The figures were announced in a letter from CEO Jamie Dimon to shareholders, which stated that the bank is currently developing a number of new products and services, including: end-to-end banking – the ability to open an account and complete the majority of transactions on a mobile phone; investment advice and self-directed investing; electronic trading and other online services, including cash management.
Dimon also noted the work of JPMorgan Chase’s financial solutions lab, which has helped to support more than 18 FinTech companies, with lab winners raising more than $100 million in follow-on capital.
The letter also highlights the FinTech collaborations that the bank is currently involved in, covering areas such as consumer payment systems (Zelle), mortgages (Roostify), auto finance (TrueCar), small business lending (OnDeck Capital) or communications systems (Symphony). In addition, the bank is also building a developer service API store – providing direct interfaces with JPMorgan Chase applications; and bill payment and business services.
Dimon said: “The reason we invest so much in technology (whether its digital, big data or machine learning) are simple: to benefit customers with better, faster and often cheaper products and services, to reduce errors and to make the firm more efficient.”
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