JP Morgan: Earnings reflect company’s investment in the future
In 2016, JP Morgan Chase invested US$9.5 billion in the technology business, including $600 million in FinTech solutions to improve its digital and mobile services. In the latest annual report, CEO James Dimon asserted that this investment in the future has been reflected in strong earnings.
JP Morgan launches developer services API store
FinTech is succeeding in breaking down the barriers between financial institutions and other industrial sectors. Major banks are now committed to investing in FinTech, driven by the changing values of consumers and the financial industry. Global major banks are showing their true colours, with JP Morgan actively pursuing alliances with startups at the same time as developing its own original digital products.
In 2015, JP Morgan teamed up with alternative lending venture OnDeck to provide loans to smaller companies, and in August 2016 it launched Chase Auto Direct to provide an end-to-end service for finding and financing a car in a tie-up with US online auto dealer TrueCar. It has also entered the digital housing loan market in a partnership with real-time housing loan app Roostify.
Further, it has established the Chase Financial Solutions Lab with help from non-profit financial services consultancy the Center for Financial Services Innovation (CFSI). To date, JP Morgan has forged partnerships with 18 startups and is striving to develop products that will benefit consumers and help boost the economy.
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According to the annual report, JP Morgan is currently developing bill payment and business services products. At the same time, it has launched a developer services application programming interface (API) store, providing direct interfaces with its applications, enabling customers to build new products or services dedicated to their specific needs. The company is likely to continue to revolutionise the financial industry at a speed with which its competitors will be hard pressed to keep pace.
(By ZUU)
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