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J.P. Morgan
Tech Exchange 2019
JPMorgan Chase & Co. services roughly 50% of US households and processes US$6 trillion a day; it shouldn’t be surprising that the organisation annually spends US$11.5 billion on technology, and has more than 53,000 tech employees.
Here are nine initiatives that you may not have known about J.P. Morgan technology, shared by Chief Information Officer at JPMorgan Chase, Lori Beer.
Creating a Digital Bank of the Future
A Technology Renaissance
Event Abstract
English
A Technology
Renaissance
Unpacking the
Technological
Cold War
A Global
Entrepreneur’s
Journey
Artificial
Intelligence of
Things (AIoT)
Protecting
Your Data
The Display of
the Future
The Retail
Revolution
HealthTech
Video in Demand
24/7
The Future is
Electric
Leading
Digital Bank
Adapting to
an A.I. Future
Creating a Digital Bank of the Future
A Technology
Renaissance
Unpacking the
Technological
Cold War
A Global
Entrepreneur’s
Journey
Adapting to
an A.I. Future
Artificial
Intelligence of
Things (AIoT)
Protecting
Your Data
The Display of
the Future
The Retail
Revolution
HealthTech
Video in Demand
24/7
The Future is
Electric
Leading
Digital Bank
繁體中文
简体中文
An Insider's View
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Lori Beer
Global Chief Information Officer
JPMorgan Chase & Co.
J.P. Morgan has to manage one of the largest infrastructures on earth, both in relation to data centers and digital communications. That’s why the firm has a private cloud computing capacity named “Gaia”, in addition to leveraging all three of the main cloud providers in the United States.
Why does the firm need such significant computing power? Beer explains that calculating liquidity or credit risk is an intensive process that requires a combination of algorithms. In general, those calculations are conducted on the private cloud, but in particularly busy times, “we can seamlessly burst out into the public cloud for that compute,” explains Beer.
is Gaia, J.P. Morgan’s private cloud
With so much talk about the Internet of Things (IoT), the question is how does this connect to the operations of J.P. Morgan? In an organization that employs more than a quarter of a million people, the comfort and convenience of those staff is critically important. That’s why Beer’s team is continuing to design the work spaces of the future.
“IoT allows us to create something that is much richer for the employees – and that allows them to be even more productive as they serve our clients.”
The “IoT Workspace” allows staff to better connect and collaborate with each other by optimizing the use of space, while biometrics can maximize privacy and cybersecurity.
I is for IoT
“How can we extend the time of our servicing tech associates?” asks Beer.
The answer is virtual assistance and machine learning. JPMorgan Chase customers can now interact with an assistant, or “Bot”, who can engage in interactive chats to resolve problems being encountered - and quickly growing infrastructural challenges before they snowball.
“This is helping our staff to really focus more on servicing customers, versus finding information.”
is for Virtual Assistance
J.P. Morgan created Quorum, which is built off Ethereum, a blockchain-based distributed computing platform. It allows businesses to access consensus algorithm choices, privacy options and deployment configurations in one versatile, scalable platform.
“What's really important here is the business-use cases, and how you think about how blockchain can be applied to your business.” says Beer.
The Interbank Information Network (IIN), launched as a pilot in 2017, is another of the firm’s blockchain initiatives. It minimizes friction in the global payments process, enabling payments to reach beneficiaries faster and with fewer steps. Using blockchain technology, IIN reduces the time correspondent banks currently spend responding to compliance and other data-related inquiries that delay payments.
is for Blockchain
Taking advantage of the existing digitization of J.P Morgan’s wealth management capabilities, You Invest provides a simple and user-friendly entry point for investors. The platform allows the large existing customer-base to make over 100 stock or ETF trades with no commission.
“We want to leverage reusable components,” said Beer.
is for You Invest
J.P. Morgan partners with PayPal to reduce the settling time of payments. Alternative payments giant PayPal effectively plugs into the bank’s payment processing capabilities to reduce payment settling times from 24 hours, to real-time.
“Everyone’s talking about APIs (Application Program Interfaces),” says Beer. “That’s because digital experience now needs to extend outside of our walls. Our clients want to directly integrate into the business process of these services.”
is for Paypal API
“Today we live in an app world with access to over three million purpose-built, self-directed micro applications,” said Beer. “But what happens when you don’t know what you need?”
Chase Connect is a digital banking platform (or App) that helps businesses manage all their accounts in one place. It effectively plays the role of a financial advisory platform to help clients with a digital declutter.
is for Chase Connect
In the past year, machine learning has saved the firm US$150 million by identifying fraud.
Beer says she is regularly asked whether there is an ROI on AI machine learning, and these savings on fraud are her ready response. In the credit card space, algorithms are now continually tuned for fraud detection. These tools can also reduce friction and inconvenience for customers in a broader context where cyber-security will only grow in importance.
M is for Machine learning
“No one likes losing a password,” says Beer. That’s why her team is working towards creating a digital identity that doesn’t need passwords of any kind.
“It’s safer, it’s secure and there’s less customer friction in the experience,” she says.
The sheer scale of transactional activity managed by J.P. Morgan makes data protection and privacy the greatest priority of the technology team. Indeed, US$600 million goes toward these capabilities each year.
But Beer also reminds business owners to think about their own priorities by considering the times when data leaves their company and goes to a third party.
“How do you really know how that data is getting used?”
is for Data protection and Cybersecurity
is for IoT
is for Blockchain
is for Paypal API
is for Machine learning
