At the end of 2018, Dimon dispatched a group of executives to China to investigate the country’s fintech progress. The team visited companies using machine learning to open accounts instantly or pay out claims based on smartphone images, slashing the time it takes to complete them, per Gordon Smith, copresident and head of JPMorgan’s consumer business. Dimon’s comments suggest the US’ biggest bank is acutely aware of the opportunities emerging tech presents.
Here’s what it means: JPMorgan is already committing a whopping$11.4 billion to technology in 2019, and Dimon’s comments appear to reinforce the bank’s commitment to digital transformation.
- Dimon acknowledged the bank’s lagged on innovating in the past, suggesting a willingness to learn from that inertia. Dimon noted his unwillingness to adopt the cloud in the past as an example of the bank’s sluggishness on the innovation front. However, the bank is now well aware of cloud computing’s capabilities and is committed to implementing the technology at full speed, he added.
- The fact that Dimon highlighted China’s efforts in AI in particular points to the bank’s bullish stance on the tech. Dimon notes that one major benefit of cloud is the added computing power that will enable the bank to deploy AI more extensively across its business. This will include deploying virtual assistants to staff internal help desks, tack errors, and route inquiries.
Read More.. Source Business Insider