A study into JPMorgan’s digital transformation initiatives has unconcealed that blockchain could be a key technology for the bank’s roadmap, in line with an official press release revealed by ResearchAndMarkets.com [RM].
RM has analyzed JPMorgan’s enterprise-wide methods to secure its “competitive edge” against rival banks, non-financial companies, and fintech startups. The bank has reportedly earmarked $10.8 Bln for technology spending in 2018, $5 Bln of which would go towards fintech investments.
The study covers JPMorgan’s digital transformation roadmap, with blockchain listed as the 1st in a series of bleeding-edge technologies that are being pursued by the bank — together with massive information, cloud, AI, and robotics.
It outlines a spread of approaches that JPMorgan has undertaken, together with establishing accelerators and incubators, investing, getting or forming partnerships with fintech startups, and moving away from bequest systems towards newer, innovative solutions.
As RM underscores, of these methods are a part of a bid to become a supreme digital bank. The study conjointly outlines recommendations for alternative market participants to equally “embrace” wide-ranging fintech innovation.
A report published last week mentioned that JPMorgan had expanded its blockchain payment platform to over seventy five transnational banks as a part of participants’ combined efforts to repulse competition from outside of the banking sector. The bank 1st began testing the platform in April with partners that enclosed Goldman Sachs, Pfizer Inc., along with the National Bank of Canada.
Earlier this August, JPMorgan’s’s CIO Lori Beer mentioned that blockchain would “replace existing technology” in the few upcoming years. The bank remains, however, notably risk-averse once it involves cryptocurrencies, with CEO Jamie Dimon creating ill-famed anti-Bitcoin [BTC] remarks on many occasions. Alternative senior figures inside the corporate have hinted at a possible additional receptive stance towards the crypto ecosystem.