A study into JPMorgan’s digital transformation initiatives hasunconcealedthat blockchaincould be akey technology for the bank’s roadmap,in line withan official press releaserevealedby ResearchAndMarkets.com [RM].
RM hasanalyzedJPMorgan’s enterprise-widemethodsto secure its “competitive edge” against rival banks, non-financialcompanies, and fintech startups. The bank has reportedly earmarked $10.8 Bln for technologyspendingin 2018, $5 Bln ofwhich wouldgo towards fintech investments.
The study covers JPMorgan’s digital transformation roadmap, with blockchain listedas the1stin a seriesof bleeding-edge technologies thatarebeing pursued by the bank —together withmassiveinformation, cloud, AI, androbotics.
It outlinesa spreadof approaches that JPMorgan has undertaken,together withestablishing accelerators and incubators, investing,gettingor forming partnerships with fintech startups, and movingaway frombequest systems towards newer,innovativesolutions.
As RM underscores,of thesemethodsarea part ofa bid to becomea supremedigital bank. The studyconjointlyoutlines recommendations foralternativemarket participants toequally“embrace” wide-ranging fintech innovation.
A report published last week mentioned that JPMorgan hadexpandedits blockchain payment platform to overseventy fivetransnationalbanks asa part ofparticipants’ combined efforts torepulsecompetition from outside of the banking sector. The bank1stbegan testing the platform inAprilwith partners thatenclosed GoldmanSachs, Pfizer Inc.,along with the National Bank of Canada.
Earlier this August, JPMorgan’s’sCIOLoriBeermentioned that blockchain would “replace existing technology”in the few upcoming years. The bank remains, however, notably risk-averseonceitinvolves cryptocurrencies, withCEOJamie Dimoncreatingill-famedanti-Bitcoin [BTC] remarks onmany occasions.Alternativesenior figuresinsidethe corporatehave hinted ata possibleadditionalreceptive stance towards the cryptoecosystem.