JPMorgan taps blockchain tech to combat Amazon, FinTech threat

US financial giant JPMorgan’s future is based on a digital transformation strategy that will include blockchain, robotics and artificial intelligence (AI) among other new technologies.

A study by Research and Markets, titled ‘Digital Transformation, and FinTech Strategies of JPMorgan Chase’, reveals how the FI has been expanding “aggressively with many mergers and acquisitions”.

Today, “JPMorgan is also striving to prevent emerging FinTech startups and non-financial firms such as Amazon from stealing its market shares and revenue streams.”

Strategy

JPMorgan has earmarked $10.8 billion for technology spending this year. About half of that amount has been put aside for new FinTech investments.

Among the top global banks, which include Citigroup, Bank of America and Wells Fargo, JPMorgan stands out in regards to investment in technological innovation. “JPMorgan is highly committed to addressing digital disruption to maintain its competitive edge over its competitors,” says Research and Markets.

“As part of its digital transformation roadmap, JPMorgan explores, identifies, evaluates, invests, develops and implements new cutting-edge technologies such as blockchain, Big Data, cloud, AI and robotics,” it adds.

It “investigated how the FI gains access to these latest digital technologies, be it setting up accelerators and incubators, investing and acquiring FinTech startups or forming strategic partnerships and collaborations”.

The study concludes by saying all other leading banks should follow JPMorgan’s digital transformation strategy to defend their market from disruption and avoid losing customers and profits.

https://dev.coinrivet.com/major-banks-sign-on-with-jpmorgan-blockchain-initiative/