JPMorgan Chase Bank is developing a digital transformation strategy that includes the use of blockchain, artificial intelligence (AI), and developments in the field of robotics. According to a report by Research and Markets, JPMorgan is considering a comprehensive transformation that would make the bank a leader in global financial services.
JPMorgan plans to compete with serious organizations such as Citigroup Inc., Bank of America Corp and Wells Fargo & Co. using digital technologies. According to Research and Markets, the bank has one of the largest budgets for the technological innovation.
In 2018 alone, JPMorgan pledged $10.8 billion for technological needs, of which $5 billion was an investment in innovative fintech technologies. The blockchain will play its part in the new changes. JPMorgan is looking for a new approach to how to provide services to its customers, and the distributed ledger technology will be used for these solutions.
Last October, JPMorgan announced the launch of an Interbank Information Network (IIN) based on the Quorum blockchain. The purpose of the IIN is to speed up interbank payments and to enable institutions to exchange information transparently. Recently, it became known that 75 banks have joined the network testing. The first to test were the Australian ANZ system and the Canadian Royal Bank of Canada.
Also earlier, JPMorgan introduced the distributed ledger technology to simplify the payment process and store customer information related to KYC policies. The technology also helps the bank to prevent money laundering. Even then, company representatives expressed confidence that within a few years the blockchain would replace competing technologies.
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