J.P. Morgan Wants Fintech Insiders

Jamie Dimon, J.P. Morgan Chief Executive

Jamie Dimon, J.P. Morgan Chief Executive

J.P. Morgan is inviting startups to sit side by side with its businesses in order to develop innovations that could revolutionise the sector. The move comes shortly after Chief Executive Jamie Dimon, said of the fintech innovators, a lot of things they do, we can do, a lot of things they do, we don’t want to do.

J.P. Morgan’s Corporate & Investment Bank has announced the launch of «In-Residence», a program for startup financial technology companies to conquer some of the industry’s most pressing challenges.

Unlike a typical lab or accelerator, the U.S. bank is inviting startups to sit «side by side» with its businesses in order to develop innovations that could enable banks to operate faster, safer and at a lower cost.

Change of Mind

Jamie Dimon was recently quizzed on the growing  fintech influence at a conference in New York, the straight-talking Chief Executive said of the fintech innovators, «A lot of things they do, we can do; a lot of things they do, we don’t want to do.»

Dimon believes that his own institution’s people are equally good at being innovative in digitising and adapting their offerings and also said that the firm could delve into robo-advising and even give it away to some of its most valued clients.

Altruistic or a Cost Cutting Venture?

Emerging fintech companies that become residents will join the bank for six month periods and have access to J.P. Morgan’s facilities, systems and expertise. Residents will retain control of their innovations and may receive continued support from the bank even after the residency period in an effort to bring their solutions to market. 

J.P. Morgan spends more than $9 billion a year on technology and in 2015, approximately 30 percent of that budget went toward new investments. 

«In-Residence presents a unique opportunity for talented, ambitious startups to be truly supported by J.P. Morgan’s global resources, by giving them unparalleled access to J.P. Morgan’s people and network, we hope to enhance their ability to create technology-led solutions that can be put into practical use for our industry,» said Sanoke Viswanathan, Chief Administrative Officer of J.P. Morgan’s Corporate & Investment Bank.

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