JPMorgan poised to change Wall Street Banks’ reactions to Tech startups.
JPMorgan is creating a new pattern to which new tech startups will be approached.
This is the sole reason this financial giant is launching its residency campaign program for financial technology companies. On Thursday, JPMorgan Chase bank announced the commencement of the program aimed at tackling strategic and security-related issues that most tech startups face.
In the program, in-residence members will be meant to face the task of searching for permanent solutions certain challenges.
More on JPMorgan residency campaign.
JP Morgan will soon make it public the list of these challenges on its official website. The challenges are meant to come from areas like big data, machine learning, or distribution ledger.
This program is solely aimed to improve the technology through assistance from Wall Street banks. It is a wild view that most firms preferred to work fintech startups instead of being distracted by them.
No wonder banks like Deutsche and Barclays recently launched startup accelerators. It is no longer news that most banks are now making a significant investment in tech companies and related areas.
JPMorgan’s chase bank decision to delve into tech residency is a little away from what was obtainable in recent days in the industry. With the new program, fintech intent will be made to go in-house for six months in its offices around the globe. The will be meant to work alongside JPMorgan’s own businesses.
This is a public demonstration of this cooperate investment bank’s resolve in incorporating fintech into its day to day’s functions.
A sort of test run was done earlier this year using Blockchain startup Digital Asset Holdings as its experimental startup.
Remember that the firm is presently building new technologies in-house. It plans to recruit 40,000 technologies in the various firms with its estimated $9 billion budget for technology only.