There is significant pain points for commercial clients of banks as they typically need to resend documents many times; as banks become more tech driven they have begun to solve these issues and clients are seeing the benefits; JP Morgan Chase has created Data Once and even smaller banks like Peapack-Gladstone Bank in NJ have new features for their clients; banks of all sizes see how the changes can impact client relations. Source.
While banks might have initially been slow to act when it came to embracing digital strategies they are now able...
JP Morgan Chase made their first fintech acquisition with the purchase of payments company WePay; financial terms were not disclosed but the WSJ reports the price was above their 2015 valuation of $220mn; this deal points to a larger trend in the payments space with 2017 seeing deals for 166 companies worth $29.3mn. Source.
Speaking at an industry conference JPMorgan Chase CEO Jamie Dimon said bitcoin was a fraud and that it will eventually blow up; American Banker reports, “If we had a trader who traded bitcoin, I’d fire them in a second,” Dimon said. Not only would doing so be against company rules, but it would also simply be “stupid.”; he also talked about the bank's future plans in new locations and mobile banking. Source
After more than a year of research focused on how millennials bank JP Morgan announced the launch of Finn by Chase; the app includes checking & savings accounts, a debit card, personal financial management tools and other features that would appeal to a younger user base; the thinking behind the app is to give customers another option and grow their customer base in regions that don’t include many branches. Source.
The proposed relationship would allow Chinese consumers traveling to the US to use their Alipay Mobile Wallet; Pablo Simone, head of product and strategy for Chase Merchant Services stated, “We are always looking for ways to deliver more value to our merchants and bring them closer to their customers. A relationship with Alipay would create opportunities that enable Chinese tourists to transact in a way they are familiar with.”; it is estimated that four million Chinese consumers will visit North America this year. Source
This week's PeerIQ update focused on news from the FOMC, a $50mn Prosper fundraise led by FinEx and highlights from ABS East; they also provide a recent update on securitization deals, trends in personal loan originations and a bank partnership between JP Morgan Chase and Bill.com. Source.
On Tuesday, OnDeck and JPMorgan Chase announced a partnership in what I think is the biggest news for the marketplace...
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