ING and the JPMorgan Chase CEO are both transforming their banks into Amazon before Amazon turns into a bank. Please find a nice overview how JPMorgan is doing this by spending more than $20 billion in 2yrs on new products for digital banking, investment advice, trading, and cybersecurity.
Nowadays at JPMorgan Chase, a first-time wealth management customer can open an investment account in three minutes by mobile phone rather than waste the morning at a branch signing a ream of documents. At the corporate and investment bank,institutional investor clients can benefit from AI-powered software that scans myriad financial reports to locate companies likely to issue more debt or equity. And at the retail bank, customers are invited to test out new apps while researchers hidden behind two-way mirrors look for signs of frustration in their faces and body language.