JPMorgan is starting its journey on the Blockchain
JPMorgan world bank leader with the history from 1799, provides both retail and corporate financial services to consumers, corporations, governments, and institutions in more than 100 countries and jurisdictions. Added a new strategy report to ResearchAndMarkets.com’s offering.
📑The report clearly describes the situation in the banking sector. The traditional banks are afraid of Fintech startups and are losing revenues and market shares for not developing its own blockchain based services and products.
📌The second most important factor, if such giants as JPMorgan will join blockchain, it will increase lobby in government and speed up the implementation of blockchain in our everyday life. Regulations of blockchain technologies and cryptocurrencies will create significant step forward.
The technology budget of JPMorgan is one of the highest in the global market, it allocated 10.8$ billion in 2018, with more than $5 billion for new Fintech investments.
The last concern of Traditional banks is non-financial companies such as Amazon and Alibaba. Remember that with such a massive amount of data in companies such as Amazon, it is not a problem for them to create their financial system and transfer money from one account to another instantly.
With the global growth of mobile usage, it will be a great challenge to transform all JPMorgan services in an app, that will provide a transparent and straightforward way to manage them for customers.
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