[Update 12/1/2015 5:38 PM ET: We learned that JPMorgan is partnering with small business lender OnDeck. You can read...
In a positive announcement for consumer data sharing, JPMorgan has agreed to allow Intuit customers to access bank data without sharing their passwords; the agreement will provide added convenience for JPMorgan customers using Intuit's Mint.com, TurboTax Online and QuickBooks Online; the elimination of passwords is expected to improve security and real-time access of account data. Source
Kristin Lemkau, chief marketing officer at JPMorgan, says the bank has limited its web ads to 5,000 from 400,000 in an effort to improve the quality of ad displays; marketers have taken a programmatic advertising approach which features ads across the web based on browsing habits versus investment in individual sites; the new limitations for JPMorgan use a more customized white listing approach and are also the result of fewer ads on YouTube following recent issues. Source
JPMorgan's Jamie Dimon has released his annual letter which provides details on the bank's fintech spending and future initiatives; in 2016 the bank spent $9.5 billion on technology with approximately $3 billion allocated to new initiatives, including $600 million specifically focused on fintech solutions and projects; in 2017 it plans to introduce new technology services for digital banking, online investment advice and electronic trading; Dimon also said that the firm is "collaborating with some excellent fintech companies to dramatically improve our digital and other customer offerings"; business partners include Zelle for consumer payments, Roostify for online mortgages, TrueCar for auto finance and On Deck Capital, for small business loans. Source
Jamie Dimon dedicated a portion of his annual letter to talk about regulations on mortgage lending; states that regulations have led to a slow recovery, reducing mortgage lending by about $300 billion annually; provides his perspective on FHA lending where non-banks have taken a significant market share; on servicing mortgages, Dimon wrote, "new mortgage rules and regulations total more than 14,000 pages and stand about six feet tall."; this has made it expensive to service troubled mortgages. Source
StreetShares is a marketplace lender focused on lending and investing for veterans; company has announced partnership with JPMorgan to launch the StreetShares Foundation which will promote veteran-owned businesses through a $10,000 monthly contribution from JPMorgan for veteran small business awards; StreetShares will manage the monthly veteran small business awards with the $10,000 divided between first, second and third place businesses each month; awards will be given based on public voting. Source
The Center for Financial Services Innovation (CFSI) and JPMorgan Chase have announced the launch of their third annual Financial Solutions Lab (FinLab); the FinLab challenge provides support for fintech companies developing innovative solutions targeting the financial health of overlooked populations; the FinLab is currently taking applications and will announce its winners at the EMERGE Forum 2017; FinLab winners receive $250,000 and support from FinLab advisers and partners. Source
Lending Club has hired Santiago Suarez, JPMorgan's head of new technologies; he will join Lending Club as the firm's head of strategy and mergers and acquisitions; at JPMorgan, Suarez was involved with testing blockchain and machine learning; he also worked in the bank's corporate strategy group, focused on managing top strategy issues for the bank. Source
JPMorgan is one of Wall Street's most active fintech innovators; Jamie Dimon outlined some of the bank's leading initiatives in his annual letter; in 2016 the firm invested $9.5 billion in new technology put towards initiatives in big data, machine learning, cybersecurity and electronic trading; the bank is also developing its customer facing technology and enhancing digital services for its corporate and investment bank and its asset and wealth management unit; other initiatives include promoting financial inclusion, collaborating with fintechs and investing in data sharing. Source
JPMorgan will soon be using robot technology to execute trades across its global equities algorithms business; the artificial intelligence, also known as LOXM, will be launched across Asia and the US in the fourth quarter; LOXM's job is to execute client orders with maximum speed at the best price, by using lessons it has learned from billions of past trades; one possible evolution of LOXM is teaching the machine how to get to know individual clients, so that it could consider their behavior and reaction as it decides how to trade. Source