JPMorgan Chase’s Jamie Dimon used part of his yearly shareholder letter to tout the new technologies the bank has developed to improve customer service and grow revenue.
This year, the nation's largest bank plans to introduce or expand the availability of a variety of technology-based services, including the ability open new accounts online or through a smartphone. The bank will also add facial recognition technology to its mobile app and will continue to test its fledgling online bank, dubbed Finn.
“We have good market share in most businesses, but we see organic growth opportunities almost everywhere,” Dimon wrote, citing those developments and other product roll-outs.
The Chase credit card business will add a feature to let users “review and decide how and where they want their cards and credit lines to be used,” Dimon wrote.
Also, “in consumer banking, we are adding financial planning tools and insights that help customers make the most of their money — and there’s more coming,” he wrote.
Some of the technology developments Dimon listed in the letter had been previously disclosed. The chairman and CEO, for example, reminded shareholders that the bank introduced Chase Pay, a digital wallet product. The bank also was a founder of Zelle, a consumer-to-consumer mobile payments network.
“We expect these products to drive lots of customer interactions and make our payments offerings compelling, even as some very smart fintech competitors emerge,” Dimon wrote.
JPMorgan also reiterated the importance of its efforts to change how bank customers share personal information with screen-scraping services. JPMorgan last year reached an agreement with Intuit’s data aggregator, Mint, to allow its customers to share data without handing over passwords or other login information.
“Events from the past year underscore the importance of efforts like this,” Dimon wrote, without naming specific events. Equifax last year was hit by a cyberattack, where 143 million consumers had personal information stolen.
“We have consistently warned our customers about privacy issues, which will become increasingly critical for all industries as consumers realize the severity of the problem,” he wrote.