Leveraging Technology for the Future of Banking

We needed to implement video conferencing for our employees around the world over the course of a weekend, which is not for the faint of heart. When you think about the 200,000 employees that we have, we’ve been able to roll it out at such a pace that speaks not only to the technical capabilities we have in the firm as a whole, but how adaptable we are when these things happen. things. . This is all because we wanted to make sure that our people can serve our customers in the best way we can. Remember, we have people who work in our call centers and they are affected, and we have people who work in branches and they are affected, etc.

One of the things that was really evident when the pandemic hit was how quickly our teams could roll out new software. Many talk about the ability to build quickly and be flexible. There is a paycheck protection program and it was an opportunity to offer small businesses that didn’t have that much traffic etc. loans through the government. We had about a week to install this and were able to install this portal in about a week. We fully automated it in just two weeks and were able to provide more funds than any other lender in both 2020 and 2021, which was incredible. The fact that we were able to build this with the technology we’ve invested in over the past years, build it so quickly, and scale to such a large volume for our customers, was huge.

But we were also able to make some fundamental changes to the mobile version. We have been able to improve things that may seem simple. We have a product inside our mobile app called QuickDeposit and this is where you can deposit a check. But as many people know, sometimes checks are for large amounts. Traditionally, we have asked people to go to branches to help prevent fraud. With the technology we have, we have been able to raise the limits so that we can adequately combat fraud and allow customers who previously had to go to a branch or ATM to make deposits electronically. These are the things that we saw change, but the pace at which we moved was not limited to just part of the Chase business, we saw it all over JP Morgan.

There is one detail that I think is important about this Laurel. I was at a meeting, and now I’m new to the organization working on the Paycheck Protection Program. I remember someone was on Zoom. We had a conversation and I assumed since I was new and they were in the meeting that they were on my team and the person said, “Oh no, I’m not on your team, but I know you’re new and you help was needed. And here I am to help, and I just figured I’d navigate.” And I remember that in the culture of this organization and how we focus on the customer both externally and internally to really make sure we provide the best service we can.

LaurelA: It certainly requires flexible thinking. So how is JPMorgan Chase becoming an agile organization? You gave a couple of examples. Obviously, you would not have been able to respond as quickly to the US Government Payroll Protection Act if you were not already working on a number of these capabilities and abilities to be more flexible. So what lessons have you learned along the way and how have your teams and clients benefited from this transition?

Jill: Oh yeah. Agile transformation is a really hard thing. Many people are doing agile transformations, so it seems like it should be easy. You have your scrums, ceremonies and retrospectives, you use a tool to manage your backlog, and you are gold. One of the big problems we had as a company at JPMorgan was that we were organized more around our software and platforms than our customers and experience. This was very frustrating for teams because it meant you probably needed 10, maybe 12 different organizations to agree on building something. It was not clear who was the owner. Architectures were sometimes a little more brittle because you worked across multiple teams. If you want to move fast or want to innovate, this is not a model you can really work in. You can force it, but it requires a lot more meetings. It is difficult to understand who makes the decisions. You can move slower, and sometimes the application or solution looks like it was created by many teams. There’s Conway’s law, and you may have mentioned it before on other podcasts, but Dr. Conway said that your software will reflect your organization. This is really what we saw. So instead of just trying to find a way around it, we said as an organization, “We’re really going to get agile, and we’re going to pass Conway’s law, and we’re going to organize around our products back.”

We have organized about 100 products in the community and consumer bank, so we have a thousand teams united around these products. A product, for example, is something like opening an account. So, I want to open an account on a mobile phone or on the Internet. There is one product for this. This product has one product lead, one design lead, one data lead, and one technology lead. Now we know who can handle the backlog. Now we know who can work on any architectural solutions. Now we understand who is responsible for ensuring that we have innovation and understanding of customer needs. This has allowed us to change quickly because if I need to relocate I can work with the account opening team, they can make decisions, they can manage backlog and they can adapt when we have things like pay. Protection program or other types of efforts that exist. But it also gives more meaning to individual teams because they determine their own destiny, they have more autonomy, and they work together across technology, product design, and data so we can build the right solutions that we need. This creates a great experience for the people in the organization.

By the way, the whole JPMC is moving towards working this way. This not only allows us to move faster, but also provides a better work-life balance for our employees and less frustration because it’s easier to know where you are. You have this goal and you agree to be part of a certain team. I mentioned that we can respond faster when there is a problem, but we need to address more than just issues like PPPs or the pandemic, Laurel. There are places where the needs of our customers change every day. And by organizing products in this way, we can understand data from our customers, and we can experiment, and we can really adapt flexibly to what our customers really need, not what we think they might need. and create something they don’t need. doesn’t really resonate with them. This allows us to be really flexible in a way that we haven’t been able to do before, and it’s absolutely incredible to be able to make changes like this on such a scale.

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