Main menu


Executive leadership drives JPMorgan Chase delivery of customer and business value from data investments

featured image

JPMorgan Chase is the largest US bank and number largest bank in the world. The company has a long tradition, with its roots going back to his 1799, Bank of Manhattan his company founded by Alexander Hamilton’s Bank of New York rival Aaron His Barr. Chase National Bank was founded in his 1877 and named after Abraham Lincoln’s Treasury Secretary Salmon Chase. In 1930, Chase acquired John D. Rockefeller’s Equitable His Trust His Company, making Chase the largest bank in the United States and the world at the time. In 1955, Chase National Bank and Manhattan Company merged to form Chase Manhattan Bank, and in December 2000 Chase Manhattan completed his acquisition of JP Morgan & Company, becoming JP Morgan Chase. Subsequent acquisitions include Bank One and Washington Mutual.

JPMorgan Chase’s Consumer and Community Banking business, or Chase as most consumers know it, is the most aggressive in its commitment to leveraging data and analytics to deliver customer and business value. Most published. Mark, Chief Data & Analytics Officer at Chase and Head of Data and Analytics for Chase His Consumer & Community Banking It continues to expand and here are the results and business outcomes: It was announced at the company’s latest investor day.

Birkhead brings extensive experience related to Chase’s data and analytics organization. Previously at Citi, he was an analytics lead at Global Consumer Bank and chief analytics officer at Santander, and prior to that, at GE Capital and Wells Fargo.

Birkhead said Chase is investing in data, analytics, machine learning and AI initiatives aimed at improving and securing the financial health of its clients, both retail banking businesses and JP Morgan Wealth Management clients. I’m here. Serving more than 66 million households in the United States, Chase uses data and analytics to deliver personalized customer experiences that listen and respond to customer needs. As an example, Birkhead cites Chase’s more than 60 million digitally active customers, who conveniently utilize his mobile app and his website.

Chase is currently undertaking a series of ambitious initiatives to leverage data and analytics to deliver customer value at scale with speed and agility. Burkhead describes an “analytical factory”. Its mission is to manage, manage and move data quickly and accurately to accelerate the delivery of customer value. Elements of Chase’s data and analytics strategy and game plan include:

  • Get to know your customers really well time– Use data and analytics to respond to customer needs in real time while providing personalization at scale to create tailored offers for precisely defined customer segments.
  • augmented intelligence – Help your employees and customers become smarter by using natural language processing (NLP), artificial intelligence, and machine learning to deliver answers and value in real time.

The bank also undertook a large-scale data modernization effort to make data available in the public cloud so that it can be easily found by constituents who need to make informed business decisions. to To do so, the company works to establish data marketplaces, build data products, curate an organization’s data assets, and deliver data through a “modern pipeline.”

Birkhead and his colleagues recognize that becoming and staying data-driven is a long-term proposition and commitment that also involves learning from failure. He is fortunate and grateful for JPMorgan Chase’s leadership and commitment from the top of his team. CEO Jamie Dimon is personally involved and committed to leveraging data and analytics as fundamental business assets to deliver customer value and performance.

Among the topics announced at JPMorgan Chase’s annual Investor Day was an overview of the company’s six strategic priorities. Data is its basic element. One of Chase’s strategic priorities is dedicated to delivering value from data. Our strategic priorities are:

1. Be a bank for everyone by expanding our customer households and better serving our customers’ needs.

2. Drive engagement through experiences your customers love.

3. Leverage data and technology to increase productivity and agility.

4. Protect our customers and company through a strong risk and control environment.

5. Be a place where everyone wants to work.

6. Achieve best-in-class financial performance.

Underpinnings of this strategy include technology modernization. Specifically, moving more than 80% of his data into a scalable machine learning environment is projected to generate a total value of $500 million from investments in AI and machine learning. Our commitment to omnichannel customer experience and satisfaction has led to an increase in deposit account openings to 45% self-service through digital channels, 70% of service activity self-service through digital channels, and 90% self-service through digital channels. % increased. Percentage of self-service money transfer activity on digital channels.

As a result of these initiatives, JPMorgan Chase has become a market leader in core business activities such as consumer and business banking and card payments. In either case, they provide powerful data and analytics capabilities that underpin these core business activities. In short, data and analytics drive productivity and growth, provide insights that help customers grow their businesses, better serve customer needs, improve customer experience, and help bank leads improve his routing and contact strategy. used to improve.

JPMorgan Chase also strongly recognizes the importance of data responsibility and ethical use of data. The company recently sponsored the first in-person and his third Data for Good Hackathon. Virtual Data Science Since conceived as his hackathon in June 2021, over 300 student participants have leveraged their data science skills to help social good organizations better serve their communities. We have built a solution that works for you. This event required the efforts of more than 60 of his volunteers who devoted 1,378 hours to organizing the event. The company will host his second event this October.

well to the 3rd JPMorgan Chase shows how legacy companies are investing in data and analytics to grow their businesses, serve their customers and support their communities. This data and analytics commitment starts at the top of the organization and is embraced at every level of the company. The next chapter in JPMorgan Chase’s long and illustrious history is being written today, built on the company’s strong foundations and commitment to investing in data and analytics to deliver results. .