Eschewing the usual accelerator route, JPMorgan is setting up an 'in-residence' programme for fintech startups, inviting them to spend six months side-by-side with the banking giant working together on digital answers to the industry's most pressing questions.
Startups are being invited to apply to join the programme online, pitching ideas related to specific wholesale banking challenges, related to areas such as automation, blockchain and analytics.
Then, over six months the chosen fintech firms will have access to JPMorgan’s facilities, systems and expertise as they work on their problem. Residents will retain control of their innovations and may receive continued support from the bank once the six months is up.
"In-Residence presents a unique opportunity for talented, ambitious startups to be truly supported by JPMorgan’s global resources," says Sanoke Viswanathan, chief administrative officer, of JPMorgan Corporate & Investment Bank.
"By giving them unparalleled access to JPMorgan’s people and network, we hope to enhance their ability to create technology-led solutions that can be put into practical use for our industry."
In common with the rest of Wall Street, JPMorgan has been ramping up its technology operations for the digital age and in preparation for the challenge of a host of fintech upstart rivals.
The bank spends more than $9 billion a year on technology, with nearly a third going on new investments. The company has more than 40,000 technologists on its payroll, including 18,000 developers creating intellectual property, many of them now based at 13 special technology hubs around the world.
In addition, it recently touted its engagement with the fintech community, claiming to have worked with more than 300 early stage firms, making around 30 investments over the last two years and piloting over 100 technology solutions in just 12 months.
Earlier this month the bank even moved to ape technology firms by loosening its dress code after CEO Jamie Dimon and his management committee took a trip to Silicon Valley where they met counterparts at tech titans and fintech startups and were left feeling that their suits were out of step with their West Coast hosts.