JPMorgan Chase partners InvestCloud for digital wealth management
21 September 2016 | 8607 views | 0
JPMorgan Chase is buying a stake in InvestCloud as part of a deal that also sees the bank enlist the Californian fintech startup to boost its digital capabilities for individual investors. The size of the investment has not been revealed.
Under the deal, from next year InvestCloud's technology will be used to to offer JP Morgan and Chase wealth management clients seamless online account opening and customised easy-to-use web dashboards, and mobile apps.
Over time, the bank says that it will then release new features to enrich client interactions with advisors, and further personalise the integration of its market insights.
Mary Callahan Erdoes, CEO, asset management, JPMorgan Chase, says: "We have been managing wealth for more than 200 years. Pairing these new technological capabilities with our trusted guidance will help our clients achieve their long-term financial goals with flexibility in how they interact with us and our advisors."
JPMorgan chief Jamie Dimon has taken a proactive and conciliatory approach to the recent rash of fintech firms entering Wall Street's territory. The bank 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 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.
Says Dimon oof the InvestCloud deal: "This is another opportunity for us to collaborate with a FinTech company to provide our clients with the best experience."