One of the studies that were recently conducted, particularly for the initiatives of the company JPMorgan, as far as the digital transformation is concerned, has shown that for the roadmap of the bank, one of the key technologies is certainly Blockchain. The details about the study were obtained from a press release that was published recently, on October 3. The study has also analyzed the strategies of the company that are being made to secure the competitive edge of the same, mainly against rival banks, fintech startups and the non-financial firms as well.
This study that was done recently also covers the entire roadmap of the bank, as far as the digital transformation aspect of the same is concerned. In this, the blockchain is actually listed as the first, as far as the range of a few bleeding edge technologies is concerned, which the bank is pursuing. These technologies also include cloud, big data, robotics, and artificial intelligence, among others.
The study has also considered the various approaches that the bank has recently undertaken, that include the establishing incubators and accelerators, disruptive solutions, and others. The recommendations for some other participants in the market are also outlined in the study, which are expected to embrace the fintech innovation which has quite a wide range.
In the last week, some reports had come out regarding the expansion of the blockchain payment of JPMorgan, which was expanded to nearly 75 multinational banks, and this was done primarily to fight off the competition that exists outside this banking sector. According to the reports, the bank has been testing the platform since quite some time now, and it tested the same first in the month of April, with a few partners that include Goldman Sachs, National Bank of Canada, and Pfizer Inc. as well.