‘We have to keep running’: JPMorgan chases digitization

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JPMorgan Chase recently launched its new digital platform, You Invest Portfolios, but it knows the race is just beginning.

“People ask me, when are you done?” Kelli Keough, JPMorgan’s global head of digital wealth management, said at SourceMedia’s In|Vest conference in New York last week. “And I think that's such a crazy question because the digital space is constantly moving.”

Client expectations, too, are always changing, Keough added.

“We have to run and keep running,” she said. “We might have had great success so far, but we have to keep running.”

In You Invest Portfolios, a client’s risk tolerance is assessed in order to allocate assets into proprietary index ETFs. The platform, released this month, is accessible via website or mobile app, has an account minimum of $2,500 and a fee of 35 basis points.

Keough said the company has been focusing on data to better understand clients since 2015, using Netflix, Amazon and Apple as technological inspiration.

“Our clients wanted a holistic experience. They can see everything in one place and they want us to use their data to personalize their experience and that's giving us room to do more with them now,”she said.

The platforms use data to personalize their customers’ experience, Keough said, creating what she referred to as an “ecosystem” — which is what JPMorgan is looking to integrate into its banking app.

This isn't the first time Netflix, Amazon and other FANG startups have inspired change in large financial services firms. The dominant e-commerce model was also behind Charles Schwab’s decision to switch to a subscription-based financial planning option.

Keough emphasized the importance of synergy between technology and human interaction in that the firm has learned that one of its biggest levers is its branches.

“People are coming into our branches to ask about the online offering,” she said.

They are also demanding personalized help on questions related to savings, debt and investing.

“These are the questions we're using our data to answer for each of our clients in an individual, personalized level,” Keough said. “And to me, that's the future.”

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