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Partner 1 (Legal and HR), Partner 2 (R&D),

Robby Konrath (Finance) & Partner 3 (Marketing & Customer Relationship).

JPMorgan Chase & Company:

At the Forefront of MIS and Banking

Professor Rajiv Kapur


OMIS 34
November 16, 2018
Introduction:
JPMorgan Chase & Co. is a financial holdings company founded in 1968. The company

offers extensive services, which are split into four functional conglomerate units: Consumer and

Community Banking, Corporate and Investment Banking, Commercial Banking, and Asset

Management (JPMorgan, Bloomberg). All services offered by JPMorgan are facilitated through

the aforementioned conglomerate units.

Consumer Banking offers services to consumers and businesses through branches,

ATMs, mobile and telephone banking. JPMorgan’s Investment Banking section provides

investment banking and market-making strategies to corporations, individuals and governments.

This includes Mergers & Acquisitions as well as corporate advising and consulting. In regards to

commercial banking, JPMorgan offers industry knowledge and expertise to corporations and

financial institutions, with a focus on lending and funding projects. Finally, JPMorgan offers

investment management across many asset classes for high net-worth individuals and institutions

in equities, fixed income and money market funds (JPMorgan, Bloomberg).

In the next five years, analysts predict that JPMorgan’s earnings will increase at an

average annual rate of 6.67% and that earnings growth in the next year will be closer to 10%.

Additionally, sales are also predicted to increase over the next two year period, with an expected

growth of around 17% through 2020 (JPMorgan, NASDAQ).

Scope of the Project:


In order to allow for an all-encompassing analysis of JPMorgan Chase & Co., we have

elected to keep the scope of this project as broad as is possible. This entails including all the

aforementioned functional groups of the company in all 180 countries of operations (JPMorgan,

Bloomberg). A more thorough and detailed examination can be carried out by not restricting

ourselves to a specific functional unit, service or operational location. Additionally, when


analyzing an institution as immense and influential as JPMorgan Chase & Co., its functional

units, implementation of MIS and opportunities are all interrelated, so it would serve as a

detriment if we were to restrict ourselves to specific functional units or select service offerings.

JPMorgan Chase & Co. Functional Areas:


Finance:
JPMorgan tracks most of its financial information in four segments: Consumer and

Community Banking, Corporate and Investment Banking, Commercial Banking, and Asset and

Wealth Management. Over 65% of JPMorgan’s revenue comes from North America (Bhasin,

Hitesh, et al.). Per their 3 quarter earnings report, in the last year, JPMorgan has seen an
rd

increase in revenue and net income for all four categories (Investor Relations). Over time, the net

revenue per segment has remained very consistent among the four categories. It has continued to

slowly increase over the past few years (Statista, See Appendix Figure 1).

In the last year, the largest increase was in their Consumer and Community Banking

segment, JPMorgan’s highest-earning segment. Revenue for this segment is up 10% YoY. Net

income for the quarter is at $4.1B, which is up $1.5B compared to last year. This is true even

with expenses growing at 7% YoY mainly due to technology investments. They continue to push

their mobile and online platforms. The number of active mobile customers is up 11% YoY at

32.5 million, which is the highest in the industry (Investor Relations). JPMorgan has the highest

number of digital customers in the banking industry at 46.7 million as of 2017 (Annual Report).

JPMorgan also continues to capitalize on the credit card market. Credit card sales are up

12% YoY. Last year, JPMorgan increased its market share to almost 18% establishing itself as

the highest issuer in the $784 billion market ahead of rivals Citigroup (15.7%) and Bank of

America (11.6%) (Trefis). JPMorgan is now most profitable in consumer banking with an ROE

of 31%, which is the same as its Asset Management segment. In Q3 last year, ROE was only
19% in consumer banking. ROE in Asset Management was at 29% (Maxfield). Even though

JPMorgan continues to be one of the largest asset managers in the world (Asset), consumer

banking has the most opportunity right now because of the increasing digitalization of banking

services. As a result, it is the segment with the highest expenses, but with the most return

(Investor Relations). Across the industry, operating costs for technology continue to climb

(Singh). The banking industry is set to reap the benefits of more technological innovation.

While every segment is up compared to last year, there is still some concern in earnings

for JPMorgan. JPMorgan’s Corporate and Investment Banking segment has seen the lowest

percentage YoY increase in both revenue and net income. The segment’s revenue is up 2.2% and

net income is up 3.1%. The two main reasons for this are flat YoY growth in IB revenue and a

decrease of $320 million in fixed income markets, which is down 10% YoY (Investor Relations).

However, IB revenue is not a concerning issue because JPMorgan is still number 1 in global IB

fees through 2018 at $5.5 billion with Goldman Sachs in second place at $4.7 billion (Shi).

Within the fixed income market, increasing interest rates imposed by the Fed have caused

problems for banks if they do not make the right investing decisions. This is especially true in

bond trading. In the finance industry, investment grade and high-yielding bonds had losses

during the first half of 2018 (Q3 2018). Some of JPMorgan’s biggest competitors were able to

adapt and stave off loses. For example, Citigroup had a 9% increase in fixed income market

revenue (Morrell). JPMorgan must be smarter in this area of investing to avoid potential

problems with increasing interest rates. The silver lining in the Corporate and IB segment for

JPMorgan is from equity trading with $1.6 billion in revenue. This 17% YOY increase beat out

the second highest earner, Goldman Sachs, which had an 8% increase (Morrell). JPMorgan
dwarfed other top competitors in this area. An overview of how their YOY growth in the

Corporate and IB segment compares with competitors is shown in Appendix Figure 2 (Morrell).

Research & Development:


As disruptive innovations such as artificial intelligence, blockchain technologies, and

machine learning encroach on the financial sector, it is crucial for JPMorgan to bolster its

research and development programs to retain their competitive advantage.

Artificial intelligence is prevalent in today’s age, given the use of in-house assistants,

such as Siri and Alexa, and the ability for cars to drive themselves. As it evolves, AI will have

effects on nearly every existing industry within our economic infrastructure. As shown in

FIGURE 3 (Innovations), JPMorgan uses AI in many ways. 19% of total global AI spend is

towards the banking and security realm for “automated trading and investment discovery, trading

strategies, robo-advisors, voice-based commerce, customer behavior analysis, chatbots for

customer services” (Innovations), validating identities and detecting different types of fraud. By

lending artificial sources of intelligence tasks typically executed by humans, JPMorgan can

allocate its human efforts elsewhere and thus increase efficiency.

JPMorgan is also exploring various machine learning techniques. On October of 2017, its

R&D department conducted a case study and “built an algorithm based on some 250,000 analyst

reports that provided the source material for learning the implication of financial terms such as

‘overweight,’ ‘neutral’ and ‘underweight’” (Innovations) before testing it on thousands of

articles relating to equity markets across the globe. In summary, certain words within analyst

reports were fed into machine learning algorithms, which learned the words and performed

actions, such as buying or selling positions, accordingly. The protocol generated strong returns

that outperformed several benchmark indices.


JPMorgan also has experimented with machine learning techniques in efforts to “predict

the ‘fair value’ of stocks” (Innovation). It created multiple different algorithms to take in data

and make connections between various equity details and different models, such as a DCF, that

indicate profitability or mispricing signals. This method “showed that a combination of ML

models can help improve predictions” (Innovation) regarding valuations than traditional

methods, which use one model at a time.

Blockchain technology has potential to encroach within the financial sector as well,

which is why it is also heavily researched by JPMorgan. Its “Blockchain Center of Excellence

(BCOE) leads efforts for applications of distributed ledger technology (DLT) within JPMorgan”

(Blockchain and Distributed Ledger). More specifically, the biggest blockchain project

JPMorgan has adopted and developed is a strategic blockchain platform called Quorum, which is

essentially an enterprise focused version of Ethereum. Quorum’s main functions include “public

and private smart contracts and overall system state derived from a single, shared, complete

blockchain of transactions validated by every node in the network” (Quorum). Additionally, its

Zero-Knowledge Security Layer yields allows for assured cryptography, which, as we learned in

class, is crucial for hedging against cyber threats.

Human Resources & Legal:


JPMorgan Chase & Co’s legal and HR divisions are deeply intertwined with problems

and opportunities. JPMorgan has had a long history of legal issues which have significantly hurt

the business. For example, from 2013 to 2014 return on equity fell from 17.2% to 13% with legal

expenses accounting for 2.5% of that decrease (Lopez, APPENDIX FIGURE 4). That is,

JPMorgan has had a history of ample amounts of legal issue which significantly impact the

profitability of the business.


While legal costs have been slightly reduced for JPMorgan since then (Jeffrey), the

company has been sued over serious unethical human resources practices. In 2016, JPMorgan

was sued for hiring “the children of Chinese leaders” in exchange for over $100 million in

business from the Chinese Government (Protess and Stevenson). While this case was a one time

incident of hiring bribery in a country where hiring bribery is the norm, JPMorgan has had a

more recent HR cases that suggests that they might want to look into the culture of ethics

surrounding it’s HR department. In 2017, JPMorgan was sued by the Government twice for “pay

discrimination against women” costing them “55 million to settle the claims” (Reuters).

Moreover this October the firm was sued for racially discriminating against it’s black employees

by giving them “lower pay”(Laursen). In other words, JPMorgan has been sued three times over

the last two years for their discriminatory pay and unethical HR practices. These three cases

coupled with its history of lawsuits, including the 2016 bribery case abroad, suggests that

JPMorgan has serious ethical problems within it’s HR department that the firm should

investigate.

Besides the opportunity to analyze it’s unethical HR practices, the firm is experiencing

opportunities to address smaller issues both within HR and Legal as it relates to management

information systems. It is not a secret that the health care costs are rising. National Healthcare

expenditure is expected to account for 20% of US GDP by 2021 (PBS, APPENDIX FIG. 6). This

means rising healthcare costs for corporations. JPMorgan has recently taken action on this by

creating a new position this November, head of Human Resources Data and Analytics (Pifer).

The new hire for this position, David Stark, will be tasked at leveraging “data and technology to

unlock value-based care for [their 57,000] employees” (Pifer). In other words, Stark will look at

JPMorgan’s prior data on its employees health and track their health overtime to provide huge
cost savings for JPMorgan. A way many firms are accomplishing this is by purchasing “fitness

trackers” for their employees to generate “vast quantities of information” about their health to

find ways to reduce their healthcare costs (Berson). There is not exact number JPMorgan could

save but McKinsey & Company estimates a 12% to 17% decrease in healthcare costs after

healthcare data analytics are implemented (Knott & Kuiken). This number reveals the value that

data analytics of JP Morgan’s employees health can have on the firm.

Lastly, the company has been able to exploit machine learning and private cloud

networks to address some of it’s legal problems. They have implementing a program called

COIN which runs on machine learning which is powered by a new private cloud network that the

bank uses (Galeon). Using COIN, JPMorgan has decreased the time spent interpreting

commercial-loan agreements and the number of loan-servicing mistakes (Galeon). In other

words, by implementing machine learning and cloud based solutions the company has

experienced large benefits in their legal arm’s productivity. This reveals that there is a lot of

opportunity for JPMorgan to improve it’s practices through using these solutions. Overall,

JPMorgan’s legal and HR branches both contain a great deal of problems and opportunities for

the firm which should be explored.

Marketing and Customer Relationship:


Over the last five years, JPMorgan Chase & Co. has capitalized on the opportunity of

technology in sales, marketing and customer relationship efforts. In collaboration with

Pegasystems, a software company focusing in CRM systems, JPMorgan has developed an

integrated global platform for CRM that is revolutionizing both interactions with their clients and

backend analytical CRM. This new platform is centered around breaking down operational

information silos within JPMorgan Chase & Co. while improving customer experience (Pega).
The integration of this customer-facing CRM and analytical CRM serve as an astounding

opportunity to market to millennials while also increasing customer retention and sales.

JPMorgan’s customer-facing upgrades are robust and abundant. JPMorgan Chase & Co.

has created an integrated information system that insures 24/7 service and is able to connect

clients with operational CRM functions such as call centers and online web portals. Since its

implementation in late 2016, it has greatly increased the profitability of customer-facing services,

expedited resolution times and enabled scalability for an entire suite of JPMorgan mobile

applications (Pega). This system was developed with the intention of being “simple, personable,

human and cohesive”, and it has been immensely successful (CXFS). With these customer-

facing improvements, JPMorgan is making a concerted effort to capture the millennial market as

an opportunity for future capitalization and client capture.

Tim Parsey, who is JPMorgan’s Head of Digital Customer Experience, said, “We have to

take the banking world up to the same level as the rest of the digital industry...there are exciting

ways to innovate how people feel about their finances” (CXFS). As evident by that statement,

Parsey is encouraging the use of e-commerce companies and other major retailers as a

benchmark the financial services industry and management of customer relationships. Amongst

competitors, JPMorgan has invested more into their digital platform than HSBC and Goldman

Sachs combined (CXFS); JPMorgan has a $9.4 billion budget for technology advancement

associated with business processes, as expressed in APPENDIX FIGURE 5 (Brougher).

In addition to this notable push in enhancing JPMorgan Chase & Co.’s customer-facing

CRM, significant effort has been applied to JPMorgan’s analytical CRM platform. The new

analytical CRM was designed with the purpose of streamlining sales and marketing tasks across

all functional segments of the company. Impressively, the program overlays multiple layers of
analytical information to perform data mining through regression analysis and recommendation

engines (Noonan).

As indicated, JPMorgan is leading the way amongst competitors. They are gaining a

competitive advantage while also building barriers to entry amongst other bulge-bracket banks

through the use of extensive MIS applications, which help combat the Five Forces identified by

Michael Porter. The implementation of these immense changes in workflow and platforms has

already been a challenge for JPMorgan, and Tim Parsey has acknowledged that there is a high

and painstaking price to pay for being an industry leader (CXFS). The breakdown of information

silos within departments has proven difficult for employees, resulting in higher turnover

(Micheel). Regardless of the cost and challenges of implementation, however, JPMorgan Chase

& Co. is capitalizing on opportunities related to the role that technology plays in marketing, sales

and customer relationship capabilities and how it can add value to its services for clients.

JPMorgan Chase & Co. Problems and Opportunities:


Given its status as a vanguard of the banking world, it is important to identify problems

and opportunities JPMorgan faces within today’s competitive business environment. To address

opportunities, the financial institution has a number of factors in its favor. Looking forward,

many sources hold a positive outlook for asset management, as the “industry is growing leaps

and bounds globally and is set to reach $102 trillion by 2020.” “As one of the largest asset and

wealth managers in the world” (Asset) and with AUM of nearly $2 trillion dollars in the hands of

seasoned investment professionals, the company is well-equipped to reap the benefits of this

expanding sector.

Other functional units within JPMorgan are bound to experience trending markets as

well. According to The Economist, “the most striking business trend today is...consolidation. The

years since 2008 have seen one of the biggest-ever bull markets in mergers and acquisitions.”
(Schumpeter). As competitive intelligence units for large titans of industry such as Amazon and

Alibaba see lucrative, growing businesses, they will seek to acquire them to add value to their

company and increase their market share.

Another opportunity for JPMorgan is the divergence from paper money towards credit

cards as a part of the expanding credit market. Just last year, the company saw “market share

increase to almost 18%,” (Trefis) propelling it ahead of close competitors such as Citigroup

(15.7%) and Bank of America (11.6%) within the $784 billion dollar industry (Trefis). Given its

strong historical track record, which can be deduced by its recent financial statements in

FIGURE 7 (Page 2 of JP Morgan. Annual), alongside its vast expanse of resources and ability to

hire and retain top talent, JPMorgan and its functional units are on track to ride the wave of large

and growing markets.

Because 65% of its revenues are derived from North American markets, JPMorgan

should seek to expand into foreign markets (Bhasin, Hitesh, et al.) to diversify the geography of

its revenue stream. Being too dependant on one location for revenue is problematic and risky.

For instance, if an event, such as a trade-war or overspeculation were to spark a recession in

North America, JPMorgan would be harmed more so than its geographically-diverse

competitors, such as Citigroup, who has “done well over recent years to leverage its diversified

geographical footprint” (Team). It is always best for large institutions to hedge against the risk of

regional recessions by assuming a diverse customer base across the globe.

Another problem putting pressure on JPMorgan is the emergence of technologies such as

artificial intelligence, blockchain applications, and machine learning. These developments along

with other innovations impose an environment filled with volatility and competition within the

already cut-throat banking industry. For instance, earlier this year, “Goldman Sachs...just
announced the addition of a technology expert that it hired away from JPMorgan to help develop

a “state of the art/ commercial banking division” (Mason) that leverages up-to-date technology.

Additionally, just a few months ago it was announced that “nine banking giants including

Barclays, Citi, are part of a trial blockchain app store from IBM and CLS” (Shen).

Not to mention just last year Deutsche Bank solidified “the implementation of an

upgraded equities trading platform with artificial intelligence capabilities” (Deutsche). In

summary, given “the changing nature of banking that is coming about due to the advances in

information technology” (Mason), artificial intelligence and other technologies, it is important

for JPMorgan, as a top institution, to aggressively invest in R&D to reduce uncertainty regarding

potential industry disruption which can lead to a loss of its competitive advantage.

OMIS Reasons, Methodology and Recommendations:

On that note, perhaps our most relevant recommendation for JPMorgan is to ensure that it

spends copious resources in the most efficient way possible towards its research and

development departments to stay ahead of the efforts of its competitors. A great way to achieve

this through MIS tools is to invest in a top-tier ERP component that is geared towards R&D. The

bank is already familiar with ERP systems as it has seen great success in its past ERP

implementations. For example, after integrating SAP Ariba into its procurement workflows, it

now saves $50 million each year (Galer). Recently, more firms have recognized the benefits of

ERP for research and development and more companies, such as Deltek, are creating ERP

solutions tailored towards R&D. Investing in such a cutting-edge ERP system for Research and

Development would lend JPMorgan the “visibility needed to effectively plan research”

(Research) and the output of its Research and Development department would become far more

efficient and streamlined (ERP). Given the omnipotent and escalating competition between
financial sector R&D teams, this would give JPMorgan the edge over its competitors to

efficiently research and develop technologies such as blockchain systems, Artificial Intelligence,

and machine learning. This competitive edge as a result of this specialized ERP would bolster

JPMorgan’s R&D and continue to drive advanced development in the financial services sector.

In regards to JPMorgan’s relationship with customers, as made evident earlier in the

report, they have heavily leveraged technology in an attempt to increase their market share and

gain a competitive advantage against other bulge-bracket banks. This is made most evident by

JPMorgan’s revamped CRM system which is meant to revitalize the customer experience while

also utilizing advanced analytical and operational CRM to enhance customer experience and

increase profitability. This system was developed with a combination of pre-existing open

technology that was made more efficient by Pegasystems’ “adaptive, cloud-architected software”

built on a trademarked and unified “Pega Platform”(Pega). We recommend that they continue to

integrate this system, as although they have run into some issues with rolling it out, it serves as a

ground-breaking CRM that will add immense value to the customer experience.

Within its HR department, there are many evident opportunities in which JPMorgan can

leverage MIS to develop effective solutions. In regards to alleged unethical compensation

amongst minority employees, we recommend that JPMorgan utilizes data mining and regression

analysis to observe possible correlations between race and wages within their workforce. By

analyzing this data, JPMorgan’s HR department will be able to be proactive and identify whether

they need to restructure employee payment procedures. Moreover, no data could be found on

whether JPMorgan has online ethics onboarding and training for all its employees. If JPMorgan

does not have any training, we recommend that they utilize an HR management system which

includes these components. A lot of departments within JPMorgan currently use SAP for their
ERP system, so our recommendation would be to use SAP SuccessFactors (Galer), as

SuccessFactors has target training that would allow JPMorgan to accomplish this goal.

Moreover, we recommend that JPMorgan continues to take action on using data analytics

to reduce healthcare costs. McKinsey & Company found that data analysis can result in savings

in healthcare costs between 12% and 17% for a firm (Knott & Kuiken). Even a 12% decrease in

health care costs for 57,000 employees would benefit the firm greatly. In order to achieve this,

we recommend that JPMorgan invests in fitness trackers for its employees and track other

information such as the number of doctor visits to find where it can benefit from health care cost

reductions.

A final problem facing JPMorgan that could be resolved by MIS is their dependence on

North America for revenue, as this geographic dependence on specific regions increases risks in

regards to JPMorgan’s overall long-term profitability and stability. As mentioned earlier, 65% of

JPM’s net revenue is from operations in North America (Bhasin, Hitesh, et al.). To diversify

their revenue stream, we advise that JPMorgan leverages their robust MIS budget to explore new

market-entry opportunities that have the potential of long-term profitability. JPMorgan can

utilize business intelligence tools such as predictive analytics to anticipate future market trends

within the country of interest, while also estimating consumer responses to their entry with

behavioral analytics. We advise that they utilize these data mining capabilities to seek out new

markets that are stable and have lots of upside for profitability and growth in the near future.

This data-driven decision-making would be advantageous for JPMorgan and would assist them

in breaking their dependence on North American revenue for profitability, improving the

company overall by way of advanced MIS tools, data mining, and data analytics.
As a leader in the financial services industry, JPMorgan is leveraging technology to

establish a competitive advantage. Although the implementation of advanced technologies and

the associated expansion pose a challenge for JPMorgan, they are likely to reap the benefits of

expanding markets, increased M&A activity, and improved information systems as they become

integrated across multiple functional units within the company. Our most pertinent

recommendation for JPMorgan is to continue leveraging technology and MIS to explore both

internal and external opportunities for improvement. As is evident by aforementioned key

performance indicators and our benchmarking against other bulge-bracket banks, JPMorgan

Chase & Co. is maintaining its role as a leader in the financial services industry, especially when

it comes to the implementation and advancement of MIS and technology to improve business

process and overall profitability.


Appendix
FIGURE 1:

FIGURE 2:
FIGURE 3:

Breakdown of JPMorgan’s utilization of artificial intelligence solutions

FIGURE 4:
FIGURE 5:

FIGURE 6:

JPMorgan’s massive investment in technology to improve customer experience and improve


business processes and systems (Brougher).
FIGURE 7:
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