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What JPMorgan is doing with that $9.5 billion tech spend

Jamie Dimon may be this generation's EF Hutton because when he talks, the fintech community listens.
April 9 · Issue #77 · View online
Tearsheet Weekly Newsletter
Jamie Dimon may be this generation’s EF Hutton because when he talks, the fintech community listens. His company reported it spent $9.5 billion on technology last year. That’s some serious spend. Read on and we’ll tell how it was allocated.
– Zack Miller, Tearsheet
P.S. Join Jamie Dimon’s minions and other senior execs from JP Morgan, BlackRock, and Fidelity and loads of other leading FIs at Tearsheet’s Money Conference in New York City this June. For early bird rates, register here.

Big in Japan: How blockchain startup Ripple plans to disrupt Swift
Ripple is about to take half of Japan’s banks, but where are its U.S. bank partners? Ripple has its eye on disrupting correspondent banking, but the banks it hasn’t partnered with stand to gain the most from that old system. Here’s how Ripple plans to take on Swift.
Wells Fargo: Banks need to create data exchange standards
Wells Fargo is leading banks in data sharing agreements, in an effort to ditch the old screen scraping method. The bank hopes its agreement with Finicity can be a tipping point for the industry. Here’s what’s behind the push to data exchange standards.
What JPMorgan is doing with that $9.5 billion tech spend
Dimon to fintech users: 'You have no idea what you agreed to. I do'
JPMorgan Chase spent 16 percent of its budget on technology last year. Tearsheet’s Tanaya Macheel reported on where that money went.
Read more:
  • JP Morgan’s Jamie Dimon warns tech users: ‘You have no idea what you agreed to. I do.’ (Yahoo Finance)
  • He should know…JPM spent $600M on fintech deals in 2016 (Bank Innovation)
Why insurance technology startups are going to Des Moines
Major insurance carriers are in their third year of supporting an innovation accelerator for insurance technology startups. A participant says the next wave of growth in insurance technology will be products that help major carriers deliver their services more effectively.
Inside the fintech accelerator program in Little Rock
Banking technology giant FIS is into the second year of its financial technology accelerator program in Little Rock, Arkansas. The curriculum includes a mix of business development training coupled with specialist technical advice. Tearsheet’s Suman Bhattacharyya has an inside look at some of the early results.
Confessions of a fintech VC: No one is using fintech outside Venmo
Fintech startups may be friendly with banks but what next?
Fintech startups may be friendly with banks now, but few firms have truly broken out. We interview a fintech VC this week who spills the beans on why, in spite of the lack of real traction, he’s even more bullish on fintech.
How Lendio built a franchise model in the lending space
After starting Lendio as pure lead gen site, Brock Blake pivoted his company to become an SMB loan marketplace. Lendio’s CEO joins us on the podcast to talk about his firm’s recent launch of a franchise model. Listen here.
Amazon Cash opens up underserved market
Amazon just launched Amazon Cash, a way for customers to go to retailers and top up their Amazon accounts with cash at the retailers’ point of sale. The move is a means to grow Amazon’s reach among the underbanked and a nod to the continued resilience of cash, analysts say. Read why.
How finance brands use Instagram
Financial brands are turning to Instagram to showcase experiences
Banks are using compelling, interactive content to align with the values and lifestyles of younger people. Big finance companies are increasingly looking to Instagram to associate their brand with experiences rather than product offerings. See some great examples of what FIs are doing on Instagram.
What we're reading this week
  • Lending Club founder Renaud Laplanche is back with a new startup and $60M in funding (TechCrunch)
  • JPMorgan’s Head of New Technologies hired by LendingClub (Bloomberg)
  • Here’s why subprime lender Elevate’s IPO price was cut in half this morning (CNBC)
  • WhatsApp’s digital payments push will begin in India (Engadget)
  • Monzo, a UK digital-only challenger bank, granted full banking license (TechCrunch)
  • An unprecedented heist hijacked a Brazilian bank’s entire online operation (Wired)
  • Deutsche Bank launches new mobile payment app (Banking Technology)
  • Former Wealthfront CEO Nash joins Acorns board (Reuters)
  • US ATM fraud surges despite EMV (The Register)
  • BBVA gets serious about its data (Business Insider)
  • Digital clue links North Korea to New York Fed theft, security firm says (WSJ)
Stay connected to Tearsheet
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  • Have a tip or story you’d like to share? Email us with tales of Instagram experiences, VC confessionals, and JPM fintech budgets at zack [at]
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