How technology built in India is making banking around the world faster, safer, and more available

Banks are a key driver of technologies that transform the world. As Pawan Panjwani, Global Technology India Lead , JPMorgan Chase, says, changing the way people access their money or how they are able to purchase items can have a profound influence on people’s lives.
But it’s not easy and takes ongoing investment into systems and talent. “When you are influencing the experience of 62 million retail households and processing $6 trillion of daily wholesale payments for our Corporate Investment Banking clients in more than 120 currencies globally, it requires a different level of skill and a different mindset," Pawan says.

In order to continue to improve the customer and client experience through the use of technology, JPMorgan Chase employs over 50,000 technologists around the world, and has three key Global Technology Centers in India—Bengaluru, Hyderabad and Mumbai—where software engineers are constantly creating cutting-edge solutions. Whether it's developing cloud computing, integrating artificial intelligence or constantly improving digital banking, JPMorgan Chase technologists are transforming how people around the world interact with their money.

Banking on the Cloud
Banks use cloud to develop new tools, which enable users to access vital information three times faster than traditional networks. “Cloud computing is faster, better and less expensive," says Sirisha Voruganti, Global Technology India Innovation Lead.

Cloud is also transforming the way that software engineers create new applications. JPMorgan Chase’s multi-cloud strategy is focused on driving innovation, improving the software engineers’ experience and accelerating time to market for new products and services. Multi-cloud utilizes more than one public and private cloud environment in order to leverage specific capabilities, which allow software engineers to access data, services and tools anytime, anywhere.

Gaia, a private cloud Platform as a Service (PaaS) developed by JPMorgan Chase in-house, allows software engineers to develop web applications quickly and simply without the complication of purchasing, configuring or maintaining the underlying software and infrastructure. By having the ability to create in environments on demand, it enables software engineers to get products and services to market quickly through the re-use of extensive ready-made capabilities. JPMorgan Chase’s technologists can access a host of new tools—including data sets, advanced analytics, and machine learning capacities—that have supercharged its other efforts, like artificial intelligence.

This enables software engineers to deploy software in minutes rather than weeks as well as enables fast response and recovery times if issues occur—which in turn means that they can deliver new capabilities to both retail customers and corporate clients at a faster speed than ever before. Ultimately, it increases software engineers’ efficiencies exponentially.

Using Artificial Intelligence and Machine Learning to Build a Smarter Bank
Artificial Intelligence and Machine Learning (AI and ML) are other tools that can transform the way corporate clients and retail customers handle their finances. For example, in the retail payment space, JPMorgan Chase processes $2 trillion retail payments annually—including 49 million debit and credit card transactions per day. That incredibly rich data can give machine learning vast insights into how people use their money—and helps banks learn how to better serve and protect their customers.

By analyzing spending patterns, JPMorgan Chase can often detect errors or fraudulent transactions and halt them before they become a problem. “By using AI and ML, we are able to simulate many conditions for fraud," Sirisha says. “That's why we have been so good with control of risk and fraud."

AI and ML also help when it comes to investing. JPMorgan Chase India analyzes the performance of companies in order to understand their future direction. Using AI and ML, Sirisha says the team can better understand growth models and analyze how companies are performing. “AI helps JPMorgan Chase advise corporate clients," she explains. "We look at trends and patterning forward as well."

There are other AI and ML tools that are transforming banking—programs like bots designed to help portfolio managers increase effectiveness and cost efficiency, recommendation engines that layer AI onto theoretical scenarios to predict outcomes, and natural language processing that increases the speed and accuracy of written and verbal communications.

Ultimately, AI and ML are transforming the way JPMorgan Chase works with its retail customers and corporate clients—making services faster, more efficient, and much more closely tailored to the needs and experiences of both retail customers and corporate clients.

A Digital Transformation
JPMorgan Chase has over two centuries of banking history and continues to evolve at a rapid pace. Tools like AI, ML and Cloud computing are transforming the bank’s capabilities—and the way that people interact with their money.

For example, the bank’s virtual branches are changing the way Corporate and Commercial clients’ access financial services. Virtual Branches, for example, are available in five locations, including India, which minimize the need to visit physical branches. Using the platform, clients can upload and store their supporting documents electronically, eliminating the need to search for vital papers. They can also oversee the progress of all their payments—even across borders—and automate their tax payments and email notifications. Clients now have an unprecedented level of service without setting foot in a traditional branch office.

JPMorgan Chase understands that technologists drive change and transformation. They bring fresh ideas and new skills into one of the world’s most respected companies.

“By joining our team, young technologists benefit from developing technologies for our future clients. And we gain insight into the future of banking,” says, Pawan

Click here to explore JPMorgan Chase Technology in India.