JPMorgan’s Wall Street users have an added reason to smile thanks to the company’s partnership with Amazon, a global e-commerce giant. They can utilize Amazon’s voice-activated assistant, Alexa, to access JPMorgan’s research. Currently, Alexa can provide analysts’ reports and related requests. According to the bank’s global head of markets execution, David Hudson, JPMorgan Chase & Co. is currently evaluating other features such as the provision of prices on swaps or bonds.
In response to the growing advancement of client habits, most firms have been striving to find ways of adapting popular retail technologies for the business space. Although JPMorgan prides itself as the first to bring Alexa into institutional shops, other banking institutions have been utilizing the virtual assistant in their consumer operations. In fact, New York Life Insurance Co. stands as one of the financial companies that have been creating programs to utilize Alexa as a tool for workers/employees.
A survey conducted by Bain & Co last year revealed that customers are becoming more willing to use voice assistants in the monitoring of accounts. Capital One Financial Corporation was the first banking institution to allow clients to manage bank accounts and credit cards through Alexa. Presently, the bank has gradually expanded its voice assistant service by allowing users to ask questions such as how much money they spent on Amazon in the past week.
Mark Madgett, the head of New York Life’s field force, said that the insurer would start unveiling its Alexa features to all its 12,000 agents later on this year. The move is intended to enable the agents to prepare for meetings and acquire quick details on policies. With such features, agents can ask Alexa various questions including the value of the life insurance policy held by a customer.
Known as “skill” in Amazon verbiage, this JPMorgan ’s automated service serves as the recent shared project for Amazon and the largest bank in the US. Aside from leasing cloud-computing power to the bank, Amazon has requested JPMorgan to compete in building new products. Additionally, both companies are also working together on a health-care project.
The Alexa project between JPMorgan and Amazon began last year as an internal competition endeavor geared towards fostering innovation. To spearhead this effort, the bank started by opening up data in its research group and later adding feeds from other departments including banking as well as custody and fund services. Once the automated service kicks off, it is expected to free JPMorgan’s salespeople from answering routine questions from customers.
JPMorgan has witnessed firsthand clients’ willingness to use new ways of connecting with technology. After the creation of mobile apps intended for its trading business, the bank began to record large trades. Therefore, allowing Alexa users to gain access to JPMorgan’s data from anywhere is a sensible move.
The next step for the bank is to allow institutional customers to act on the information they derive from Alexa. According to Hudson, Wall Street traders are expected to utilize Alexa in executing trades in the future. Nevertheless, the JPMorgan requires improving its client authentication among other security measures in a bid to prevent errant trades before they occur.