JPMorgan faces obstacles maintaining competitiveness

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November 20, 2021

JPMorgan faces obstacles in maintaining its consumer tech competitiveness

JPMorgan Chase is facing soaring fintech valuations for prospective deals, along with a scramble for hiring US tech talent, per Insider. Takis Georgakopoulos, the bank's global payments head and operating committee member, revealed the pair of challenges when he spoke at a Bank of America conference.

Georgakopoulos said that JPMorgan has two criteria for making fintech purchases: the quality of the company's technology and its engineering talent.

JPMorgan's deals and talent challenges are two sides of the same coin: Both present obstacles to maintaining its competitive status when it comes to keeping up with consumers' expectation for their digital user experiences.

The bank faces challenges on its tech side from both its fellow big incumbents and neobanks. Its ability to make acquisitions and hire IT talent provides the building blocks for JPMorgan to quickly deploy new products and create new ones.

Insider Intelligence's Tom Auchterlonie has the full story.

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