It’s no surprise that payments are a business open to great disruption by fintech companies. Traditional payment systems were built long ago and customer expectations have evolved quickly and dramatically along with the technological advancements we’ve experienced in our personal lives.
As tough as the competition will be, JPMorgan Chase is well-positioned. We have an extraordinary number of products and services, huge economies of scale, a fortress balance sheet, and a great, trusted brand. From small businesses to multi-national companies, clients of all sizes already rely on us to move more than $8 trillion (99% digital) a day for more than 52 million payments. Approximately 98% of the value is done the same day, including 78% done in real-time. And when these dollars are moved, they go through extensive screening for risk and fraud matters. We also have an extraordinary amount of data, and we are adopting AI and the cloud as fast as possible so we can make better use of it to better serve our customers.
