NEW YORK–In a budget line item that exceeds the asset size of all but a handful of credit unions, JPMorgan Chase’s said it is spending between $19 billion and $20 billion annually on technology, according to the bank’s annual company update.
The nation’s biggest bank said investments are being made in “products, platforms, features and capabilities,” alongside artificial intelligence, cloud infrastructure and data integration.
The bank stated that more than 80% of its applications now run largely on modern infrastructure, with over 70% operating in public or private cloud environments.
“When transaction processing, risk evaluation and customer analytics operate on unified data layers, banks can stop behaving like batch-driven financial utilities and start resembling high-frequency information platforms,” PYMNTS.com stated in its analysis of JPMorgan’s spending.
