Emerging_Technology

Introduction JP Morgan Chase is a global leader in financial industry. It has footprints in more than 100 countries in the world. It’s commitment to technology and innovation is renowned, as per Business Week, it ranks among the top 50 most innovative company in the world. There is not even one single business activity which is not empowered and enhanced by the technologists. In 2011, the company was honored in the Innovation in Banking Technology awards, by The Banker magazine. The company recently won two American Financial Technology Awards (AFTA), for the Best IT Integration (Merger) Initiative. As per Pete Cherasia, Head of Market Strategy, “Our goal is to be the best at what we do - to be innovative, efficient and responsive to the needs of the business.” Technologies that have affected the company, changed the company’s product and service The Compute BackBone (CBB): CBB is a fully managed, scalable internal cloud computing service specifically designed for high-performance computing (HPC) at J.P. Morgan. This system allows developers to rapidly test and scale computationally intense applications by using the power of distributed cloud computing. This is in-house cloud infrastructure, so all different technology centers across the world do not need to go out for cloud based computing. By developing this cloud infrastructure, the company reduces the dependency on third party vendor, so saves a lot of money and provides the full support and control. This does not directly impact the end business users but it definitely helps all lines of business and it demonstrates the technology innovations. This provides an advantage over competitors who still use third party for their cloud based needs. Graphic Processing Unit (GPU): Graphic Processing Unit (GPU) is a high-speed processor originally designed for processor-intensive commercial gaming applications, which the company uses to deliver exceptional performance to pricing and risk models. This piece of technology allows the company to calculate complex factors very quickly, it gives traders very quick valuable information they can use to hedge trades appropriately far faster than conventional CPUs. This gives a lot of benefits to business and clients some of them are as below. • Provide price and risk at very high speed (x10 – x100). • This capability allows us to achieve more accuracy in pricing by using more factors in the modeling process. • Provide forward looking view by simulation of the portfolio using various scenarios. • Manage the risk exposure better using faster and more accurate hedging This give JP Morgan & Chase a tremendous speed advantage in the marketplace over the competitors. Morgan Direct Professional: MorganDirect Professional is an electronic trading desktop and smartphone application written in JAVA that gives the clients the power to execute FX transactions online using streaming prices that updates in real time. It creates a transformed client trading experience for FX spot, swaps, forwards, options and various order types (including algorithmic orders). It provides an efficient and secure trading environment for currencies trading 24 hours a day with the ability to leave and monitor spot orders remotely via BlackBerry or iPhone. Some of the key benefits are as below: • Able to stream prices in less than a second to all of our clients at the same time around the world, providing a fair and near-instantaneous view. • The application is designed to be secure (256-bit encryption), robust (with graceful failure modes) and provide very high availability (with global backup data centers and infrastructure) to support 24 hours a day global trading. • Award-winning user-friendly interface design that is highly customizable to support each client’s individual trading style. • Allows client’s to monitor spot orders remotely with BlackBerry or iPhone. Digital and Mobile program: JPMorgan Chase's Digital and Mobile programs are some of the firm's most innovative business technologies. Chase Mobile allows customers to deposit personal checks using their iPhone, while Chase QuickPay - an online service - allows customers to send money to and receive funds from virtually anyone who's enrolled with an e-mail address. In addition, the Investment Bank's Empire application provides access to real-time and historical market levels across a range of Emerging Markets assets via various mobile platforms. The firm is dedicated to transforming the front-end customer experience and integrating through to the back-end infrastructure to make these application suites more productive, efficient and timely. This gives JP Morgan a clear edge over its competitors which are still struggling to make it stable. Site Inspector: Site Inspector is an iPad app developed to allow Facilities Managers to do building inspections of HVAC equipment, fire suppression systems, data centers and other critical platforms required to support thousands of JPMC buildings across the globe. It replaced unusable tablet PCs with spreadsheet-based forms with a touch screen app equipped with floor map graphics, system and part inventories, and real-time connections to maintenance systems and vendors. It’s implementation immediately removed two-days of lag between the identification of failing fire suppression system or chiller and the work required to bring it back to spec. It will save hundreds of thousands of dollars in energy costs annually and improve safety. The app required no end-user training and improved the productivity of the Facility Managers by 10-15% across the board. This integrates all company facilities across the world, apart from the day to day activity, it is very helpful during any crisis like natural disaster or terror threat. Emerging technologies the company currently looking at implementing Currently JP Morgan & Chase is looking for a technology which can give them faster reporting and supports heavy volume of adhoc query for a large number of concurrent users.   With the current Oracle database, it is very slow and not able to produce report for a huge volume of data. So the company currently is working with vendor Sybase for their newly developed product Sybase IQ which is a new concept, columnar database. It is the best column database: 10x to 100x faster than conventional transactional databases and is very suitable to work with massive volumes of structured and unstructured data. It is ideally suited to Big Data. Distinguished from conventional databases by its column-oriented, grid-based architecture. To meet the high business needs, JP Morgan and Chase is going to implement this technology by end of year 2012. As part of the ongoing effort, JP Morgan and Chase is always looking for better innovative product for data security and privacy. They are currently partnering with the security company Voltage security for implementation of Identity-Based Encryption™ (IBE) and Format-Preserving Encryption™ (FPE). Reference JPMorgan Chase & Co. (2011). Technology Innovations. Retrieved February 12, 2012, from http://techcareers.jpmorgan.com/technology/technology-innovations.aspx Techcolumbus Innovation Awards (2012). Retrieved February 12, 2012, from http://www.techcolumbusinnovationawards.org/2011_award_winners.html