REMARKS OF THE FINTECH SNARK TANK
Fintech partnerships are a hot topic in banking, and Jeremy Balkin, the new head of fintech and innovation at JPMorgan Chase (JPMC), fired a volley at other banks at a recent conference:
“Chase is the bank of choice for fintech partnerships. JPMorgan is for payments like Amazon Web Services for the cloud and the internet. ”
Referring to the bank’s four million merchant customers, Balkin told the conference audience, “Think how valuable this customer pool – this dataset – is to a fintech with a disruptive point-of-sale solution.”
This is a convincing offer for potential fintech partners.
Jamie Dimon, CEO of JPMorgan Chase, recently commented on the rise of fintechs like PayPal and Square to analysts:
“We should be afraid – less about it.”
Other banks should …