Final Individual Project PDF

Preview

Summary

Download Final Individual Project PDF

Description

MGT 304 – J Prof. Marina Portnoy Individual Final Project Elvia Vilchis-Zubizarreta Monday, December 3rd, 2018.

“JP Morgan Chase & Co” JP Morgan Chase & Co. is the biggest bank in the United States. The Mission of JP Morgan is “To be the number one financial services company in the world” (JPMorgan, 2018), and to achieve it they follow their vision statement of: “Aspire to be the best; execute superbly; built a great team and winning culture” (JPMorgan, 2018). In order to achieve its mission and vision statement JP Morgan Chase has merged the use of social and cognitive technologies to develop tools that will dramatically change the way they deliver a great customer service experience. JP Morgan has been investing in innovation since 1858, from the transatlantic cable to the technology of today, which JP Morgan is still heavily investing in. The firm invested over $9.5 billion in technology in 2016, with $3 billion “dedicated toward new initiatives” and a $600 million fraction slated for “emerging fin-tech solutions.” Specific interests include partnerships with fin-tech companies and developing new and enhancing current digital and mobile services. The best two examples of these merged technologies are the two brand new robots that the company just develop and has already been using into practice in branches all around the state of New York. The first one is called COIN, they started implementing this new program designed by the best JP Morgan engineers, which is short for Contract Intelligence (COIN). Loan officers who spend a total of 360,000 hours each year tackling a slew of rather mundane tasks, such as interpreting mortgage-loan agreements, will be reduced by this robot to only seconds. What an

employee’s work will take more than a year to complete. As a service provider, it is important for the departments within JP Morgan that handle large amounts of Data and Decision-Making, such as Commercial Banking and Asset Management, to take advantage of the renowned use of social and cognitive technologies with the use of Artificial Intelligence. The second example is The robot “Lisa”, this robot was designed with the purpose of avoiding traditional physical branches, while reducing manual intervention and shorten business processing time, as well, Chase wants to make this implement to offer the best customer service possible. What the robot promises with the task of assisting customers as if a normal employee would, is to automate their transactions with the guidance of “Lisa” thought the process of making a transaction with the use of the newest versions of digital ATM’s (now serving in our branches), while having to have a Teller assisting the customer. This way we do not depend on human labor to automate customer interaction with a higher quality of customer service. Over the years, Human Resources has grown from a single department that hired, fired and handled payroll to an instrumental part of any given company. Social and Cognitive technologies deem beneficial in regard to managing Human Resources. Examples of where they may come into play include remote working, social media platforms (PhoneBook), recruiting through social technologies (LinkedIn or Facebook), employee engagement, streamlining the tedious process of benefits and payroll (TAS) and training and development such as the “me@jpmc” and “startme@jpmc” platforms, these are examples of online new hire employee training and onboarding websites and software. Also, Chase is one of the largest employers in the American banking sector, with more than 240,000 employees serving millions of customers, and one of the “Top Companies of 2018: Where the U.S. wants to work now” (LinkedIn, 2018). CEO Jamie Dimon attributes the

company's success to key investments in "employees, systems and products." The firm spends billions each year training and updating its employees. Early this year, JPMorgan Chase teamed up with Amazon and Berkshire Hathaway to address healthcare for their U.S. employees “with the aim of improving healthcare outcomes and employee satisfaction while reducing costs.” “The crux of Chase’s merger strategy is its comprehensive and straightforward communication strategy”(JP Morgan, 2018). Chase has multiple communication channels – including forums, newsletters, web sites, e-mail, and town hall meetings – through which ongoing communication about success stories and information about diversity is disseminated to employees. For example, criteria for the selection of post-merger employees are made public, ensuring that the process is seen as fair and objective. Furthermore, communications are not topdown only. Feedback to senior management is encouraged and a part of the communication channels described above. It is true that technology plays a key role throughout the JP Morgan Chase culture, you can see it through their advertisements, their press conferences and interviews. It is important for the departments to use social and cognitive technologies to differentiate themselves from their competition and to better serve customers with sophistication and efficiency with the use of Artificial Intelligence and social technologies.

Works Cited JPMorgan Chase. (2017). Retrieved from http://en.academic.ru/dic.nsf/enwiki/146382 JPMorgan Chase Culture (2018). Retrieved from https://me.jpmorganchase.com/mejpmc/ JPMorgan Chase Organizational Communication (2018). Retrieved from https://me.jpmorganchase.com/mejpmc/ JP Morgan Chase (Forbes, 2018). Retrieved from https://www.forbes.com/companies/jpmorgan-chase/ - 62ecd31f9fa9...