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January 30, 2017

JP Morgan channels Amazon in new CRM & analytics system

JP Morgan continues innovation drive with new CRM system.

By Ellie Burns

JP Morgan is set to look at customers’ spending histories in order to sell them future products or services.

In news more suited to the likes of ecommerce giants like Amazon, JP Morgan will mine customer data with a new Customer Relationship Management and analytics system.

As with all CRM systems, the aim is for sales people to use the tool to sell more – which may be huge for JP Morgan seeing as they boast the biggest sales and trading businesses in the world.

Employing the same tech which has been around in call centres for years, JP Morgan’s CRM system links clients’ phone calls to profiles of the customer’s past trades. An analytics programme is then overlaid by JP Morgan in order to help the salesperson suggest trades suited to the client.

A person familiar with the project was cited by the FT as saying: “It’s a little bit like how Amazon suggests what you might like to buy next.”

Although the bank declined to comment, it is thought that the new system is part of the huge tech and innovation investment recently undertaken by JP Morgan.  Part of that investment drive saw the bank buy a stake in InvestCloud, a  Californian fintech company, in 2016.

As part of the deal, InvestCloud’s technology will be used to offer JP Morgan and Chase wealth management clients online account opening, web dashboards, and mobile apps. Features will be developed over time with the goal of personalising the integration for clients.

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Mary Callahan Erdoes, CEO, asset management, JPMorgan Chase, said: “We have been managing wealth for more than 200 years. Pairing these new technological capabilities with our trusted guidance will help our clients achieve their long-term financial goals with flexibility in how they interact with us and our advisors.”

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