Introduction
The key tenant of choosing a specific firm for analysis, is one having the history of outsourcing their Information Technology (IT), to a third party, only to regret the decision, and return, or back source, the IT service. An excellent example being the current largest bank in the United States; JP Morgan Chase.
In 2004 JP Morgan Chase cancelled the remainder of a seven year, $5 billion IT contract with IBM. When the outsourcing deal was done in 2001, it was heralded as the largest on record. The decision was to bring the IT resources back in-house, and re-establish the corresponding infrastructure. The cancellation cost the company millions of dollars. The decision was augmented by the merger with Bank One, which itself had …show more content…
While being largely a utilities water company, it had “banking privileges” embedded in its state approved charter. This lead them successfully break the wall of monopoly, created largely by Alexander Hamilton, the founder of the Bank of New York. The Bank of Manhattan Company officially opened in 1799. In 1842 the Manhattan company ceased water operations, that originally included providing the infrastructure to supply clean water to New York City. In 1877, Chase National bank is founded by New York banker, John Thompson. The name was in honor of his friend, Salmon P. Chase, former Secretary of the Treasury, under Abraham Lincoln. In 1955, the Chase Manhattan Bank for formed from the merger of these two key historical banking institutions (JP Morgan, …show more content…
This is a part of JP Morgan Chase global strategy to streamline operations, and recruit top technical talent (Dickson, 2017). They are currently investing on the order of $9.5 billion in technology and innovation, to benefit all lines of business around the world. The IT infrastructure as JP Morgan Chase currently supports over 7,000 business applications. IT groups are deployed to focus on technologies to improve the customer experience, and increase employee remote productivity (JP Morgan, 2017). JP Morgan Chase’s IT strategy includes online banking, where they are a market leader. A recent example of IT innovation in this area, is the new “All Online Banking” product, Finn. It provides the capabilities of traditional checking and savings account, but through a fully mobile experience. Through Chase’s Digital Account Opening Platform, customers can sign up directly from their phone in minutes. They’re mailed a debit card that provides fee-free access to over 29,000 ATMs, where the locations are found within the Finn application. Features include the ability to (Seymour, 2017):
• Rate purchases – Label them as a want, or need, and can assign emojis to reflect how the purchase made them
The key tenant of choosing a specific firm for analysis, is one having the history of outsourcing their Information Technology (IT), to a third party, only to regret the decision, and return, or back source, the IT service. An excellent example being the current largest bank in the United States; JP Morgan Chase.
In 2004 JP Morgan Chase cancelled the remainder of a seven year, $5 billion IT contract with IBM. When the outsourcing deal was done in 2001, it was heralded as the largest on record. The decision was to bring the IT resources back in-house, and re-establish the corresponding infrastructure. The cancellation cost the company millions of dollars. The decision was augmented by the merger with Bank One, which itself had …show more content…
While being largely a utilities water company, it had “banking privileges” embedded in its state approved charter. This lead them successfully break the wall of monopoly, created largely by Alexander Hamilton, the founder of the Bank of New York. The Bank of Manhattan Company officially opened in 1799. In 1842 the Manhattan company ceased water operations, that originally included providing the infrastructure to supply clean water to New York City. In 1877, Chase National bank is founded by New York banker, John Thompson. The name was in honor of his friend, Salmon P. Chase, former Secretary of the Treasury, under Abraham Lincoln. In 1955, the Chase Manhattan Bank for formed from the merger of these two key historical banking institutions (JP Morgan, …show more content…
This is a part of JP Morgan Chase global strategy to streamline operations, and recruit top technical talent (Dickson, 2017). They are currently investing on the order of $9.5 billion in technology and innovation, to benefit all lines of business around the world. The IT infrastructure as JP Morgan Chase currently supports over 7,000 business applications. IT groups are deployed to focus on technologies to improve the customer experience, and increase employee remote productivity (JP Morgan, 2017). JP Morgan Chase’s IT strategy includes online banking, where they are a market leader. A recent example of IT innovation in this area, is the new “All Online Banking” product, Finn. It provides the capabilities of traditional checking and savings account, but through a fully mobile experience. Through Chase’s Digital Account Opening Platform, customers can sign up directly from their phone in minutes. They’re mailed a debit card that provides fee-free access to over 29,000 ATMs, where the locations are found within the Finn application. Features include the ability to (Seymour, 2017):
• Rate purchases – Label them as a want, or need, and can assign emojis to reflect how the purchase made them