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The banking landscape post-COVID-19 pandemic looks different, with some surveys showing upwards of 90% of consumers prefer managing their money in one place, online. The tech-forward banks are some clear winners in this race, particularly following the financial crises over the last two years.

Benzinga chatted with JPMorgan Chase & Co JPM Chief Product Officer Rohan Amin to learn more. Heres a lightly edited version of the conversation that transpired.

Q: Hello, Rohan! It is nice to meet you. Can you share with me your background?

Amin: I worked in the defense and intelligence community near the [Washington] D.C. metro area for over a decade. It was a fantastic experience that had nothing to do with financial services; instead, I was doing government work in information technology, cybersecurity, and electronic warfare.

In 2014, I received a call from JPMorgan Chase. This opportunity also allowed me to be closer to my family, and I took it. Since joining, Ive had three jobs. I was the Chief Information Security Officer responsible for the banks cybersecurity globally. I was the Chief Information Officer. And now, I am the Chief Product Officer accountable for product development, design, data, and analytics, including our AI and machine learning agendas.

Q: What does your day-to-day look like?

Amin: The best way to describe that is to talk about one of my peers, Gill Haus, the chief Information officer. He took the job I had in terms of running our technology.

Today, Gill and I copilot our customer-facing product development organization. Thats 17,000 product developers, engineers, designersand data and analytics people. We refer to them as the quad. They make up the roughly 100 teams that build all the experiences, such as the process by which customers open an account and our credit monitoring tools free to customers and non-customers. My day-to-day is strategy and working with the teams to birth new customer experiences.

Q: How do you balance innovation with security?

Amin: Job number one is the security and privacy of our customers' data. For example, we were the first bank to move away from screen scraping, not allowing third parties to scrape customer data, and to ensure people are using secure APIs and exposing that to the customer.

In other words, customers can turn things on and off regarding where their data gets shared. All our work on fraud and protecting customers against scams ensuring we have a well-run, well-controlled environment is job one.

Job two is to bring new value to customers, taking inspiration from all forms of competitors, including fintechs.

Most of our inspiration comes from our customers, though. We prefer that we have the best offering or one that best addresses customer needs. Sometimes, we are first, and sometimes we are not. That is fine.

An excellent example is our Chase Pay in 4? offerings, launched as our answer to buy now, pay later. Essentially, debit card customers can split purchases between $50and $400into four installments and pay no fees or interest.

Q: What trends have you observed?

Amin: We did our digital banking survey in 2023, and over 90% of survey respondents said they use the mobile app more than once monthly. We see more customers using mobile versus desktop web browsers. So, mobile adoption continues to rise.

Second, installment lending and digital payments continue to increase, and we have been bringing to market our offerings in those spaces as well.

We have 26 million active users of Zelle, and that number is growing.

Lastly, our personalization and credit monitoring tools, which allow customers and non-customers to get their credit scores and personalized plans for improving their scores, are seeing a lot of interest, particularly from the millennial generation.

Q: How are those trends, among other factors, influencing your product roadmap?

Amin: There are several factors that we respond to in real time. For instance, we had the pandemic, during which we had to pivot all of our plans to help small businesses pay their bills, employeesand other things they had to do.

Sometimes, macro situations may drive our roadmap. In other cases, its those trends we just talked about, including installment and point-of-sale lending. When we observe customers who want to use those payment solutions, we'll build in response to that.

We obsess over feedback, listening to calls, or reading input verbatim in our app. All those wants and needs get added to our product backlog. Our managers will synthesize all the feedback and set objectives that we will work into our apps, which are updated every two weeks.

Q: Say you have a customer thats experiencing an issue. How does their feedback flow to you or your teams? How quickly are those issues then resolved?

Amin: We have dashboards that retrieve customer feedback from places like the Apple App Store within minutes. Well mine that data to understand what the issues are.

Weve gotten so good at recognizing and addressing issues that if youre having a problem and you call, our automated interactive voice response (IVR) system will change the menu options to surface the thing you want. So, if we think you're having trouble with a payment, the first thing you'll hear when you call is making a payment.

Q: What excites you most as we head toward year-end and 2024?

Amin: Machine learning and artificial intelligence (AI) are hot topics. Were careful to explore, integrateand use these technologies to enhance our customer-facing products and services and some of our back-office operations. Fundamentally, AI and machine learning help us personalize the content surfacing to you so that your online and physical interactions at our branches, which 60% of customers use, are holistic and pleasant.

Photo: Tim Samuel via Pexels

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Politics

Cabinet minister admits UK-France migrant returns could be ‘frustrated’ by legal challenges

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Cabinet minister admits UK-France migrant returns could be 'frustrated' by legal challenges

A cabinet minister has said attempts to deport asylum seekers could be delayed in the courts, amid confusion over whether there is a human rights “loophole” in the UK’s migration deal with France.

The “one in, one out” agreement will see migrants ineligible to stay in the UK sent back across the Channel. In exchange, the UK will take from France those who have links to Britain.

Politics Live: Chancellor warned ‘substantial tax rises’ needed

The treaty contains a clause that says in order for people to be returned, the UK must confirm they do not have an “outstanding human rights claim”.

Critics have argued this could risk bogus applications being made to frustrate the deportation process and cause delays.

Chris Philp, the Conservative shadow home secretary, said it was an obvious “loophole” in the deal.

However, Culture Secretary Lisa Nandy told Sky News this was “not the case at all”.

“The deal that we’ve struck will allow people with us to send people back to France who have human rights claims. Those claims will be heard in France,” she said.

 Channel crossings have reached a record high. Pic: PA
Image:
Channel crossings have reached a record high. Pic: PA

But despite denying there was a loophole, Ms Nandy admitted deportations could get held up in UK the courts.

She said: “Obviously there are people who will try to frustrate the process through the courts, but we’re speeding up the court process to make sure that those delays will be minimal and we will be able to return people to France so that, if they have an asylum claim, for example, that claim can be heard in France if they’ve travelled through France on the way here on small boats.”

When asked for clarity, the Home Office insisted people can be removed from the UK if they have made a human rights claim which is “clearly unfounded” in UK law.

It is understood that preparations have been made for judicial challenges against these decisions to be heard by UK courts from France, though sources suggested that once France has agreed to accept a return, there is no way back.

The charity Care4Calais said it would consider its options, with a spokesperson telling Sky News: “Care4Calais initiated legal challenges against the last government’s Rwanda policy and their attempts to introduce ‘pushbacks’ in the Channel – and we won.

“We will consider all options open to us to oppose any plans that will put more lives at risk, and involve governments trading humans.”

The government is under pressure for the scheme to work as Channel crossings have risen to a record high under their watch, despite a promise in the Labour manifesto to “smash the gangs”.

Row as crossings continue

A row broke out on Wednesday afternoon after Mr Philp shared footage from Calais showing migrants making the journey from France to England.

The senior Tory claimed this showed the government’s deal “is not deterring anyone”.

Dame Angela Eagle, the border security minister, accused him of being a “hypocrite”, saying thousands of people crossed the Channel while the Tories tried and failed to get their Rwanda scheme going.

She said the deal with France “will take time and it will be hard” but insisted it will ” make an important contribution to the all-out assault we are waging against the business model of the smuggling gangs, which was allowed to flourish and grow for six years while your government was in charge”.

“That is the difference between having a serious and comprehensive plan to fix this crisis, and just standing in a boat pointing at it. I hope you’re getting a nice tan, though,” she said.

The deal with France is one of a number of measures the government has implemented to crack down on small boat crossings.

Read more from Sky News:
Explained: What is the UK-France migrant returns deal?
Row over checks for Gazans who’ve earned places at UK unis

Ministers have refused to say how many people could be sent back across the Channel, claiming that would benefit smuggling gangs.

However, reports have suggested that about 50 a week could be sent to France – a small number compared to the 800 people every week on average who have arrived in the UK via small boats this year.

Bruno Retailleau, France’s interior minister, said the agreement “establishes an experimental mechanism whose goal is clear: to smash the gangs”.

The initial agreement will be in place until June 2026.

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Politics

What is the UK-France migrant returns deal, who will be returned and how many?

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What is the UK-France migrant returns deal, who will be returned and how many?

A new UK-France migrant returns deal has come into force in a bid to reduce the number of migrants crossing the Channel in small boats.

Prime Minister Sir Keir Starmer and French President Emmanuel Macron announced the “one in, one out” agreement on 10 July after months of talks, and it has since been approved by the European Commission.

Here is what we know about the deal so far.

What is the basic agreement?

The UK will be able to send migrants who enter the UK on small boats back to France.

For each one returned, the UK will allow an asylum seeker to enter through a safe and legal route – as long as they have not previously tried to enter illegally.

This is a pilot scheme for now, which will be in place until June 2026. A joint committee has been set up to review it on a monthly basis pending a decision on its long-term future.

When will it begin?

The agreement came into force on 5 August, having been signed by both countries and approved by the European Commission.

Home Secretary Yvette Cooper told Sky News anyone arriving in the UK by small boat after this date can be detained “immediately upon arrival”.

The process of then transferring them to France will take up to three months, according to the treaty.

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Cooper insists no panic over migration

Who will be returned?

The scheme applies to adults or accompanied minors who have arrived by small boat via France.

There have been no details released on how the government will select who is returned out of this cohort – as it will only apply to a small fraction of arrivals – but the treaty notes some cases in which migrants will be ineligible for deportation.

This includes if someone has an outstanding human rights claim, outstanding suspensive judicial remedies or an injunction or court order that prevents their transfer.

Culture Secretary Lisa Nandy has rejected accusations from the Tories that these are “easy loopholes” for lawyers to exploit, telling Sky News: “That’s not the case at all. The deal that we’ve struck will allow us to send people back to France who have human rights claims. Those claims will be heard in France.”

Read more:
What difference will ‘one in, one out’ small boats deal make?

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Yvette Cooper: ‘No fixed numbers yet’

How many will be returned?

No numbers have been mentioned as part of the scheme, but there are reports around 50 people a week will ultimately be returned to France.

Since the start of March, an average of more than 1,000 people have arrived in small boats every week. Sending 50 of them back would represent less than 5% of that total.

Home Secretary Ms Cooper has admitted the scheme will start small as it is just a pilot at this stage, but says the hope is that it can be expanded.

She has declined to give a figure, saying people smuggling gangs would then operate their networks around that information.

Is the deal set in stone?

The treaty will remain in force until June 2026. Both countries will continually review the scheme over the next year, pending a decision on the long-term future of the arrangements.

Bruno Retailleau, France’s interior minister, said the agreement “establishes an experimental mechanism whose goal is clear: to smash the gangs”, adding that it marked the “first stage” of efforts by the whole of the European Union sparked by the UK-EU summit in London in May.

Who will be accepted into the UK?

As part of the deal, the UK has agreed to provide a voluntary application route for entry from France. Those wanting to come will have to submit an Expression of Interest application to the Home Office.

They will need to establish their identity and nationality and will be subject to strict security and eligibility checks before a decision is made.

How much is it costing?

The UK will pay the full cost of transporting migrants in both directions under the terms of the treaty. The government has not put a figure on how much this could cost.

This is on top of the hundreds of millions the UK has given to France to police the Calais coast.

What have the French said?

Bruno Retailleau, France’s interior minister, said the agreement “establishes an experimental mechanism whose goal is clear: to smash the gangs”.

He added that it marked the “first stage” of efforts by the whole of the European Union sparked by the UK-EU summit in London in May.

What else is being done?

Mr Macron has repeatedly said the UK needs to address “pull factors”, such as illegal working.

The Home Office has said authorities will soon undertake “a major nationwide blitz targeting illegal working hotspots, focusing on the gig economy and migrants working as delivery riders”.

Uber Eats, Deliveroo and Just Eat have already committed to ramp up facial verification and fraud checks in the coming months after ministers called in bosses for talks.

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Officers in crackdown on suspected illegal delivery drivers

The government has also introduced eVisas for people in the UK on a visa to make it easy to identify those who are in the UK legally.

For the first time, France has also agreed to allow police officers to enter the water from the beaches in northern France to try to stop the boats from leaving.

Over the past two weeks, they have been filmed slashing the rigid inflatable boats (RIBs) the people smugglers load up with migrants.

The British government, which is helping to fund the French police’s efforts, is pushing France to go further and let officers intervene against boats in deeper waters.

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Technology

Super Micro stock sinks 20% after earnings, outlook disappoint

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Super Micro stock sinks 20% after earnings, outlook disappoint

Super Micro missed Q4 estimates

Super Micro Computer shares plunged 20% on Wednesday after the company posted weaker-than-expected fiscal fourth quarter results, dented in part by President Donald Trump’s tariffs.

CEO Charles Liang told investors on a conference call that the company has “taken measures to reduce the impact” of the tariffs.

The company has in recent years benefited from surging demand for AI servers packed with Nvidia chips, but has growth has since slowed.

The server maker also offered guidance late Tuesday that fell short of consensus estimates. Super Micro said it expects 40 cents to 52 cents in adjusted earnings per share on $6 billion to $7 billion in revenue for the fiscal first quarter.

Wall Street had projected 59 cents per share and $6.6 billion in revenue for the first quarter.

Read more CNBC tech news

For the full year, Super Micro said it expects revenue to be at least $33 billion. That’s a step down from its forecast in February, where it projected as much as $40 billion in sales, but greater than the LSEG consensus of $29.94 billion.

Super Micro reported fourth-quarter adjusted earnings per share of 41 cents, compared with expectations for 44 cents. Revenue came in at $5.76 billion, which was below analysts’ forecasts of $5.89 billion.

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YTD stock chart for Super Micro Computer.

CNBC’s Jordan Novet contributed reporting to this story.

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