JPMorgan Chase & Co. JPM is adopting a product-operating model to compete with smaller, more agile financial services providers.
Gill Haus, Chase's Chief Information Officer of Consumer and Community Banking (CCB), discussed this transition and post-pandemic trends with Benzinga. Heres an edited version of the conversation that transpired.BZ: What motivates you?
Haus: We impact the lives of millions of Americans who may own a home, are buying their first car, using a credit card, depositing money, and traveling the world. It's rewarding to bring solutions to the market that our customers use. Using those exact solutions my team is building is even more rewarding. That joy and energy led me to pursue technology in the first place.Being passionate about technology, to me, is cool.
I chuckle when people say, "You do all these cool things like wearing jeans and Chuck Taylor, playing video games, and coding. How did you get so cool?" I have to remind them that this wasn't the definition of cool at least when I was in high school. Bringing together disparate ideas and creating technological solutions to complex problems is truly exciting.How has working in a large financial services firm, as well as startups, shaped your approach?
In larger companies, you gain a deep understanding of the industry and why aligning with business goals and outcomes is essential. It's not solely about the technology; it's about integrating complex systems that may be beyond the reach of smaller organizations due to their scale and history. In contrast, you learn to be resourceful and budget-conscious at startups. At JPMorgan Chase, I believe you can have the best of both worlds being a large organization while seamlessly integrating modern technologies, from leveraging the public cloud to harnessing the potential of AI, all while being mindful of budget constraints.What changes were made in the organization, and how do these changes contribute to innovation?
We've undergone a significant transformation, reshaping our organizational structure around products. We often refer to this as our "product architecture," which may also be known as our "product operating model." In this model, each of our products takes center stage, with dedicated ownership from a product leader, a design leader, a tech leader, and a data leader. Each product has a unique roadmap. Our leaders enjoy autonomy over their budgets, fostering swift decision-making and efficient cross-team communication.How do you better align messaging within the organization?
Whenever possible, we aim to co-locate our teams. This leads to better alignment in messaging, a deeper understanding of the customer's environment, and a heightened awareness of trends.Does your operational model mirror a startup?
Yes. Additionally, we'll work with or acquire startups to stay at the forefront of our industry.What is a key strategy your team employs to ensure high-quality software development?
To overcome common challenges, we must rethink applications and "shift left" in our development. This approach enables faster and higher-quality software delivery and encourages experimentation.What are some key focus areas in your strategy?
We're implementing automation testing to empower our teams to quicken deliveries, experimentation, and rollback.Having real-time, high-quality data allows us to craft highly personalized customer experiences. We possess valuable insights about our customers due to their various interactions with us, including home loans, auto loans, credit cards, and direct deposits. We are also a significant player in the travel industry here in the U.S. By leveraging this data, we can offer tailored experiences. Whether a customer visits a branch, calls us, or uses our mobile app or web application, they should encounter the same level of service. Achieving this consistency hinges on having unified omnichannel data.What does "quad" mean?
Ensuring customer retention is paramount, and this is where our product architecture, or what we refer to as the "quad" (representing product, design, data, and tech), comes into play. Consider our account opening product. We have a single team dedicated to delivering a seamless account opening experience. They continually focus on metrics, customer needs, security, and reducing friction so customers can sign up for an account within minutes.How does your organization approach adaptability in the face of evolving customer needs?
Scaling for myself and my colleagues would be impossible if we had to make every decision as things came our way. This is one of the reasons we operate in an agile, product-centric fashion. Depending on the size and scale, decisions will always need to be elevated. In many cases, our experts and professionals who lead the individual products are empowered to make decisions because they remain closely connected to the market and can better observe ongoing changes. We are more agile because our leaders can adjust their roadmaps and strategies every few weeks, ensuring they stay up-to-date and ahead of evolving needs. Another challenge we face, which is why I mentioned data and our efforts to automate and improve our testing processes, is the need to experiment and move swiftly to determine what works. Experimentation is a key focus, and we aim to increase it, helping us gain insights into what is and isn't working quickly.What excites you about 2024?
What truly excites me is witnessing the tangible benefits of our product-driven approach. We see our teams functioning with a product-centric mindset, and it's invigorating to observe the talent we're bringing in operating autonomously without us imposing strict directives. You can sense the momentum building as we launch new products. For instance, we recently introduced "Pay In 4. This feature lets you purchase using your debit card and later pay in installments. This is just the tip of the iceberg regarding what we can rapidly roll out due to our operational model. What gets me enthusiastic is the anticipation of a wealth of personalized new features. Our application continues to modernize, maintaining its position as one of the fastest apps on the market. In my opinion, its one of the most aesthetically pleasing. We operate in a way that assures me we'll deliver incredible innovations in 2024.
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It started with a strong espresso in a simple cafe on a side street in north London.
Several Algerian men were inside, a few others were outside on the pavement, smoking.
I’d been told the wanted prisoner might be in Finsbury Park, so I ordered a coffee and asked if they’d seen him.
Image: Spotting a man resembling the suspect, Tom and camera operator Josh Masters gave chase
They were happy to tell me that some of them knew Brahim Kaddour-Cherif – the 24-year-old offender who was on the run.
One of the customers revealed to me that he’d actually seen him the night before.
“He wants to hand himself to police,” the friend said candidly.
This was the beginning of the end of a high-profile manhunt.
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The Algerian convicted sex offender had been at large since 29 October, after he was mistakenly released from HMP Wandsworth in south London.
Within an hour of meeting the friend in the cafe, he had followed myself and camera operator Josh Masters to a nearby street.
Image: Kaddour-Cherif was accidentally freed five days after the wrongful release of convicted sex offender Hadush Kebatu (pictured). They were both arrested separately in Finsbury Park. Pic: Crown Prosecution Service/PA
We weren’t yet filming – he didn’t want any attention or fuss surrounding him.
“Follow me, he’s in the park,” the man told me.
“Follow – but not too close.”
We did.
I was in the same park a few weeks ago after fugitive Hadush Kebatu, the Ethiopian sex offender – also wrongly released from prison – was arrested in Finsbury Park.
It was odd to be back in the same spot in such similar circumstances.
As he led us through the park past joggers, young families and people playing tennis, the man headed for the gates near Finsbury Park station.
All of a sudden, two police officers ran past us.
The Met had received a tip-off from a member of the public.
It was frantic. Undercover officers, uniformed cops, screeching tyres and blaring sirens. We were in the middle of the manhunt.
As they scoured the streets at speed, we walked by some of the Algerian men I’d seen in the cafe.
Image: Kaddour-Cherif walked up to a nearby police van as Tom continued to question him
One man near the group was wearing green tracksuit bottoms, a beanie hat and had glasses on.
“It’s him, it’s him,” one of the other men said to me, gesturing towards him.
The man in the beanie then quickly turned on his heel and walked off.
“It’s him, it’s him,” another guy agreed.
The suspect was walking off while the police were still searching the nearby streets.
Josh and I caught up with him and I asked directly: “Are you Brahim?”
You may have watched the exchange in the Sky News video – he was in denial, evasive and pretended the suspect had pedalled off on a Lime bike.
I can only guess he knew the game was up, but for whatever reason, he was keeping up the lie.
Image: Police moved in to handcuff him and used their phones to check an image of the wanted man from one of Sky News’ online platforms
Image: Once his identity was confirmed, Kaddour-Cherif was put into the back of the police van
Moments later, one of the bystanders told me “it is him” – with added urgency.
Only the prisoner knows why he then walked up to the nearby police van – officers quickly moved to handcuff him and tell him why he was being arrested.
Over the next 10 minutes, he became agitated. His story changed as I repeatedly asked if he had been the man inside HMP Wandsworth.
Officers needed confirmation too – one quickly pulled out a smartphone and checked an image of the wanted man from one of Sky News’ online platforms.
Nadjib had been on the lookout for the convicted sex offender, who had been spending time in different parts of north London since his release from HMP Wandsworth.
He even had a folded-up newspaper clipping in his pocket so that he could check the picture himself.
He told Sky News he was “very happy when he got arrested”.
“I don’t like the sex offenders,” he said.
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“I know him from the community. He has been around here every night since he was released from prison.”
Image: Nadjib (L) told Sky’s Tom Parmenter he had been looking out for the offender
Not only did he tip the police off about the prisoner’s whereabouts, but he also witnessed the other high-profile manhunt that ended in the same park last month.
Ethiopian asylum seeker Hadush Kebatu was also arrested in Finsbury Park after a 48-hour manhunt in the capital. He was then deported to Ethiopia.
Image: Brahim Kaddour-Cherif
“When he [Kebatu] got arrested in the park I was there,” Nadjib said.
I asked him why both men ended up in the same park in north London.
“Because the community, he came here for the community of Algerians,” he said.
Several Algerian people that I spoke to on Friday told me how shameful they thought it was that this sex offender was still on the run.
An NHS trust and a ward manager will be sentenced next week for health and safety failings – more than a decade after a young woman died in a secure mental health hospital.
Warning: This article contains references to suicide.
The decisions were reached after the joint-longest jury deliberation in English legal history.
Alice was 22 years old when she took her own life at London’s Goodmayes Hospital in July 2015.
Her parents sat through seven months of difficult and graphic evidence – and told Sky News the experience retraumatised them.
Image: Mother Jane Figueiredo
Jane Figueiredo said: “It’s very distressing, because you know that she’s been failed at every point all the way along, and you’re also reliving the suffering that she went through.
“It’s adding trauma on top of the wound that you’ve already got, the worst wound you can imagine, of losing your child.”
Image: Step-father Max Figueiredo
Alice’s stepfather Max said he remains “appalled” that she died in a place they thought would care for her.
“The fact we have these repeated deaths of very young people in secure mental health units shocks me to the core. How can society look at that event and portray it as something that happens as a matter of course?”
Ms Figueiredo said Alice had predicted her own death.
“She said to us – out of fear really: ‘The only way I’m going to leave this ward is in a body bag.’
Image: Alice had predicted her own death, her mother says
In a statement, the North East London NHS Foundation Trust said: “We are deeply sorry for Alice’s death, and we extend our heartfelt condolences to her family and loved ones.
“We have taken significant steps to continually improve the physical and social environment, deliberately designed to support recovery, safety, wellbeing, and assist our workforce in delivering compassionate care.”
For Alice’s family, the convictions have brought some justice, but they will never have complete closure.
“As a mum your bereavement doesn’t ever end, it changes over years as you go on, but it’s unending. The thought I won’t even hear her voice is unbearable and I still miss it. I still miss her voice,” Ms Figueiredo said.
Anyone feeling emotionally distressed or suicidal can call Samaritans for help on 116 123 or email jo@samaritans.org in the UK. In the US, call the Samaritans branch in your area or 1 (800) 273-TALK.