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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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Donald Trump sending ‘top of the line’ weapons to support NATO in Ukraine war

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Donald Trump sending 'top of the line' weapons to support NATO in Ukraine war

Donald Trump has agreed to send “top of the line weapons” to NATO to support Ukraine – and threatened Russia with “severe” tariffs if it doesn’t agree to end the war.

Speaking with NATO secretary-general Mark Rutte during a meeting at the White House, the US president said: “We’ve made a deal today where we are going to be sending them weapons, and they’re going to be paying for them.

“This is billions of dollars worth of military equipment which is going to be purchased from the United States, going to NATO, and that’s going to be quickly distributed to the battlefield.”

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Donald Trump and NATO secretary general Mark Rutte in the White House. Pic: Reuters
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Pic: Reuters

It comes as Ukrainian president Volodymyr Zelenskyy said he had a “very good conversation” with Mr Trump late on Monday. He thanked him for the “willingness to support Ukraine and to continue working together to stop the killings”.

Weapons being sent from to Ukraine include surface-to-air Patriot missile systems and batteries, which the country has asked for to defend itself from Russian air strikes.

Mr Trump also said he was “very unhappy” with Russia, and threatened “severe tariffs” of “about 100%” if there isn’t a deal to end the war in Ukraine within 50 days.

The White House added that the US would put “secondary sanctions” on countries that buy oil from Russia if an agreement was not reached.

Analysis: Will Trump’s shift in tone make a difference?

As ever, there is confusion and key questions are left unanswered, but Donald Trump’s announcement on Ukraine and Russia today remains hugely significant.

His shift in tone and policy on Ukraine is stark. And his shift in tone (and perhaps policy) on Russia is huge.

Read Mark’s analysis here.

Mr Zelenskyy previously criticised Vladimir Putin’s “desire to drag [the war] out”, and said Kyiv was “working on major defence agreements with America”.

It comes after weeks of frustration from Mr Trump over Mr Putin’s refusal to agree to an end to the conflict, with the Russian leader telling the US president he would “not back down” from Moscow’s goals in Ukraine at the start of the month.

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Trump threatens Russia with ‘severe’ tariffs’

During the briefing on Monday, Mr Trump said he had held calls with Mr Putin where he would think “that was a nice phone call”, but then “missiles are launched into Kyiv or some other city, and that happens three or four times”.

“I don’t want to say he’s an assassin, but he’s a tough guy,” he added.

Earlier this year, Mr Trump told Mr Zelenskyy “you’re gambling with World War Three” in a fiery White House meeting, and suggested Ukraine started the war against Russia as he sought to negotiate an end to the conflict.

After Mr Trump’s briefing, Russian senator Konstantin Kosachev said on Telegram: “If this is all that Trump had in mind to say about Ukraine today, then all the steam has gone out.”

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Meanwhile, Mr Zelenskyy met with US special envoy Keith Kellogg in Kyiv, where they “discussed the path to peace” by “strengthening Ukraine’s air defence, joint production, and procurement of defence weapons in collaboration with Europe”.

He thanked both the envoy for the visit and Mr Trump “for the important signals of support and the positive decisions for both our countries”.

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How one man with a hacksaw and an e-bike became a Texas flood ‘hero’

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How one man with a hacksaw and an e-bike became a Texas flood 'hero'

Locals call him the “Bicycle hero,” but Texas man Evan Wayne says he’s just doing what he can to help his community after it was cut off due to the recent devastating and deadly flooding tragedy.

When the local Sandy Creek flooded following torrential rains in Texas, it destroyed the only bridge into one community. Residents were cut off from access to supplies, including everything from necessities like food, water, and medicine to basic comforts.

Although the bridge was impassable to cars, volunteers who quickly organized to help the stranded residents found that the damaged bridge could still be traversed on foot. Or in the case of Evan Wayne, it could be covered by an electric bike.

Evan joined hundreds of volunteers who answered the call of grassroots organizers by working together without any official capacity. While many started by hand-pulling garden carts of supplies uphill to reach the stricken community, Evan jury-rigged a trailer to an e-bike and took on as much of the load as he could, helping shuttle much-needed food and gear into the community over hundreds of round-trip journeys.

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“This was a dog trailer 48 hours ago. I had a hacksaw, hacked the top off, grabbed some bungee cords, and here we are,” explained Evan in an interview with CBS Austin, while waiting for the next load of gear to be stacked on his trailer.

In the first two days of the operation, he made around 100 round trips each day, shuttling food and water as well as critical rescue supplies. “Right now, I’m waiting on a couple of chainsaws that I’ll bring in for a crew that’s been going at it with handsaws so far.”

In addition to delivering needed supplies, Evan has often found himself moving something even more important: information. “I’ve flagged down medics. I’ve been the guy that goes between Austin EMT and STAR Flight because I’m quicker than cell phones sometimes, people don’t have signal a lot of the time.”

Evan quickly points out that he isn’t the only one helping. “I’ve got an e-bike, but other people are pulling carts. People are walking, people are carrying things. Everyone is doing what they can.” But there’s no doubt that his ability to carry more gear at higher speeds and make hundreds of round-trip journeys so far in and out of the stricken neighborhood has helped impact countless lives.

“This is all volunteers here. They’re just taking it upon themselves to get people where they need to go. I think there’s an umbrella company coming in, taking over tomorrow, but until they get here, people are just taking care of people, which is what you’ve got to do.”

E-bikes proving their worth in emergencies

While many people consider electric bicycles just another form of recreation, they’ve proven to be potent transportation alternatives after natural disasters worldwide.

Not only do their small and efficient batteries make performing hundreds of rescue trips like Evans’ possible, but recharging can be done simply and easily with a solar panel when electricity is out after a disaster. And when gas stations are out of fuel (or simply can’t pump it with the power grid down), e-bikes can keep running while gasoline-powered motorcycles or ATVs run dry.

Electric bicycle batteries have also proven to be a handy source of emergency power after hurricanes and other disasters, often helping owners keep their phones charged up for days to remain in contact with family or rescue services.

While most hope to never need theirs for emergency purposes, electric bicycles have proven their worth in countless disaster scenarios, adding benefits far beyond just alternative transportation, recreation, or fitness riding.

E-bikes can be kept running nearly indefinitely after natural disasters with access to solar recharging equipment

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New electric car grants of up to £3,750 aims to drive sales

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New electric car grants of up to £3,750 aims to drive sales

The taxpayer is to help drive the switch to non-polluting vehicles through a new grant of up to £3,750, but some of the cheapest electric cars are to be excluded.

The Department for Transport (DfT) said a £650m fund was being made available for the Electric Car Grant, which is due to get into gear from Wednesday.

Users of the scheme – the first of its kind since the last Conservative government scrapped grants for new electric vehicles three years ago – will be able to secure discounts based on the “sustainability” of the car.

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It will apply only to vehicles with a list price of £37,000 or below – with only the greenest models eligible for the highest grant.

Buyers of so-called ‘Band two’ vehicles can receive up to £1,500.

The qualification criteria includes a recognition of a vehicle’s carbon footprint from manufacture to showroom so UK-produced EVs, costing less than £37,000, would be expected to qualify for the top grant.

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It is understood that Chinese-produced EVs – often the cheapest in the market – would not.

BYD electric vehicles before being loaded onto a ship in Lianyungang, China. Pic: Reuters
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BYD electric vehicles before being loaded onto a ship in Lianyungang, China. Pic: Reuters

DfT said 33 new electric car models were currently available for less than £30,000.

The government has been encouraged to act as sales of new electric vehicles are struggling to keep pace with what is needed to meet emissions targets.

Challenges include the high prices for electric cars when compared to conventionally powered models.

At the same time, consumer and business budgets have been squeezed since the 2022 cost of living crisis – and households and businesses are continuing to feel the pinch to this day.

Another key concern is the state of the public charging network.

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The Chinese electric car rivalling Tesla

Transport Secretary Heidi Alexander said: “This EV grant will not only allow people to keep more of their hard-earned money – it’ll help our automotive sector seize one of the biggest opportunities of the 21st century.

“And with over 82,000 public charge points now available across the UK, we’ve built the infrastructure families need to make the switch with confidence.”

The Government has pledged to ban the sale of new fully petrol or diesel cars and vans from 2030 but has allowed non-plug in hybrid sales to continue until 2025.

It is hoped the grants will enable the industry to meet and even exceed the current zero emission vehicle mandate.

Under the rules, at least 28% of new cars sold by each manufacturer in the UK this year must be zero emission.

The figure stood at 21.6% during the first half of the year.

The car industry has long complained that it has had to foot a multi-billion pound bill to woo buyers for electric cars through “unsustainable” discounting.

Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders, said the grants sent a “clear signal to consumers that now is the time to switch”.

He went on: “Rapid deployment and availability of this grant over the next few years will help provide the momentum that is essential to take the EV market from just one in four today, to four in five by the end of the decade.”

But the Conservatives questioned whether taxpayers should be footing the bill.

Shadow transport secretary Gareth Bacon said: “Last week, the Office for Budget Responsibility made clear the transition to EVs comes at a cost, and this scheme only adds to it.

“Make no mistake: more tax rises are coming in the autumn.”

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