JP Morgan Chase 2010 Annual Report Download - page 20

18
Innovating for Our Customers
Financial services have been highly innovative
over the past 20 years.
On the consumer side, we have seen ATMs
and debit cards lead the way to online bill
paying and other Internet-enabled technolo-
gies. We also are particularly proud of our
most recent consumer innovations, including:
• Ournewcreditcardproductsinclude
Chase BlueprintSM, a flexible payment tool
that allows our card customers to better
manage expenses on their own terms;
InkSM from Chase for business card users;
and Chase SapphireSM and Palladium for
the auent market.
• OurChase QuickDepositSM iPhone banking
application allows customers to deposit
checks simply by taking a picture from
their iPhones. This app was the winner of
nine Best of 2010 smartphone awards. In
2010, 336,000 customers made deposits
via QuickDeposit, and 46,000 business
customers made deposits with our Classic
QuickDeposit scanner. We also recently
have added the QuickDeposit app to
Android phones.
• OurInternetbillpaymentsystemallows
customers to make payments in a variety
of ways, including Quick Pay for electronic
person-to-person payments and traditional
online bill payments. In 2010, 16.3 million
customers made 445 million payments
using chase.com.
• ForPrivateBankingandhigh-net-worth
clients, we launched an iPad application
that lets customers see, in one place, their
credit card, checking and investment
accounts. Soon these clients will be able
to buy and sell securities online through
this application.
In wholesale banking, innovation has been
equally apparent over time:
• Treasurerscanaccumulateglobalcashand
move it with the flick of a finger to where it
can be most productive.
• LastNovember,welaunchedtheJ.P.Morgan
Research iPad app, which gives clients
reports and analysis from more than 1,000
analysts on economic indicators, markets,
companies and asset classes around the
world. Unlike other research apps of its
kind, users will be able to access content
oine and receive instant alerts when new
content they pre-select becomes available.
• Corporationsnowhavetheabilitytoraise
money quickly and often simultaneously in
markets around the world.
• Corporationshavetheabilitytohedge,
quickly and cost-eectively, large expo-
sures like interest rates, foreign exchange,
commodity prices, credit exposures, etc.
• Stocksnowcanbeboughtandsoldvirtu-
ally instantaneously on markets around the
world, at a cost of pennies or less a share.
Acknowledging and Fixing Mistakes
Unfortunately, we make mistakes. They
range from innocuous errors to some egre-
gious ones. They range from paperwork
errors to systems failures to rude service.
Sometimes we make loans we shouldn’t
make, and sometimes we don’t make loans
that we should. Some of these are individual
mistakes, and some are more systemic.
There always are reasons for these mistakes.
Sometimes they are readily understand-
able. Other times, they leave you shaking
your head. But we never should make these
mistakes deliberately or with venal intent.
Some mistakes are made out of a simple
misjudgment. And, unfortunately, and very
infrequently – sometimes someone in our
company knowingly does something wrong.
Of course, such activity would never, ever be
condoned or permitted by senior manage-
ment. And when it does happen, we take
immediate and firm action.
We know that when we make mistakes, we
should hold ourselves accountable, and we
should rectify them.