JP Morgan Chase 2015 Annual Report Download - page 34

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than 7,500 company-operated Starbucks loca-
tions in the United States and to reload a Star-
bucks Card within the Starbucks mobile app
and on starbucks.com. Finally, to make Chase
Pay even more attractive, we are building …
real-time person-to-person (P2P) payments.
Real-time P2P payments. In conjunction with
six partner banks, Chase is launching a P2P
solution with real-time funds availability. The
new P2P solution will securely make real-time
funds available through a single consumer-
facing brand. Chase and the partner banks
represent 60% of all U.S. consumers with
mobile banking apps. We intend to keep P2P
free for consumers, and the network consor-
tium is open for all banks to join.
We are absolutely convinced that the trifecta
– Chase Paymentech, ChaseNet and Chase
Pay – will be dramatically better, cheaper and
safer for our customers and our merchants.
We also are convinced that the investments
we are making in Chase Paymentech and
ChaseNet will pay o handsomely. The
investment in Chase Pay is not as certain. But
we think that the investment will be worth
it and that it will help drive more merchants
wanting to do business with us and more
customers wanting to open checking
accounts with us and use our credit cards.
I also want to mention one more payment
capability, this one for our corporate clients:
Corporate QuickPay. Leveraging tremendous
investment in our retail payment capa-
bilities, our wholesale businesses launched
Corporate QuickPay in 2015. This mobile and
web-based solution provides our clients with
a low-cost alternative to expensive paper
checks, reducing their expenses by almost
two-thirds. In addition, the platform dramati-
cally improves security, increases payment-
processing speed, eases reporting and signifi-
cantly enhances the customer experience.
I hope you can see why we are so excited.
You always seem to be segmenting your businesses — how and why are you doing this?
We will always be segmenting our busi-
nesses to become more knowledgeable about
and closer to the client. This segmentation
allows us to tailor our products and services
to better serve their needs. Below are some
examples of how and why we do this.
In Consumer Banking, we have the benefit of
really knowing our customers. We know
about their financial stability, interests,
where they live and their families. That data
can be a tremendous force in serving them.
By understanding customers well beyond a
demographic profile, we can better antici-
pate what they need. Historically, we used
demographics and behavior to segment our
customers, but we increasingly take attitudes,
values and aspirations into consideration
to oer each customer more relevant and
personalized products, services and rewards.
As one important example, we hope to roll
out an “Always On Oers” section for our
customers on chase.com, where they can
access all the products they qualify for at
any given time.
In Commercial Banking, we continue to develop
and enhance our Specialized Industries
coverage, which now serves a total of 15
distinct industries and approximately 9,000
clients across the United States, with eight
industries launched in the last five years.
Below are a few service examples taken from
these new industries:
• Agricultural industry group. Not only do we
have specialized underwriting for clients
within this group, but we also can help
our clients navigate commodity price
cycles and seasonality, as well as provide
industry-specific credit and risk manage-
ment tools, such as interest rate and
commodity hedging.
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