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Using technology to power the future of banking

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Using technology to power the future of banking


It required us to roll out video conferencing globally to our employees in a span of a weekend, which is not for the faint of heart. When you think about the 200,000 employees that we have, we were able to roll this out at that pace, which speaks not just to the technical powers we have more broadly in the firm, but to how adaptable we are when these sorts of things occur. That was all because we wanted to make sure that our people could service our customers the best way that we could. Remember, we have people that work in our call centers, and they were impacted, and we have people that work in branches, and they’re impacted, etc.

One of the things that was really clear when the pandemic occurred was how quickly our teams could deploy new software. Many talk about being able to build quickly and being agile. There’s the Paycheck Protection Program, and this was the ability to offer small businesses who were not having as much traffic, etc., loans through the government. We had about a week to put this in place, and we were able to stand up that portal in about a week. We had it fully automated in a matter of two-ish weeks, and we were able to provide more funding than any other lender in both 2020 and 2021, which was just incredible. The fact that we were able to build that because of the technology we’ve invested in over the past years, build that so quickly and scale that to such a large volume for our customers was huge.

But we also were able to make some fundamental changes in mobile. We were able to enhance things which might seem simple. We have a product inside of our mobile application called QuickDeposit, and this is where you’re able to deposit a check. But as many know, sometimes checks are large numbers. Traditionally we asked people to go into branches to help prevent fraud. Because of the technology that we have, we were able to raise limits in a way that ensured that we were able to manage through fraud appropriately and allow customers that would have formerly had to come into a branch or ATM, make the deposits electronically. Those are the kinds of things that we’ve seen change, but the pace that we moved, that’s not just limited to the Chase part of the business, but we saw this across all of J.P. Morgan.

There’s one piece that I think is important on this Laurel. I was in a meeting and here I am a new person in the organization working on the Paycheck Protection Program. I recall there being somebody on Zoom. We were having a conversation and I assumed because I was new and they were in the meeting that they were on my team, and the person said, “Oh no, I’m not on your team, but I know you’re new and you needed assistance. And so here I am to help, and I just figured I’d navigate.” And that has stuck with me about the culture of this organization and how we focus on the customer both externally and internally, to really make sure that we are providing the best service that we possibly can.

Laurel: That certainly requires an agile mindset. So, how is JPMorgan Chase transforming into an agile organization? You’ve laid a couple examples. Clearly you would not have been able to respond to the US government’s Payroll Protection Act that quickly if you hadn’t been already working on a number of these opportunities and abilities to be more agile. So, what lessons have you learned along the way and how have your teams and customers benefited from this shift?

Gill: Oh, yes. An agile transformation is a really hard thing to do. Many people are making agile transformations, so it sounds like it should be easy. You have your scrums, and you have your various ceremonies and retrospectives, and you use a tool to manage your backlog and you’re golden. One of the big challenges that we as a company had faced in JPMorgan, was we were organized more around our software and platforms than around our customer and the experiences back. That made it really frustrating for teams because it meant that you likely needed 10, maybe 12 different organizations to agree on building something. It wasn’t clear who the owner was. The architectures sometimes would be a bit more frail because you were working through multiple teams. If you want to move quickly or you want to innovate, that’s not a model in which you’re able to actually operate. You can force it, but it requires many more meetings. It’s difficult to know who the decision makers are. You can move more slowly and sometimes an application or a solution looks like many teams built it. There’s Conway’s Law, and you may have probably mentioned this before on other podcasts, but Dr. Conway said that your software will reflect how you’re organized. That’s really what we had seen. So, as opposed to us just trying to find a way to navigate around it, we said as an organization, “We’re truly going to become agile, and we’re going to accept Conway’s Law, and we’re going to organize around our products back.”

In the community and consumer bank, we organized around 100 products, so we have a thousand teams that are aligned around these products. A product, for example, is something like account opening. So, I want to open an account on mobile or web. There is one product for this. There is one product leader, one design leader, one data leader, and one technology leader that are accountable for that product. Now we know who can manage the backlog. Now we know who can work through any kind of architectural decisions. Now we understand who is accountable for ensuring that we have innovation and understanding that customer needs. That has allowed us to pivot quickly, because if I need to move, I can work with the account opening team, they can make the decisions, they can manage a backlog, and they’re able to adapt when we have things like the Paycheck Protection Program or other types of efforts that are out there. But it also gives more purpose to the individual teams because they set their destiny, they have more autonomy, and they’re working together between tech and product design and data, so we can build the right solutions that we need. This creates a great experience for people in the organization.

By the way, the whole of JPMC is moving to operate this way. This lets us not just move more quickly, it gives better work life balance for our employees and less frustration, because it’s easier to know where you are. You have that purpose and you accept being part of a particular team. I mentioned we can respond more quickly when there is a challenge, but it’s not just those challenges like PPP or a pandemic that we have to address, Laurel. There are places where our customer’s needs are changing every single day. And by organizing around products this way, we can understand the data from our customers, and we can experiment, and we can adapt in a truly agile fashion for what our customers really need, versus what we think they might need and building something that doesn’t really resonate with them. It allows us to operate in a truly agile fashion, which we were not able to do before and it’s quite incredible being able to make a change like this at such scale.

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The hunter-gatherer groups at the heart of a microbiome gold rush

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The hunter-gatherer groups at the heart of a microbiome gold rush


The first step to finding out is to catalogue what microbes we might have lost. To get as close to ancient microbiomes as possible, microbiologists have begun studying multiple Indigenous groups. Two have received the most attention: the Yanomami of the Amazon rainforest and the Hadza, in northern Tanzania. 

Researchers have made some startling discoveries already. A study by Sonnenburg and his colleagues, published in July, found that the gut microbiomes of the Hadza appear to include bugs that aren’t seen elsewhere—around 20% of the microbe genomes identified had not been recorded in a global catalogue of over 200,000 such genomes. The researchers found 8.4 million protein families in the guts of the 167 Hadza people they studied. Over half of them had not previously been identified in the human gut.

Plenty of other studies published in the last decade or so have helped build a picture of how the diets and lifestyles of hunter-gatherer societies influence the microbiome, and scientists have speculated on what this means for those living in more industrialized societies. But these revelations have come at a price.

A changing way of life

The Hadza people hunt wild animals and forage for fruit and honey. “We still live the ancient way of life, with arrows and old knives,” says Mangola, who works with the Olanakwe Community Fund to support education and economic projects for the Hadza. Hunters seek out food in the bush, which might include baboons, vervet monkeys, guinea fowl, kudu, porcupines, or dik-dik. Gatherers collect fruits, vegetables, and honey.

Mangola, who has met with multiple scientists over the years and participated in many research projects, has witnessed firsthand the impact of such research on his community. Much of it has been positive. But not all researchers act thoughtfully and ethically, he says, and some have exploited or harmed the community.

One enduring problem, says Mangola, is that scientists have tended to come and study the Hadza without properly explaining their research or their results. They arrive from Europe or the US, accompanied by guides, and collect feces, blood, hair, and other biological samples. Often, the people giving up these samples don’t know what they will be used for, says Mangola. Scientists get their results and publish them without returning to share them. “You tell the world [what you’ve discovered]—why can’t you come back to Tanzania to tell the Hadza?” asks Mangola. “It would bring meaning and excitement to the community,” he says.

Some scientists have talked about the Hadza as if they were living fossils, says Alyssa Crittenden, a nutritional anthropologist and biologist at the University of Nevada in Las Vegas, who has been studying and working with the Hadza for the last two decades.

The Hadza have been described as being “locked in time,” she adds, but characterizations like that don’t reflect reality. She has made many trips to Tanzania and seen for herself how life has changed. Tourists flock to the region. Roads have been built. Charities have helped the Hadza secure land rights. Mangola went abroad for his education: he has a law degree and a master’s from the Indigenous Peoples Law and Policy program at the University of Arizona.

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The Download: a microbiome gold rush, and Eric Schmidt’s election misinformation plan

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The Download: a microbiome gold rush, and Eric Schmidt’s election misinformation plan


Over the last couple of decades, scientists have come to realize just how important the microbes that crawl all over us are to our health. But some believe our microbiomes are in crisis—casualties of an increasingly sanitized way of life. Disturbances in the collections of microbes we host have been associated with a whole host of diseases, ranging from arthritis to Alzheimer’s.

Some might not be completely gone, though. Scientists believe many might still be hiding inside the intestines of people who don’t live in the polluted, processed environment that most of the rest of us share. They’ve been studying the feces of people like the Yanomami, an Indigenous group in the Amazon, who appear to still have some of the microbes that other people have lost. 

But there is a major catch: we don’t know whether those in hunter-gatherer societies really do have “healthier” microbiomes—and if they do, whether the benefits could be shared with others. At the same time, members of the communities being studied are concerned about the risk of what’s called biopiracy—taking natural resources from poorer countries for the benefit of wealthier ones. Read the full story.

—Jessica Hamzelou

Eric Schmidt has a 6-point plan for fighting election misinformation

—by Eric Schmidt, formerly the CEO of Google, and current cofounder of philanthropic initiative Schmidt Futures

The coming year will be one of seismic political shifts. Over 4 billion people will head to the polls in countries including the United States, Taiwan, India, and Indonesia, making 2024 the biggest election year in history.

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Navigating a shifting customer-engagement landscape with generative AI

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Navigating a shifting customer-engagement landscape with generative AI


A strategic imperative

Generative AI’s ability to harness customer data in a highly sophisticated manner means enterprises are accelerating plans to invest in and leverage the technology’s capabilities. In a study titled “The Future of Enterprise Data & AI,” Corinium Intelligence and WNS Triange surveyed 100 global C-suite leaders and decision-makers specializing in AI, analytics, and data. Seventy-six percent of the respondents said that their organizations are already using or planning to use generative AI.

According to McKinsey, while generative AI will affect most business functions, “four of them will likely account for 75% of the total annual value it can deliver.” Among these are marketing and sales and customer operations. Yet, despite the technology’s benefits, many leaders are unsure about the right approach to take and mindful of the risks associated with large investments.

Mapping out a generative AI pathway

One of the first challenges organizations need to overcome is senior leadership alignment. “You need the necessary strategy; you need the ability to have the necessary buy-in of people,” says Ayer. “You need to make sure that you’ve got the right use case and business case for each one of them.” In other words, a clearly defined roadmap and precise business objectives are as crucial as understanding whether a process is amenable to the use of generative AI.

The implementation of a generative AI strategy can take time. According to Ayer, business leaders should maintain a realistic perspective on the duration required for formulating a strategy, conduct necessary training across various teams and functions, and identify the areas of value addition. And for any generative AI deployment to work seamlessly, the right data ecosystems must be in place.

Ayer cites WNS Triange’s collaboration with an insurer to create a claims process by leveraging generative AI. Thanks to the new technology, the insurer can immediately assess the severity of a vehicle’s damage from an accident and make a claims recommendation based on the unstructured data provided by the client. “Because this can be immediately assessed by a surveyor and they can reach a recommendation quickly, this instantly improves the insurer’s ability to satisfy their policyholders and reduce the claims processing time,” Ayer explains.

All that, however, would not be possible without data on past claims history, repair costs, transaction data, and other necessary data sets to extract clear value from generative AI analysis. “Be very clear about data sufficiency. Don’t jump into a program where eventually you realize you don’t have the necessary data,” Ayer says.

The benefits of third-party experience

Enterprises are increasingly aware that they must embrace generative AI, but knowing where to begin is another thing. “You start off wanting to make sure you don’t repeat mistakes other people have made,” says Ayer. An external provider can help organizations avoid those mistakes and leverage best practices and frameworks for testing and defining explainability and benchmarks for return on investment (ROI).

Using pre-built solutions by external partners can expedite time to market and increase a generative AI program’s value. These solutions can harness pre-built industry-specific generative AI platforms to accelerate deployment. “Generative AI programs can be extremely complicated,” Ayer points out. “There are a lot of infrastructure requirements, touch points with customers, and internal regulations. Organizations will also have to consider using pre-built solutions to accelerate speed to value. Third-party service providers bring the expertise of having an integrated approach to all these elements.”

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