Innovation: Delivering Real Value in New Ways

J.P. Morgan, through its partnership with TMI’s Innovation Lab, is demonstrating that it both understands the importance of embracing innovation in the treasury space and of maximising its real value. Tammy Petro, the bank’s Global Lead for Wholesale Payments Innovation and Fintech Engagement, talks to TMI about the real technology experience.

Innovation, by its very nature, is an ever-changing beast. Trying to define it, or freeze it in a moment, is challenging, even for an expert such as Petro. As one who has spent her career to date trying to answer the question ‘what is innovation?’, she rather sensibly opts for simplicity. It is, she declares, “delivering value in new ways”.

However, what’s left unsaid by this, she feels, is perhaps the most important part. The mandate within J.P. Morgan to be ‘innovative’ always begins with a simple question: ‘what customer problem are we solving?’ The answer necessarily forms the foundation of success for the bank as a business, helping refine its focus and clarify its priorities for clients. “As a payments leader,” she says, “J.P. Morgan is committed to using expertise and scale to bring the best available technology to help transform the experience for our clients and their customers.”

With the fall in price of certain technologies, the viability of applying new solutions to long-standing challenges is unquestionable. With consumer expectations of technology feeding business model evolution, often with subtle shifts leading to “seismic impacts” on treasury, this degree of accessibility is welcome. Think, urges Petro, how reconciliation processes have been forcibly reshaped within omni-channel environments, and it soon becomes clear how treasurers are increasingly expected to solve problems in new ways.

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