JPMorgan Is No Match for Google in One Analyst's Fintech Ranking
- Big banks are ‘soberingly behind,’ researcher writes in report
- It places Google, Facebook, Amazon far ahead in key areas
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No banking titan is better prepared than JPMorgan Chase & Co. to roll out new financial technologies -- but even its innovation pales alongside Silicon Valley’s, according to a report by Autonomous Research.
Big financial firms including Bank of America Corp., Barclays Plc, Wells Fargo & Co. and UBS Group AG are “soberingly behind actual tech companies” in showing they’re embracing advances that power fintech, the study found. Alphabet Inc.’s Google, Facebook Inc. and Amazon.com Inc. are all leagues ahead, at least under the methodology used for the ranking, which graded companies in areas including artificial intelligence, chatbots and blockchain.