The bank did not disclose the amount of the deal with InvestCloud, a software provider that makes online transactions easier for customers with banking and investment accounts. This partnership is also part of the bank’s commitment to spend USD 300 million over the next three years on digital improvements in asset management.
Starting with 2017, InvestCloud will enable JP Morgan to customize website dashboards and mobile apps for clients ranging from individuals with investments of USD 1,000 to managers of family investment offices with USD 1 billion or more. The bank plans to refine its platform and its tools to become more customer friendly for people who make their own trading decisions, people who only check managed accounts, and people who manage part and hire out the rest.
InvestCloud started selling products in 2012. It has 660 institutions using its tools in support of USD 1.5 trillion of assets, according to the announcement.
Since December 2015, JPMorgan has struck deals with financial technology companies including Virtu Financial, which handles electronic trading in US Treasuries, OnDeck, which provides systems to speed small business lending, and TrueCar, which provides online car shopping services.
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