The banking industry is under pressure in today’s business climate. Banks have been through big changes. There is opportunity, but there is also increasing competition. To be the preferred bank means changing “good enough” into a unique value proposition. And that means changing the way people have always done things, change on this level requires cutting edge technology. Change cannot be achieved with a simple directive or surface adjustment especially within the banking industry. It requires an innovative rethink of the entire system, in a strong partnership between bank leaders and their change agents. New systems and policies must support the strategy to be successful. The real test of a good strategy implementation plan is whether the people understand the strategy, are motivated and enabled to implement it, and actually start achieving its goals.
JPMorgan Chase is one of the largest and best known banks in the banking industry. JP Morgan Chase is a global financial service firm with operations in over 50 countries. With a CEO who is known as one of the banking industries top leaders it is obvious why they are in the top 10 of the fortune 500. Although JP Morgan Chase bank is one of the leaders in the industry I believe they are a long way away from being the most innovative bank around. Banks can be one of the most targeted locations for robberies which is why I find it important for them to protect their customers and themselves. Utilizing computerized bankers would be a good start to safety within their branches. Money should not be kept on the floor of any bank to avoid unnecessary situations.
For Chase bank the mission and vision should always be clear to their customers. "At JPMorgan Chase, we want to be the best financial services company in the world. Because of our great heritage and excellent platform, we believe this is within our reach." The opportunity that Chase bank has to make their bank the most advanced in technology is significant. Considering the approach of a disruptive innovation, Chase Bank would be able to replace the traditional approach to banking which would be a huge advantage over their competitors.“Some firms have the opportunity to shake up their industry by introducing a disruptive innovation—an innovation that conflicts with, and threatens to replace, traditional approaches to competing within an industry.” (Page 186) Values at JPMorgan Chase are another important aspect of this banks everyday operations. “Our values are reflected in the way that we conduct our business and in the first class results that we consistently achieve for our clients.” (JPMorgan) Delivering first class results is difficult to do, but is often achieved at JPMorgan Chase Banks. Being that Chase bank would be the first of many banks to utilize this new approach to banking would allow them to have a upper hand in the banking industry.
An innovation to make the JP Morgan Chase Bank a safer banking...