Chase for Business approaches innovation in phases
JPMorgan Chase will launch invoicing product this month
JPMorgan Chase considers customer needs, competition and time to market when approaching product launches for small-business clients.
“We really try to keep the small-business owner at the center of all of that innovation process at Chase for Business,” Jameson Troutman, head of product for small business at JPMorgan Chase, told Bank Automation News.
The business unit of the $3.7 trillion bank keeps the following in mind when tackling innovation:
- What are customers asking for?
- What are other competitors bringing to the market?
- How quickly can the product be delivered?
The bank does not wait for an entire suite of products to be ready to start rolling out capabilities, Troutman said. It launches products in phases to keep up with market demand while delivering innovative products.
“That’s how we try to approach the process in general, is not wait for everything to be ready, but launch enough that we feel good and then innovate over time,” he said.
The bank asks “Can we get something to market that [clients would] be really excited about, that we think addresses a specific need for our customers?” Troutman said. The bank then launches a product and continues to “innovate and build on top of that launch as a foundation over subsequent quarters to keep bringing new capabilities and new features to those experiences.”
For example, in response to demand, Chase for Business is rolling out Phase One of an invoicing product this month, Troutman said.
According to a recent Chase for Business survey, which goes out to 500 small-business owners monthly, 85% of small-business owners said it’s important to send and receive invoices quickly.
The product allows small-business owners to create, customize and send invoices to customers and to accept various payment methods, he said. However, this is just the first part of the invoicing product.
“We have a bunch of features that we have in the road map that will continue to come out on top of that foundation over the next couple of quarters that will make that product even better and stronger for our customers,” Troutman said.
