YouSaid · the spoken record

Jamie Dimon

lines on the record: 68
first: 2016-05-23
most recent: 2016-05-23
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“But if you gave your bank passcode away to a company and that company itself did something wrong, that's their problem. And so that clients should understand when they give the bank passcode, they're increasing their risk, and then what he doesn't mention there, which is really important, he said, we want our clients to use the services they want.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“I said that some people have been taking data for many, many years after you gave them permission to stop using the product. I said that I don't think the clients understand what data is being taken or how it's being used. And these things are just accurate, we know for a fact. The third one says that a lot of the data is being resold, which was not the original intent or may not have been. And the fourth, I said it changes the liability in some cases, not all cases. He questioned it. I didn't say it in all cases, but I said in some cases, if you wake up tomorrow, there's no money in your bank account. That's my problem.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“It's full of shit that headlines. Okay, all right, good. And they should be more careful when they write things like that. If you read it more carefully.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“I think eventually they will be places where you want to go to get personal face-to-face advice and expertise that you just really can't do elsewhere. And those people might be hooking up with other people by telepresence. So it might be more efficient than that. It could be that. It could be that. And they might be in the second floor, not the first floor. There are a whole bunch of things you can envision happening. But right now, we need those branches deserve clients.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, exactly. It's more advice. So over time, the brands will be smaller, things like that, but I'm not sure it's going to happen overnight. Something like 25 or 30 percent of our branch business is small business. And small businesses and middle market companies need branches to deposit checks, cash, coin, which is how they're getting paid. And that's not going to go overnight. They're going to need that for quite a while.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“They don't enter back. Some of these changes might be quick, some might be slow. What's happening to the bank? So I could just said $22 million of our clients already bank online. Okay, so account opening online, banking online, really using branches, that's going up. The ATM, the amazing thing is what ATMs do. ATMs actually reduce the back office processing that takes place in a branch. So it used to be that 60 or 70% of the people in the branch did operations, depositing checks, giving people cash, money orders. The ATM can do most of that now. So the branches are becoming smaller, more automated with ATMs, et cetera. The number of tellers in the branch is coming down. But as life unfolds, when you have more small business specialists, more investment specialists, more redeploying them.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“We've always done a little bit. I've always had the technology at the table, always, they got to be at the table. Business is not, you know, we separate the world sales, marketing, tech ops. When we sit at the table, we're all together. You can't separate them that way. It's working together. You work out what is the better thing that works for the client, reducing the pain points. So at every business, these things are being reviewed and talked about. We have fabulous people. We also cut across the company. So in addition to that, we'll have a meeting about just digital. We'll have a meeting about just cyber, we have a meaning about just technological issues, a meaning just about cloud. And then we go educate everyone how we can use these things to do a better job for the client.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“So every business, usually at the table is the chief technologist, the digital, the big data. So we're all together. We sit around and say, and we study everybody. There's no competitor out there you think we haven't studied and analyzed. And we look at what they do well, but we don't think they do well. We can partner with them, but there'll be a very tough competitor. And we build it into how we plan. So if you actually are our sessions, we're talking about what we're building next quarter to the quarter. After that, the quarter, after that, the year after that, that we think will be better for serving clients. For example, the Starbucks or, for example, the P2P and the banking system. And we have lots more stuff coming. And some of these competitors would be quite good. And some will struggle or want to partner with banks for different reasons they thought.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“But digital payments, social media, and marketing. Something like 50% of our new accounts last year were millennials. Most of that's from social marketing, and that's the Facebooks and Google's the world. So it's really everything. It's big data. We're applying big data machine learning across the whole company. And I think big data is real. And I think machine learning is real. I think it's going to dramatically improve, reduce error rates, improve targeting, make it easy for customers, get everything better and better and better. It has to be embedded in our DNA, which is part of the reason the management team is out here now.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“That they do the payments. They say they don't. I take them with the word. But even if they did, even down the road, if people find different ways to compete and to do things better, faster quicker, that is the way of the world. I'm not upset about that. I'm in favor of that.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“So, in our view, we started with Apple Pay quickly because Apple Pay is not really competing with us, but Apple Pay is trying to do is saying, use your phone for more purposes. They want to sell more phones. They actually can help reduce fraud. They can actually do things that clients want. But inside of that is the chase card. So I want my customer who has the chase card was a credit card or debit card to say, this is great. I can use it the way I want to use it, whoever I want. Wherever you want, you don't imagine.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“Well, something doing niche things. They're doing things that we don't do or don't want to do. We're part of the square. And the things we can do with square, and I applaud some of the stuff they're doing, I think so far it looks like an apple and a Google, they want to make their products, they want to serve their customers by making banking easier for their clients too. I don't think they want to be a bank.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“So, you know, for example, we're building our own with a bunch of the banks' P2P system real time. It'll cover 60% of the clients in America, and then we're going to make it open to everybody. So we do a lot with the fent people say, what do you want? Imagine what you want. Imagine what the clients would want. And then can you look backwards on how you can build it? What's the input to get that thing done? So we are the biggest payments company, but it's also a reason to say, I want to make sure we are always the best. We're finding better, faster, cheaper ways, in this case to help merchants. So we're offering merchants very good deals and data and our own customers, whether it's rewards programs like the Starbucks. We're going to be, by the end of this year, rolling out that ChasePay and Starbucks will be Chase Pay online. It'll be Chase Pay with your mobile phone. It'll be Chase Pay with a credit card. And we're making it Chase Pay in the Starbucks app. It'll be Chase Pay in our app, depending on how the client wants to access this we're looking to do.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, it's huge. And well, I expect to win in payments, but there are weaknesses that you can exploit. And it's not because banks are dumb, but some of these systems were built a long time ago, you know, the notch system that moves this ACH, I don't want to get too technical, is terrible. It's not terrible because I would change it tomorrow if I could, but it's 75 banks, they vote on everything.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“I think I'm not nervous, but I think in a capitalist world, it's a good thing that people try to attack your business models. So I think that's the right thing to do. I mean, I think I've applaud that. That's why we're all here. I think some of our businesses are not going to be hard to attack. I think there are other businesses which are more open to attack, like payments. So if you ask me about payments, and I'd say, yeah, there are a lot of weaknesses in the banking system.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“And to get your own ideas, get your management team coordinated and thinking it through. The whole purpose is to do it a better job for your client. So if you look at banking, by the way, you know, the cost of transacting, whether it's interest rates swap, whether it's moving money around the world, what's buying or selling stock is a tenth of what it was 20 years ago. And it's faster, quicker, more secure.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so I don't buy the fintech is completely different. Okay, so technology has been changing the world since we invented agriculture. And this technology, so my whole business career, technology has been a critical part of what a bank does. I use service clients, process your transactions, et cetera. And so the computerization, faster compute, cheaper compute, cheaper data, putting things online, that's been happening. I think the biggest difference now is happening faster. And it's also, I think, the fintech companies are also very good at not just technology, but they're also good at what I call business problems, reducing pain points, straight through processing, saying, why can't we do in one day what a bank takes 10 days to do? So we do a lot of the stuff ourselves. So we partner a lot of companies here. We invest an awful lot of money. We've owned huge big data departments, which I think is as good as any on Silicon Valley. We have 22 million people bank on mobile. We have the highest rated mobile app. But, you know, the fact is in all these businesses, you got to learn all the time. People are doing what works better.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT
“So I come here all the time. And sort of much of our management team, but this particular trip, we have a whole bunch of folks, my whole management team plus a whole bunch of other people in digital, marketing, risk, analytics, big data, arbit groups to meet with people and to learn more about what we're doing, where we can partner. Like I said before, keep them a little bit scared to make sure we use these things to better serve our clients. So we're spending a couple of days here, a couple of days in Seattle.”
2016-05-23 · Decoder with Nilay Patel · Recode Decode: JPMorgan Chase CEO Jamie Dimon · IDENTIFIED FROM THE TRANSCRIPT