JPMorgan Introduces Amazon’s Alexa To Wall Street Traders

Wall Street traders are always on the lookout for new technology and innovations that can help make their life easier and efficient. JPMorgan Chase and Amazon have partnered to provide Wall Street with access to Alexa, a voice-activated assistant that will provide Wall Street analysts access to a massive amount of data that will assist them with their trading.

Alexa To Provide Big Data To Wall Street Traders

Thanks to the collaboration, Alexa will be able to send analysts' reports and data based on different queries. JPMorgan is also testing different features in the software to provide clients with prices on bonds or swaps.

In a statement, David Hudson, global head of markets execution for JPMorgan said

It's about taking information that's somewhere in the bank, that someone has to generally go and look for, or which is time-consuming or requires authentication to get, and putting that to you in another channel

With client habits changing, many companies are looking to use the latest technology to help them provide their clients a customized experience. Although JPMorgan is the first to use Alexa for its main institutional shops, other banks have used it for customer service purposes.

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JPMorgan Quick To Embrace New Technology

JPMorgan sees the advantage of allowing new technology into their environment. Recently, the bank released mobile apps for its trading division and quickly saw a jump in trade transactions which included a $400 million currency bet. Once Alexa's information services are perfected, the next step is to allow customers a way to use that information. Analysts expect Alexa to be executing trades in the future and not just providing information.

Companies such as New York Life Insurance Co use Alexa internally as it gives their employees another mode of communication. New York Life's plan for Alexa use is to roll it out to its 12,000 agents in late 2018. This will help them keep meeting details and policy information straight. It makes it easier for them, with agents getting the opportunity to ask Alexa and gain valuable info on a client's life insurance policy.

The partnership between JPMorgan and Amazon is very valuable. Amazon already leases cloud-computing power to the bank, while JPMorgan has been creating new products for Amazon customers such as small-business credit cards. The Alexa project started in 2017 internally with the bank's research group. It has slowly been added to other departments like fund services and banking. The experiment with Wall Street traders is an interesting one. JPMorgan and Amazon will have data in a few months that will help them find out if the trail has been successful.

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