With more than a quarter of a million employees, JPMorgan Chase Bank has its work cut out trying to meet open job quotas. Over the past decade, America’s largest bank has changed its IT strategy. Just like with the rest of the financial industry, the focus has been on supporting the growing digital banking business through the latest technologies, such as cloud, artificial intelligence (AI) and machine learning (ML).
When it comes to AI/ML knowledge, recent college graduates don’t necessarily need to be experts, but they should be able to talk about the value at a high level, and be open to growth/training opportunities in these areas.
Fintech is at the forefront of digital banking development, and therefore skills related to this are crucial to being able to adapt to business needs.
Chase CIO Gill Haus, answered questions from Computerworld about how recent graduates can set themselves up for success when applying for positions in a major financial institution. The following are experts from the email-based interview:
chaseChase CIO Gill Haus
How many resumes does your department see each day, week or month, and what is the biggest problem you see with poorly written ones? “We have hundreds of open roles across the country, so our teams actively review candidates’ job applications to help meet the talent needs of the firm. Have a friend proofread your resume for typos before you share it with a recruiter or when applying for a job on a company’s career site. Second, tailor your CV to highlight your most relevant skills for the job you’re applying for – this will help your CV stand out.”
When it comes to entry-level positions, are you looking for more business acumen or tech acumen and why? “For entry-level positions, it’s less about what you can do than how open you are to learning new things and growing as a technologist. We look for candidates who have the skills and attitude [for] learn and collaborate with peers.”
Are you looking for general insight into IT or specific skills, certifications or coding bootcamps on their resumes and why? “We look for candidates who have the drive, ability and willingness to learn. We welcome early-career technical talent from a variety of backgrounds – traditional universities, coding bootcamps and workforce development programs – and we offer development and training programs to fill all technical skills gap. At Chase, we have a culture of continuous learning to help our employees develop the skills needed for today and the future.”
What is the best advice you can give a recent graduate to stand out among job seekers? “Never stop learning. The skills you mastered a few years ago may no longer be relevant today, so it’s important to be open to constantly learning. Whether you’re starting your career or have years of experience, take it upon yourself to learn new skills and technologies.”
How has the financial services market changed in terms of job skills needed today compared to 10, 20 or 30 years ago? “Technology has certainly advanced enormously in the last 30 years across all industries. Over the past decade, we have seen the demand for digital banking grow. As of Q2 2022, Chase has 60.7 million digitally active (+7% YoY) and 47.4 million mobile active customers (+11% YoY).
“More recently, consumer demand for digital banking services has increased as a result of the pandemic. In our 2021 Digital Banking Attitudes study, respondents confirmed that mobile apps have become their most used banking channel, with 73% of consumers citing use once a week or more (up 8% year-on-year), and 62% state that it is a service they cannot live without (up 7% year-on-year).
“The skills required to be a technologist have evolved, but so have the ways with colleagues across industries. One change we’ve really embraced as an organization is to embark on an agile and product transformation.
“We’ve taken advantage of the opportunity that came with the changing behavior of consumers in recent years to really embrace agility on a different scale. This means a lot, because when we deploy code or build a brand new product, it helps millions of consumers meet their financial goals. The pace of change has accelerated, but the focus on making it easier for our customers to bank with Chase has not.
“Today, we’ve reorganized away from project-based teams to product-based teams. Each product now has a dedicated technology, product, design, and data and analytics leader to help accelerate decision-making and improve connectivity and collaboration.
“Looking at problems from the customer’s lens is an important muscle for organizations to flex. For technologists and software developers to deliver a solution, they need to be close to the customer problem and fully understand the problem, long before any code is written by an engineer.”
What are the hottest skills trends in Fintech? (ie data scientists/data analysts, low coders, AI knowledge, etc.) “There has been a noticeable shift towards leveraging the latest technologies such as machine learning, artificial intelligence and cloud computing to create tools that best meet customer demand. Candidates who come in with experience and skills in this area are a plus, but we have also offer learning opportunities for those who don’t We offer our employees the opportunity to join a purpose-driven organization that uses the latest technologies on a large scale Few companies can say that their solutions help more than 66 million households with their finances.
“We provide many opportunities for technologists to learn new skills, from fully immersive programs to part-time and self-paced options. Our efforts to upskill and retrain employees have improved employee morale, retention and diversity. Tech Connect is a great example of how we reach an untapped talent pool. After completing the rigorous, full-time training program, participants transition into our software engineering program and then into software engineering roles. In addition to technical skills, the program offers workshops, alumni panels, peer mentorship, and a guest lecture series to further professional development and emphasize community.”
How important is ‘financial literacy’, or the business end of financial services, to any IT applicant? “Financial literacy is an important skill for everyone to learn, regardless of career path. Chase offers a variety of resources to help consumers improve their financial health.
“Our employees are also consumers, which is valuable when they create products that will not only be useful to them in their personal lives, but also to the millions of customers we serve every single day.
“The diverse perspectives and experiences of our employees are a strength, helping us develop better products and features that help them budget, save, invest, make payments, travel and more.”
How do AI and ML apply to finance today and can you give an example of a use case? “Significant advances in AI, machine learning and automation make us better equipped to tackle challenges and solve problems for our customers and employees. These tools have been critical in helping our firm unleash the power of our data to innovate and operate efficiently.
“To support operations and help employees better serve our clients, we use AI to proactively provide technical assistance in the form of knowledge articles and other real-time resources. Across our investment bank, portfolio managers also use AI to effectively analyze investment data with easy-to-use tools and a simple point-and-click interface.
“On the consumer front, we have invested heavily in AI-powered fraud checks and forecasts to help improve our fraud risk systems and protect our customers.
“We also use AI and ML from our mobile app. One such feature is called Snapshot, which helps our customers get a quick visual overview of their transactions and personal financial trends to help them take active steps to reach their savings goals, improve their credit score and more.
“The backbone of Snapshot is a proprietary customer insight engine powered by Chase’s big data environment and a combination of advanced algorithms, machine learning and artificial intelligence. Snapshot is powered by the cloud, AI and ML working hand in hand to create personalized insights as unique as ours customers’ finances”
