JP Morgan Chase changes its core banking platform to a cloud "inspired by Google"

At the end of September 2021 American , the bank JP Morgan Chase announced the replacement of its main banking system with a cloud platform from the British fintech the company. Thought Machine The system, known as Vault, allows banks to offer customers functionality and ease of use similar to those offered by Internet giants.

Thought Machine, established in 2016, is the London brainchild of former Google executives, including Paul Taylor, former head of text-to-speech. According to Vault developers, the creation of the platform was inspired by Google.

JP Morgan Chase changes its core banking platform to a cloud "inspired by Google"

After the announcement, JP Morgan Chase CIO Rohan Amin said that the Vault platform will allow the bank to fully take advantage of cloud technologies and develop its world-class customer offering, as well as continue to provide innovative and advanced banking services to its customers.

JPMorgan Chase is one of the most ambitious and powerful financial institutions in the world and our collaboration signals to the financial industry that the cloud technology of the banking core is the future for financial services, "said Paul Taylor, founder and CEO of Thought Machine.

Traditional banks are trying to abandon outdated IT systems that are expensive to maintain and inflexible when launching new digital offerings. Thought Machine offers them the ability to transfer customer accounts to a cloud platform.

In September 2021, JP Morgan Chase launched its digital retail bank called Chase in the UK. Using the application, the bank offers consumers an account that they can open in a few minutes, offering functions that help them budget, manage money, spend and save. Apparently, experts decided to improve the digital retail bank, the Vault system in order to continue to provide innovative and advanced banking services to their customers.^[1]

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