J.P. Morgan has launched a virtual branch in China. The service eliminates the need to be physically present at bank branches.
The virtual branch is integrated into JP Morgan’s ACCESS OnlineSM portal. The U.S. banking giant wants to reduce manual interventions and improve turnaround times through faster transaction processing.
The virtual branch allows clients to upload, check and store their supporting documents electronically.
J.P. Morgan continues to invest heavily in technology; in 2016, the bank spent $9.5 billion in technology firm-wide, of which approximately $3 billion was dedicated toward new initiatives.
A Huge Market
«The portal’s dashboard offers track-and-trace capabilities, which allow clients to check and monitor the end-to-end workflow progress of all their cross-border merchandize trade transactions,» said Rani Gu, J.P. Morgan's head of treasury services, China.
The launch follows the successful introduction of J.P. Morgan’s Virtual Branch in India, Indonesia and Thailand. The number of clients in these countries using the service has been growing rapidly and the bank is therefore expecting strong interest in China.
«China is a huge market with increasing cash management demand and J.P. Morgan is well positioned to be a contributor as a leading treasury services provider in the world during Chinese companies’ globalization,» added Gu
