Chad: Yes, thank you. Yes, as you mentioned, I’ve been doing large transformation at a number of financial institutions and industries over the years, and you learn a lot along the way, and when you operate at institutions that are global and large-scale, you even learn a lot more. And there’s a few things that I would just highlight from operating large-scale transformation in large global institutions. One is that you must always be business-led and you must always be solving clear business outcomes. So we involve our business partners from the beginning, understanding and defining their pain points and ensuring that our transformation is measurable in addressing their strategic needs. This also ensures that the organization is bought in at all levels, which is extremely important. Additionally, at JPMorgan Chase, product, technology, data and design work and operate together throughout this execution to ensure we’re always delivering the best overall value for our customers.

The second item that I would highlight is that you really must understand your current state to effectively design your target state, and you must consider this in all of your customer journeys end-to-end. This is really important to ensure that you’re creating the most optimal customer and employee experience and getting the full value of your transformation. Core banking platforms are always at the foundation of the bank, so when you change them, it has a ripple impact throughout the organization. So you really must prepare for that fully and include all of the products and platforms that operate around your platform in your design to ensure that you’re always delivering the best overall experience and solving those pain points in your transformation. This also means you must include all of the consumers of your platform, which include those which have a direct customer experience, such as consumer of our products and services through our mobile applications, but also those which drive employee and operations experiences as they also have a direct impact on our customers, this could be the call center, this could be the branch, this could be other operational areas.

So it’s important that you think about your transformation and the impact it has across all of those areas. You must also design an architecture to maximize scale and resiliency in order to be able to leverage the full value of the cloud. The platforms that we manage, they have a direct impact on customers’ day-to-day experiences, buying groceries, saving for college or retirement, or starting and managing a business. So we must ensure that we are never down as this has a direct impact on them.

This must also be considered end-to-end to ensure that the overall experience is resilient for the customer. One component being down has an impact on our customers, we must ensure all components are always available at all times, and we’re able to quickly mitigate any issue which may occur and that we can automatically scale at peak times throughout the year as well. And then the last thing that I would just highlight is that transformation programs which span multiple years, they can create organizational fatigue over time. So you must clearly define when major outcomes will be achieved, you must continually manage expectations over time as to how you’re achieving those outcomes, and you must always deliver incremental value towards your target state. Maturity of these new platforms comes over time as well, and so, as you’re delivering that incremental value, you must always manage risk and control against that maturity.

Laurel: So, this is clearly, Chad, bringing IT to the absolute top of the organization. So IT has a seat at the table to not just ensure the business runs smoothly day-to-day, but is also helping build what the firm looks like for the future. Correct?

Chad: That is right. At the end of the day, the customer is at the center of what we do. And so, we’ve got to bring technology—the way that we think about product, the way that we think about design, and the way that we think about data—together in order to be able to deliver that product for the customer. And IT definitely has a strong seat at that table as it has a direct impact on how those experiences are delivered.

Laurel: So, this does get quite into the day-to-day business of JPMorgan Chase, obviously. So can you describe the concept of building a new ledger for JPMorgan Chase? What are you looking to change and how can those changes benefit customers?

Chad: Yeah. The way that I like to think about this is we really are building the future of the bank. We have an existing ledger that continues to provide a reliable, resilient, and scalable platform for managing financial products of our customers today, which includes managing their balances, their postings, their transactions. The new ledger that we’re building will enhance the scale, it’s going to improve that resiliency, but it’s also going to allow us to build more innovative financial products for our customers and enhance the speed and the frequency in which we deliver that value to them. The new ledger will also let us leverage public cloud and take further advantage of real-time processing of customer data to improve their experiences as well. So in one case, we’re building a new ledger, but we’re building it in a completely different way. And that really is where the opportunity for innovation and new value creation comes for our customers.